Zurich's Swiss Re to acquire 26pc of TTK Group

New Delhi, Dec 11: Zurich-based Swiss Re today announced it has signed an agreement with TTK Group and India Value Funds Advisors (IVF) to purchase a 26 per cent stake in TTK Healthcare Services Pvt Ltd, the country's leading health insurance third party administrators (TPAs).

Swiss Re also plans to create a healthcare services advisory company which will focus on product development and corporate health schemes, in a move to enter the medical reinsurance business in Asia.

TTK Healthcare Services (TTKHCS) provides insurance companies with a range of medical claims handling services including the administration of cashless schemes across a network of 6,500 hospitals and diagnostic centres throughout the country.

''In partnering with Swiss Re, we now look forward to building on the strengths of the TTK Healthcare Services business, with a leader in the global reinsurance markets,'' TTK Group Chairman T T Jaganathan said.

The company is headquartered in Bangalore and employs nearly 400 employees across 22 locations within India.

Swiss Re Managing Director (Strategic Corporate Development, Asia) Jean-Michel Chatagny said, ''This partnership with TTK Group will enable the organisation to leverage upon Swiss Re's global expertise, innovative product development and risk management, for the benefit of the health insurance industry in India.'' Mr Girish Rao, co-founder and Managing Director of TTK Healthcare Services Pvt Ltd, will continue to oversee the operations.

India Value Fund invested in TTK Healthcare Services has partnered with the management team to build the company to its current position as the leading health administrator in India.

The transaction remains subject to regulatory approval from Indian authorities.

Swiss Re is a global reinsurer, operating through offices in over 30 countries. It is rated 'AA-' by Standard&Poor's, 'Aa2' by Moody's and 'A+' by A.M. Best.

Currently, it operates a reinsurance service company in Mumbai (Swiss Re Services India Private Limited), and a business processing centre in Bangalore (Swiss Re Shared Services Private Limited), employing 320 people.

TTK Group has an over Rs 1,000 crore turnover with 25 products including Prestige, Woodwards, Durex, Kohinoor, Kiwi and Brylcreem brands, and service categories, eight major companies, 12 manufacturing units and 6000 employees.

UNI