Swiss Re to acquire 26-pr cent in TTK Healthcare

11 December 2006

Mumbai: Re-insurance major Swiss Re would acquire a 26 per cent stake in Bangalore-based TTK Healthcare Services (TTKHCS), subject to regulatory approval.

Swiss Re has signed an agreement with TTK group and India Value Funds Advisors to purchase stake in TTKHCS. This is in line with the company's plans to enter the medical reinsurance business in Asia, the company said in a release.

"In partnering with Zurich-based Swiss Re, we are now looking forward to building on the strengths of the TTKHCS business," T T Jaganathan, chairman of the TTK group, said.

TTKHCS provides insurance companies with a range of medical claim handling services, including administration of cashless schemes, across 6,500 hospitals in the country.

The move, Jean-Michel Chatagny, managing director (strategic corporate development - Asia), Swiss Re, said, is intended to service the insurance and healthcare community and not to compete with it.

Swiss Re also plans to create a healthcare services advisory company, which would focus on product development and corporate health schemes to assist health insurance companies expand the market, the release added.