Blackstone, Ex-HDFC ERGO CEO Anuj Tyagi Plan New General Insurance Venture: Report

Global investment firm Blackstone has joined hands with former HDFC ERGO Managing Director and Chief Executive Officer Anuj Tyagi to establish a new general insurance company in India, according to a report by The Economic Times.

The proposed venture would become the first new insurance company with 90% foreign ownership after India increased the foreign direct investment (FDI) limit in the insurance sector to 100%.

The move marks a significant development as global investors look to expand their presence in India’s growing insurance market.

The company has submitted its R1 application to the Insurance Regulatory and Development Authority of India (IRDAI) seeking in-principle approval to establish the insurer. The application is currently being reviewed by the regulator.

According to the proposed ownership structure, Blackstone will hold a 90% stake in the company, while Anuj Tyagi will own the remaining 10%.

The venture is expected to begin operations with the minimum regulatory capital requirement of Rs 100 crore. Additional funds are likely to be infused as the business scales up.

The proposed insurance company comes after the government earlier this year permitted 100% FDI in the insurance sector, up from the previous 74% limit.

The policy change has encouraged greater participation from global investors seeking opportunities in India’s expanding non-life insurance segment.

India’s general insurance industry has witnessed steady growth, supported by rising demand for health insurance, motor policies and corporate risk coverage.

The sector currently records annual gross direct premiums exceeding Rs 3 lakh crore and has been growing at around 9-10% annually.

The Blackstone-backed venture is expected to differentiate itself by building an insurance platform based on advanced technology rather than traditional legacy systems.

The company plans to develop an AI-native business model, using generative artificial intelligence and agentic AI tools across key functions, including underwriting, claims processing, customer service and distribution.

The partnership combines Blackstone’s global investment expertise with Tyagi’s experience in the insurance sector.

If approved, the venture could intensify competition in India’s general insurance market while introducing technology-led solutions aimed at improving efficiency and customer experience.