Zurich Insurance Group to Take _____ Stake in Kotak General Insurance.

Today General Knowledge(GK)

41%

46%

51%

55%

Correct Answer : Option (C) - 51%

Zurich Insurance Company is set to make a substantial investment in Kotak General Insurance, marking a significant move in the insurance industry.

The Swiss-based Zurich Insurance will acquire a 51% stake in Kotak General Insurance, with plans to increase its ownership over-time. This development is poised to bring innovation and growth to the Indian insurance market.

Key Details of the Deal :

* Zurich Insurance is set to invest Rs.4,501 crore in Kotak General Insurance to acquire a 51% stake.
* The investment will made through a combination of fresh insurance and share purchases. The exact split between the two has not been disclosed.
* Zurich has the option to acquire an additional 19% stake within three years of its initial acquisition.
* Kotak Mahindra Bank will retain management control of the general insurance arm until Zurich increases its stake to 70%.

Background and Significance :

* First Foreign Partner: This joint venture with Zurich is Kotak Mahindra Bank’s first partnership with a foreign entity in nearly six years. It is a significant move, as all non-bank businesses within the Kotal group are currently 100%.
* General Insurance Arm: Kotak General Insurance had faced financial challenges in the past, with a loss of Rs.117 crore in FY23, higher than the Rs.83 crore loss in FY22. However, the company is well-capitalized with an 183% solvency ratio in FY23.
* Past Ventures: The bank has explored previous joint ventures, with Goldman Sachs for the capital market and securities business (1992- 2006) and Old Mutual for the life insurance business (ended in 2017). Both of these partnerships lasted for 14 years each.

Leader’s Insights :

Dipak Gupta, MD & CEO, Kotak Mahindra Bank Ltd : Gupta emphasized the synergy between the two companies, stating that “Kotak Mahindra Group’s pan-India ‘phygital’ distribution presence and Zurich’s distinct global capabilities in digital assets in B2B and B2C formats have the potential to create a transformational ‘digical’ impact for Kotak General Insurance.” He expressed confidence in the partnership’s ability to revolutionize the insurance sector.

Tulsi Naidu, CEO Asia Pacific, Zurich Insurance : Naidu believed this partnership will bring strong innovation, expertise and superior customer experiences to the Indian general insurance market. The collaboration positions both companies to leverage their strengths and experience to enhance their offerings and customer service.

Published On : November 3, 2023

Category : Insurance and Finance

Recent General Knowledge Questions

Q .

Where is the Archery World Cup 2024 being organized?

China

India

Malaysia

South Korea

Correct Answer : China

The Archery World Cup 2024 has begun 23rd April 2024 in Shanghai, China. India’s Jyothi Surekha Vennam finished second in the women’s compound qualification round at Stage I.

The 27-year-old Asian Games gold medallist shot a score of 711 to finish behind Andrea Becerra of Mexico, who had a score of 713.

Meanwhile, the reigning world champion from India, Aditi Swami, finished eighth in the qualification round with a score of 704. The other two Indians, Parneet Kaur (703) and Avneet Kaur (696) finished 14th and 23rd, respectively.

The Indian women’s team, comprising top three scorers Vennam, Swami, and Parneet, finished as the best team in the qualification round with a total score of 2118. The Indian women’s team will, thus, start as the top seeds in the competition, ahead of South Korea (2117) and Mexico (2116). The teams are ranked by adding the individual scores of the top three archers from the country.

In the men’s compound qualification round, no Indian finished in the top 10 of the individual event..

Source : AIR

Published On : April 25, 2024

Category : Sports

Q .

Who has been appointed as the brand ambassador of ICC Men's T20 World Cup 2024?

MS Dhoni

Lionel Messi

Usain Bolt

Sachin Tendulkar

Correct Answer : Usain Bolt

Legendary Jamaican sprinter Usain Bolt has been named by the International Cricket Council (ICC) as the ambassador for the 9th ICC Men’s T-20 World Cup, which will be hosted by the West Indies and the United States of America jointly from 1 to 29 June 2024.

As a brand ambassador, Usain Bolt will promote the World Cup event, attend T20 World Cup matches in the West Indies, and participate in fan engagement events to promote the cricket sport within the United States.

World Record Holder Legendary Sprinter Usain Bolt

* Usain Bolt, a keen cricket fan, is a legend in track and field athletics. In 2017, he set the world record in the 100-metre race. He also holds the record for winning three gold medals in three consecutive summer Olympics.

* In the 2008 Beijing Olympics, Bolt won gold in the men’s 100-metre, 200 metres and 4x100 metres. He created a new world record in all three events.

* At the 2012 London Olympics, he again won gold medals in the 100 metres, 200 metres and 4x100 metres.

* Finally, in the 2016 Rio Olympics, he won gold in 100 metres, 200 metres and 4x100 metres.

* Bolt currently holds world records in the 100 metres, 200 metres and 4x100 metres with times of 9.58 seconds, 19.19 seconds and 36.84 seconds, respectively.

9th ICC Men’s T- 20 World Cup 2004 Teams and Fixtures

The 9th ICC Men’s T-20 World Cup will be the biggest men’s T-20 World Cup in terms of participation. For the first time, 20 teams will participate in the T-20 World Cup. The West Indies and the United States of America will co-host the World Cup from 1 to 29 June 2024.

Published On : April 25, 2024

Category : Sports

Q .

Who has become the first bowler to take 200 wickets in the history of IPL?

Mitchell Starc

Yuzvendra Chahal

Pat Cummins

Jasprit Bumrah

Correct Answer : Yuzvendra Chahal

The Rajasthan Royals leg spinner reached the milestone during the IPL 2024 match against Mumbai Indians at the Sawai Mansingh Stadium in Jaipur on Monday (22nd April 2024). Chahal had Mohammad Nabi caught and bowled in his first over of the night to etch his name into the history books.

Chahal outfoxed Nabi with his change of pace, forcing the Afghan batter to mistime his shot and play the ball straight to him. Chahal finished with figures of 1/48 as the Royals won the game by nine wickets with eight balls to spare.

The 33-year-old Chahal made his IPL debut in 2013 and has played a total of 153 matches in the tournament till date. His wickets have come at an average of 21.60 and a strike rate of 16.76, which is the best among the top seven wicket-takers in the competition.

With 200 wickets, Chahal is also the leading wicket-taker in the IPL. He went past West Indian Dwayne Bravo in IPL 2023 to go on top of the all-time wicket taker’s chart in the competition. Another Royals’ spinner Ravichandran Ashwin with 172 scalps is currently seventh in the list.