WestBridge to float a general insurance JV with Neelesh Garg
WestBridge Capital is joining forces with Neelesh Garg, outgoing managing director and CEO of Tata AIG General Insurance, to launch a new general insurance joint venture with a focus on AI-powered, digital-first services, two people aware of the development said.
This will mark the Bengaluru-based private equity firm’s second investment into the insurance sector following its successful part-exit from Star Health Insurance through its IPO in 2021.
WestBridge, which manages over $8 billion in investments in India, will hold a majority stake in the proposed venture, with Garg taking a 10% ownership position, people cited above said.
The venture will focus on the health and motor insurance spaces, where demand is surging, they added.
“The partnership is banking on digital innovations and AI-based processes,” one of the sources said. “By focusing on India’s uninsured population, the venture seeks to tap into a largely untapped market with significant growth potential, given the country’s current general insurance penetration of just 1%.”
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