India, July 3 -- Australian-headquartered insurer QBE Insurance Group Limited has acquired full ownership of Raheja QBE General Insurance Company Limited, marking the end of its 18-year joint venture with Prism Johnson Limited and strengthening its presence in the Indian insurance market.

The acquisition, which received approval from the Insurance Regulatory and Development Authority of India (IRDAI), makes QBE the sole shareholder of the company. Following the transaction, Raheja QBE will be rebranded and operate under the QBE name.

The company said the move represents a significant milestone in its expansion strategy in Asia and reflects its long-term commitment to India, which it considers a key growth market.

With complete ownershi...