Marsh India Insurance Brokers, which is an insurance broking firm, said on October 16 that they will acquire JLT Independent Insurance Broker, which is a joint venture between Jardine Lloyd Thompson Group plc (JLT Group) and India-based Sunidhi Group.
The transaction is expected to close in the first quarter of 2020 is subject to regulatory approvals and the execution of a definitive purchase agreement. It follows the acquisition of JLT Group by Marsh & McLennan Companies, which was completed on April 1, 2019.
JLT Independent has appointed Mohit Agarwal, formerly Employee Health & Benefits Leader of Marsh India, as CEO with immediate effect, in conjunction with the agreement in principle.
Alex Moczarski, Chairman of Marsh and McLennan International and Chairman of the Board of Marsh India, said that the collaboration of Marsh India and JLT Independent will empower us to carry worldwide mastery to customers crosswise over India.
In the present questionable business condition, companies need to approach a wide scope of hazard and protection guidance to enable them to explore vulnerabilities and continue growing
JLT Independent launched its India operations in December 2014. JLT Group holds 26 percent and Sunidhi Group holds 74 percent in the JV.
In October 2016, JLT Independent Insurance Brokers had obtained the matter of Vantage Insurance Brokers. In 2018, JLT Independent had crossed the Rs 1,000-crore mark in business from its India operations.
Country Head and CEO of Marsh India, Sanjay Kedia, said that with shared customer-driven values and assurance to the most significant levels of integrity, the collaboration will be India’s transcendent expert administrations firm in the regions of hazard, technique, and individuals.