Blackstone has partnered with former HDFC Ergo managing director Anuj Tyagi to launch a general insurance company — the first proposed new insurance venture with 90% foreign ownership since India raised the FDI limit in the sector to 100%, according to an Economic Times report on July 23.
The proposed venture has filed its R1 application with IRDAI seeking in-principle approval. Blackstone will own 90% while Tyagi will hold 10%. The regulatory minimum capital is Rs 100 crore, with promoters bringing in additional capital as business expands.
Unlike conventional insurers that rely on legacy technology, the Blackstone-backed venture plans to build an AI-native platform from inception, using generative AI and agentic AI capabilities across underwriting, claims, servicing and distribution. The move signals growing global investor interest in India's Rs 3 lakh crore general insurance market.
Source: Economic Times (July 23, 2026)