Swiss Re today announced that it has signed an agreement with TTK Group and India Value Funds Advisors (IVF) to purchase a 26% stake in TTK Healthcare Services Pvt Ltd, India's leading health insurance third party administrators (TPAs), subject to Indian regulatory approval. | |
| |
| |
| Swiss Re also intends to create a healthcare services advisory company which will focus on product development and corporate health schemes to assist health insurance companies in rapidly expanding the market. The move represents a commitment to the region and a milestone in Swiss Re's strategy to enter the medical reinsurance business in Asia. |
| |
| |
| |
| TTK Healthcare Services (TTKHCS) provides insurance companies with a range of medical claims handling services including the administration of cashless schemes across a network of 6,500 hospitals and diagnostic centres throughout the country. The company is headquartered in Bangalore, and employs approximately 400 employees across 22 locations within India. |
| |
| |
| |
| TTKHCS commenced operations in 2002 and has built its reputation as a high quality health administration company. Mr T T Jaganathan, Chairman TTK Group, delighted with the development said, "A few years ago, the strategic intent of entering the healthcare services industry was a major decision for the TTK Group. In partnering with Swiss Re, we now look forward to building on the strengths of the TTK Healthcare Services business, with a leader in the global reinsurance markets." |
| |
| |
| |
| Jean-Michel Chatagny, Swiss Re's Managing Director, Strategic Corporate Development Asia, said, "We are very excited about this partnership with the highly reputable TTK Group. This will enable the organisation to leverage upon Swiss Re's global expertise, innovative product development and risk management, for the benefit of the health insurance industry in India.'' He emphasised that the move is intended to service the insurance and healthcare community, not to compete with it. |
| |
| |
| |
| Mr Girish Rao, a pioneer in the healthcare administration arena, and a co-founder and Managing Director of TTK Healthcare Services Pvt Ltd, will continue to oversee the operations. Said Mr Rao, "This marks the beginning of a new era for TTKHCS. Swiss Re and TTKHCS will work together to contribute to the growth and development of a sustainable health insurance industry in India." |
| |
| |
| |
| India Value Fund invested in TTK Healthcare Services in 2004 and has since partnered with the management team to build the company to its current position as the leading health administrator in India. Mr. Rajeev Agrawal, Partner "� IVF, said, " TTK Healthcare Services represents a shining example of IVF's commitment to partner with mid-sized companies in India and provide them with capital and management support." |
| |
| |
| |
| Martyn Parker, Member of the Executive Board of Swiss Re and CEO for Asia added, ''The move represents a commitment to the region and a milestone in Swiss Re's strategy to enter the medical insurance business in Asia. We look forward to broadening our offering and providing further support to our clients.'' |
| |
| |
| |
| The transaction remains subject to Indian regulatory approval. |
| |
|
| |
