[4] Founded in 2001, ICICI Lombard General Insurance Company is a joint venture between ICICI Bank- India’s second-largest bank, and Fairfax Financial Holdings Limited- a financial services company based in Toronto.

On 16th October 2019, FAL Corporation, part of Fairfax Financial Holdings, exited ICICI Lombard General Insurance Company Ltd. by selling shares, which at the time were worth nearly ₹2,627 crore (equivalent to ₹33 billion or US$380 million in 2023)[7] ICICI Lombard General Insurance Company partnered with Karur Vysya Bank to sell bancassurance products in 2019.

[9] The deal enabled Bharti AXA's current shareholders to receive 2 shares of ICICI Lombard for every 115 shares of Bharti AXA held.

The merger resulted in a combined annual premiums, worth ₹16,447 crore (US$1.9 billion).

[10][11] ICICI Lombard General Insurance Company has 13,670 employees, 312 branches(2024)[12] 840 virtual offices[a] spread across India.