US private equity giant Bain Capital, along with several other global investment funds, is evaluating the acquisition of a significant minority stake in IndusInd General Insurance, which is controlled by IndusInd International Holdings Ltd (IIHL), according to industry sources. The proposed transaction comes amid rising investor interest in India's insurance sector following the liberalization of foreign direct investment (FDI) norms.

Sources indicated that the incoming investor may acquire up to a 25% stake in IndusInd General Insurance through a mix of primary and secondary share issuances. Under IRDAI regulations, any shareholder holding more than 25% is classified as a promoter.

Formerly known as Reliance General Insurance, the company was rebranded after IIHL completed its acquisition of Reliance Capital in March 2025 under the insolvency resolution process. For FY25, IndusInd General Insurance reported gross written premiums of Rs 12,666 crore, assets under management of Rs 21,357 crore, net worth of Rs 3,428 crore, and profit after tax of Rs 315 crore.