US-based private equity company Warburg Pincus has divested its remaining 2.7% interest in ICICI Lombard General Insurance for about $194.5m.
Warburg had invested in ICICI Lombard in 2017, ahead of the general insurer’s initial public offering.
The private equity firm purchased the 9% stake in ICICI Lombard from Fairfax Financial In May 2017. Fairfax divested a 12.18% interest in ICICI Lombard in a pre-IPO round to Warburg Pincus and other investors for around $383m.
ICICI Lombard issued more than 26.5 million policies and settled over 1.6 million claims as on 31 March 2019.
The general insurer, which was established in 2001 by ICICI Bank and Fairfax, went public in September 2017 in an IPO.
Warburg began divesting its interest in ICICI Lombard last year, when in November the company sold a 3.14% stake, while in June, it sold another 3.15% stake.
ICICI Lombard is engaged in general insurance, reinsurance, insurance claims management and investment management.
Warburg Pincus has more than $65bn in private equity assets under management. The company’s active portfolio of more than 185 companies is diversified by stage, sector and geography.
In May this year, a team of senior insurance executives have partnered with Warburg Pincus to launch a new specialty risk solutions business.
The business will focus on strategic risk placement and advice for corporate clients, especially those with complex insurance needs.