XL Group Ltd will acquire a 20% stake in Mahindra Insurance Brokers Ltd. through its subsidiaries.

XL will purchase the stake from LeapFrog Financial Inclusion Fund, which owns a 15% stake in the company through subsidiary Inclusion Resources Pvt. Ltd. Inclusion Resources will boost its holding to 20% by acquiring an additional 5% stake from Mahindra Insurance Brokers parent Mahindra & Mahindra Financial Services Ltd., then sell the entire stake to XL.

The deal is subject to satisfaction of customary closing conditions from all stakeholders.