QBE has bought the 10% stake it did not already own in its Indian joint venture Raheja QBE General Insurance Company, and says it will ramp up expansion plans.

The Insurance Regulatory and Development Authority of India has approved full ownership of the company, which will be rebranded as QBE.

The move marks a reversal on QBE’s announcement in 2020 that it was selling its joint venture in the country under a strategy to shed non-core assets and focus on Australia and North America.

Raheja QBE was a partnership with building products company Prism Johnson for 18 years.

QBE says sole ownership will enable it to explore opportunities for product and operational innovation “with the goal of improving and creating customer-centric solutions across the Indian insurance landscape”.

Asia CEO Rob Kosova said: “India is one of the world’s most dynamic markets and we are well positioned to deploy QBE’s capabilities and unlock the next phase of growth in a country we believe has enormous long-term potential.”