XL Catlin buys 20% stake in Indian broker

XL Catlin is targeting the fast-growing Indian market with the
acquisition of a minority stake in Mahindra Insurance Brokers
(MIBL).
XL Catlin is to buy a fifth of MIBL for a consideration of
around $40mn, from existing shareholder LeapFrog Financial
Inclusion Fund.
The deal values MIBL at about $200mn.
XL Catlin and MIBL said in a joint statement that the company
"has demonstrated noteworthy growth and profitability over the
past 13 years".
Jaideep Devare, managing director of MIBL, said: &