KKR has agreed to buy a 9.9 percent stake in Shriram General Insurance Company for an undisclosed sum, both the companies said in a statement.

Founded in 2008, Shriram General Insurance is a joint venture between Shriram Capital, the holding company for Shriram Group’s financial services business and Sanlam Limited, a leading pan-African financial services group.

The transaction will be the New York-based alternate asset manager’s third investment in Indian insurance segment. The firm had previously invested in SBI Life as well as Max Life Insurance.

KKR’s investment will position Shriram General Insurance for continued growth in India’s fast-growing general insurance industry, the statement said.

“We are delighted to welcome KKR as our investor, and look to benefit from their global insurance expertise, as well as significant experience taking Indian companies to the next level. We look forward to collaborating closely to strengthen Shriram General Insurance’s offerings to Indian consumers and achieve continued success,” said Anil Kumar Aggarwal, Managing Director and CEO of Shriram General Insurance.

KKR’s investment builds on strong tailwinds in the Indian general insurance industry and SGI’s continued expansion into new segments and investment in its digital capabilities.

“Shriram General Insurance has been one of the standout performers in India’s fast-growing general insurance industry, and continues to build on their record by developing new capabilities, channels, and products to meet the growing needs of Indian consumers. We are truly excited to work with the Shriram Group and SGI’s high-quality management team to achieve their vision of serving their customers, and look forward to sharing our experience to take the company to new heights,” said Gaurav Trehan, Partner and CEO of KKR India.

The transaction is subjected to necessary approvals, the statement said.