Zurich Insurance eyes 51% of Kotak's general insurance arm

Zurich Insurance Group is in talks to buy up to 51% of India's Kotak General Insurance, two people with direct knowledge of the matter said, a deal that would mark its first major bet on the fast-growing South Asian insurance market

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Backed by Asia's richest banker Uday Kotak, the early-stage negotiations value the Indian company at around $800 million, and Zurich Insurance has expressed interest in both a minority stake of 49% or taking up a majority 51% stake, the people said.

The stake the Swiss insurer wants to secure will be worth around $400 million, they said.

Kotak is still evaluating offers, including from other investors, but it prefers retaining "control of the company" after the stake sale, the first person said.