QBE will take full control of a joint venture in India following the proposed acquisition of a majority stake held by Prism Johnson.

Prism, a Mumbai-based building materials company, says in a stock exchange statement it has agreed to sell its 51% interest in Raheja QBE to the insurer for 3.24 billion Indian rupees ($50.2 million). 

Raheja QBE says the transaction will be reviewed by the Insurance Regulatory and Development Authority of India and further details will be provided in due course.

“This move follows 18 years of joint ownership with Prism Johnson Limited and underscores QBE’s commitment to the Indian insurance market,” it says.

Raheja QBE offers products including personal home and motor, plus office and commercial packages. 

QBE increased its stake in the business in 2015 and its latest annual report showed it held a 49% holding. In July 2020, the company had announced plans to sell the joint venture.