Switzerland-based insurers Chubb and Zurich are both in separate talks to acquire a stake in India’s Kotak General Insurance, according to a «Reuters» report citing unnamed sources.

With Chubb’s offer, the deal would be valued at less than $800 million. Zurich is seeking a stake of 49 percent of 51 percent, the latter of which would value the deal at around $800 million due to a buyout premium.

Leading Bidder

Chubb is in the lead because of its willingness to leave control with Kotak Mahindra Bank, one of India’s largest lenders by market capitalization. It is also favored because Kotak believes there are more common business areas such as auto insurance.

Kotak General Insurance continues to have discussions with Zurich. Separately, there were also talks with private equity firm Carlyle that did come to fruition.