Mumbai: Blackstone has partnered with former HDFC Ergo managing director and chief executive Anuj Tyagi to launch a general insurance company, people familiar with the development said. This would be the first proposed new insurance venture with 90% foreign ownership since India raised the foreign direct investment (FDI) limit in the sector to 100%.The proposed venture has filed its R1 application with the Insurance Regulatory and Development Authority of India (IRDAI), seeking an in-principle approval to set up the insurer, sources said. The application is currently under regulatory review.Blackstone will own 90% of the venture, while Tyagi will hold 10% stake. The regulatory minimum capital is ₹100 crore, and the promoters will bring in capital as business expands.Blackstone and Tyagi did not comment.Leveraging AIThe move comes as global investors step up interest in India’s non-life insurance industry after the government earlier this year increased the FDI cap from 74% to 100%, opening the door for fully foreign-owned insurance ventures.The country’s general insurance market is over Rs 3 lakh crore in annual gross direct premium and has been growing at about 9-10% annually, driven by rising health insurance penetration, motor insurance demand and increasing corporate risk coverage.Unlike conventional insurers that rely on legacy technology, the Blackstone-backed venture plans to build an artificial intelligence-native platform from inception. The company plans to use generative AI and agentic AI capabilities across underwriting, claims, servicing and distribution.