Swiss Re has signed an agreement with TTK Group and India Value Funds Advisors (IVF) to purchase a 26 percent stake in TTK Healthcare Services Pvt Ltd (TTKHCS), one of India’s leading health insurance third party administrators.
“TTKHCS provides Indian health insurance companies with a wide range of medical claims handling services,” said the announcement. “The company is headquartered in Bangalore, and employs approximately 400 people in 22 locations in India.
Swiss Re said that it “also intends to create a health care services advisory company. The company will focus on product development and corporate health schemes, leveraging Swiss Re’s innovation skills in product development and risk management expertise to assist Indian health insurance companies in rapidly expanding the market. The transaction is subject to regulatory approval.”
Martyn Parker, Member of Swiss Re’s Executive Board and CEO for Asia commented: “The move represents our commitment to the region and a milestone in Swiss Re’s strategy to enter the medical reinsurance business in Asia. We look forward to broadening our offering and providing further support to our clients.”
Girish Rao, Managing Director of TTKHCS and one of its co-founders, who will continue to oversee the operations, added: “This marks the beginning of a new era for TTKHCS. Swiss Re and TTKHCS will work together to contribute to the growth and development of a sustainable health insurance industry in India.”
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