KKR, a leading global investment firm, and Shriram General Insurance Company, a leading general insurance company backed by Indian financial services conglomerate Shriram Group and pan-African financial services group Sanlam, announced the signing of definitive agreements under which, subject to the receipt of the necessary regulatory approvals, KKR will acquire a 9.99% stake in Shriram General Insurance. KKR’s investment will position Shriram General Insurance for continued growth in India’s fast-growing general insurance industry.
“Insurance Regulatory and Development Authority of India”
Founded in 2008, Shriram General Insurance is a joint venture between Shriram Capital, the holding company for Shriram Group’s financial services business and Sanlam Limited, a leading pan-African financial services group. The Company adopts a customer-centric approach towards business and is focused on nurturing homegrown talent and maximizing technology to meet the needs of underserved segments of the economy. Today, it is one of India’s leading general insurance companies.
Latest Fintech News: Edge Data Solutions Introduces ‘Crypto Arctic Tank,’ Providing World’s First Sustainable Solution
KKR’s investment builds on strong tailwinds in the Indian general insurance industry and SGI’s continued expansion into new segments and investment in its digital capabilities to meet the evolving needs and preferences of Indian consumers.
Anil Kumar Aggarwal, Managing Director and CEO of Shriram General Insurance, said, “We are delighted to welcome KKR as our investor, and look to benefit from their global insurance expertise, as well as significant experience taking Indian companies to the next level. We look forward to collaborating closely to strengthen Shriram General Insurance’s offerings to Indian consumers and achieve continued success.”
Latest Fintech News: Midland States Bancorp Expands Banking-as-a-Service Initiative with Synctera Partnership
Gaurav Trehan, Partner and CEO of KKR India, said, “Shriram General Insurance has been one of the standout performers in India’s fast-growing general insurance industry, and continues to build on their record by developing new capabilities, channels, and products to meet the growing needs of Indian consumers. We are truly excited to work with the Shriram Group and SGI’s high-quality management team to achieve their vision of serving their customers, and look forward to sharing our experience to take the company to new heights.”
KKR’s investment in Shriram General Insurance builds on its track record and significant experience in India, including in the financial services sector. Some of KKR’s investments in the sector have included Housing Development Finance Corporation, a leading housing finance company, SBI Life Insurance, a joint venture between the State Bank of India and BNP Paribas Cardif, Max Life, one of India’s largest private life insurance players, through Max Financial Services, and Five-Star Business Finance, a leading lender to small businesses. Since setting up its Mumbai office in 2009, KKR has made more than 20 investments in India with more than a dozen active portfolio companies today.
Latest Fintech News: XR Immersive Tech Launches Operator Program for Crypto Mining on Uncontained Platform
[To share your insights with us, please write to email@example.com]