Global funding agency, KKR and Shriram General Insurance Company (SGI) have introduced the signing of definitive agreements below which, topic to the receipt of the required regulatory approvals, KKR will purchase a 9.99% stake in SGI.
KKR’s funding will assist place SGI for continued development in India’s fast-growing basic insurance coverage business.
Founded in 2008, SGI is a three way partnership between Shriram Capital – the holding firm for Shriram Group’s monetary companies enterprise and Sanlam Limited, a number one pan-African monetary serviced group.
SGI, considered one of India’s main basic insurance coverage firms at this time, adopts a customer-centric method in direction of enterprise, and are targeted on nurturing homegrown expertise and maximising know-how to fulfill the wants of underserved segments of the financial system.
KKR’s funding into SGI builds on sturdy tailwinds in the Indian basic insurance coverage business, and SGI’s continued growth into new segments and funding in its digital capabilities to fulfill the evolving wants and preferences of Indian shoppers.
Furthermore, KKR’s funding in SGI will assist to construct on its observe document and important expertise in India, together with in the monetary companies sector.
Some of KKR’s investments in the sector have included Housing Development Finance, SBI Life Insurance – a three way partnership between the State Bank of India and BNP Paribas Cardif, Max Life, considered one of India’s largest personal life insurance coverage gamers, by means of Max Financial Services, and Five-Star Business Finance – a number one lender to small companies.
Partner and CEO of KKR India, Gaurav Trehan, commented: “Shriram General Insurance has been one of many standout performers in India’s fast-growing basic insurance coverage business, and continues to construct on their document by growing new capabilities, channels, and merchandise to fulfill the rising wants of Indian shoppers.
“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.”
Managing Director and CEO of Shriram General Insurance, Anil Kumar Aggarwal, added: “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.”