Mahindra & Mahindra & XL Catlin
Mahindra & Mahindra, the $19B federation of companies and India’s largest auto manufacturer is joining forces with XL Catlin to start a general insurance company. “We have signed an agreement with XL Catlin to start a general insurance company in a partnership where Mahindra & Mahindra will own 51% and XL Catlin 49%” – MD, Mahindra Finance, Ramesh Iyer.
Mahindra Finance, is India’s largest non-banking financial company, serving more than 3M customers. The company offers a suite of financial products ranging from asset financing, fixed deposits, mutual funds, SME financing, rural housing finance, and life and non-life insurance broking services. Currently, visitors of Mahindra Finance who are looking for insurance are redirected to Paybima – the online marketplace for comparing and buying insurance products by Mahindra Insurance Brokers Ltd, a subsidiary of Mahindra Finance.
This isn’t the first interaction between Mahindra and XL Group; in Oct. 2017, Mahindra announced that XL Group will acquire LeapFrog’s 20% minority stake in Mahindra Insurance Brokers, at a valuation of ~ $200M.