Financial services firm Paytm said today that its associate, Paytm Insuretech Private Limited (PIT), has entered into a strategic partnership with Swiss Re, one of the world\u2019s leading providers of reinsurance, insurance and other forms of insurance-based risk transfer. <\/p>\n
Swiss Re will invest (by way of equity shares and compulsorily convertible preference shares) about Rs 920 crore (Rs 397.3 crore upfront, and the remaining in tranches, subject to fulfilment of certain milestones) in PIT for an aggregate stake of 23 per cent on a fully diluted basis. <\/p>\n
India\u2019s insurance market presents a significant opportunity, given the market’s protection gap and under-penetration compared to the global average. <\/p>\n
Gross written premium for non-life insurance is expected to increase from $27 billion as of FY2021 to $50-60 billion by FY 2026, as per RedSeer data. <\/p>\n
Paytm Insuretech plans to leverage Paytm\u2019s customer base and merchant ecosystem to develop innovative insurance products and solutions. <\/p>\n
\u201cWe are excited to partner with Swiss Re for our insurance foray as a key strategic investor. It is an important milestone in our financial services journey of taking general insurance products to the masses. We look forward to gaining from Swiss Re\u2019s global insurance capabilities and building innovative products to tap into the Indian market,\u201d said Vijay Shekhar Sharma Chairman, MD & CEO of One 97 Communications, the parent company of Paytm. <\/p>\n
Swiss Re is investing alongside Paytm\u2019s Vijay Shekhar Sharma. <\/p>\n
This follows the announcement of the acquisition of Raheja QBE by Paytm Insuretech Pvt. Ltd. The investment by Swiss Re and the acquisition of Raheja QBE by Paytm Insuretech Pvt. Ltd. are subject to regulatory approvals, the firm said in a statement.<\/p>\n","protected":false},"excerpt":{"rendered":"
Financial services firm Paytm said today that its associate, Paytm Insuretech Private Limited (PIT), has entered into a strategic partnership with Swiss Re, one of the world\u2019s leading providers of reinsurance, insurance and other forms of insurance-based risk transfer. Swiss Re will invest (by way of equity shares and compulsorily convertible preference shares) about Rs 920 crore (Rs 397.3 crore upfront, and the remaining in tranches, subject to fulfilment of certain milestones) in PIT for an aggregate stake of 23 per cent on a fully diluted basis. India\u2019s insurance market presents a significant opportunity, given the market’s protection gap and […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7],"tags":[],"class_list":["post-799108","post","type-post","status-publish","format-standard","hentry","category-it-2"],"acf":[],"_links":{"self":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts\/799108","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/comments?post=799108"}],"version-history":[{"count":0,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts\/799108\/revisions"}],"wp:attachment":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/media?parent=799108"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/categories?post=799108"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/tags?post=799108"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}