ICICI Lombard General Insurance is set to acquire Bharti AXA General Insurance Company subject to approval from the regulator. AXA XL owns 49% of Bharti AXA and the sale, if it goes through, will mark the exit of AXA XL from the Indian Insurance market. AXA will be the 3rd insurer to exit India after Chubb and Royal Sun.
ICICI Lombard is the largest private insurer in the country. It is the fronting partner for many international insurers like Chubb, IF, FM, Travellers, CNA, Zurich, among others.