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QBE Buys Out Raheja JV to Take Full Control of India Insurance Unit
QBE Insurance Group acquired full ownership of its India joint venture Raheja QBE after 18 years, ending a partnership with Prism Johnson Limited and renaming the unit.
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QBE Insurance Group now owns 100% of its Indian joint-venture, Raheja QBE General Insurance, after buying out partner Prism Johnson Limited. The deal ends an 18-year partnership and received approval from India's insurance regulator IRDAI.
Raheja QBE will be rebranded as QBE. The acquisition positions the Australian insurer to run its India operations without a local joint-venture partner, a structure the company had maintained since entering the market in 2008.
"India is one of the world's most dynamic markets – and we are well positioned to deploy QBE's capabilities and unlock the next phase of growth in a country we believe has enormous long-term potential," said Rob Kosova, CEO of QBE Asia.
Sole ownership lets QBE decide product strategy, distribution, and investment without needing alignment from a local partner. The company said it plans to use the new structure to build customer-focused products across India's general insurance lines.
Kosova emphasised continuity for customers and partners. In a statement, he said the priority is to "build on the strong foundations already in place, preserve continuity for customers and create new opportunities for growth, innovation and career development." He added that the India team is now fully part of QBE's global network.
QBE Asia, which oversees the Indian operations, falls under the parent group's international division. QBE Insurance Group, based in Sydney, is listed on the Australian Securities Exchange.
The buyout comes as foreign insurers look to increase their direct exposure to India's expanding insurance market. Premium growth in the non-life sector has outpaced many developed markets in recent years, driven by regulatory changes and rising awareness. Full ownership gives QBE the flexibility to scale at its own pace and integrate Indian results more directly into its global book.