SWISS RE TO BUY 26% OF THIRD-PARTY ADMINISTRATOR IN INDIA

Global reinsurer Swiss Re has signed an agreement with India-based conglomerate TTK Group and India Value Funds Advisors to buy a 26% stake — the maximum allowed under India’s foreign direct investment rules — in TTK Healthcare Services. The acquisition will enable Swiss Re to offer reinsurance support, design products as well as to manage claims for insurers. Bangalore-based TTK Healthcare Services provides Indian insurers with third-party administration assistance. It employs about 400 staff in 22 locations in India. Swiss Re said that it also intended to create a healthcare services advisory company. The transaction is subject to regulatory approval.