Chubb in talks to buy 49% stake in Kotak General Insurance, Reuters reports

Chubb (CB) is in discussions to buy a 49% stake in Kotak General Insurance, Reuters’ M. Sriram reports. According to two people with knowledge of the discussions, Chubb has an edge over Zurich Insurance (ZURVY) as it is more amenable to leaving control with India’s Kotak Mahindra Bank and because Kotak believes it shares more common business areas with Chubb. Zurich has been in talks for a stake of either 49% or 51% in Kotak, sources previously said. Should Chubb win out, the deal would value Kotak at less than $800M, the sources say.