Private equity firm eyes $1.67bn valuation for insurer in first direct investment in India’s general insurance sector.
Bain Capital is in advanced negotiations to acquire up to a 25% stake in IndusInd General Insurance (IGI) at a valuation exceeding $1.67bn. The deal, if finalized, would mark Bain’s first direct investment in India’s general insurance market, with an expected commitment of $500mn to $600mn.
The stake sale by Hinduja Group’s IndusInd International Holdings values IGI at 1.3–1.7 times its gross written premium (GWP) of Rs120bn, below the three-times GWP benchmark of listed peers. IGI reported a 2.5% decline in GWP to Rs122.36bn in fiscal 2026, lagging the industry’s 9% growth.
Bain has completed due diligence, and the agreement is targeted for signing by late August or early September. Barclays is advising the seller on the transaction.