US-based insurance broker and risk advisor Marsh has increased its shareholding in Indian joint venture Marsh India Insurance Brokers from 49% to 92%.

The transaction is aimed at enabling Marsh to meet the complex needs of clients across all sectors in the Indian insurance space.

Marsh’s Indian arm was established as a joint venture between Marsh International and India-based Rampart Trust in 2003.

Marsh has acquired the shares from some local partners and the entire stake of the Rampart Trust for an undisclosed sum.

The insurer stated that Marsh India was one of the first foreign insurance brokers to be registered as a composite broker with the country’s regulator.

The deal has been approved by the Insurance Regulatory and Development Authority (IRDAI).

Marsh McLennan International chairman and chairman of the board of Marsh India Alex Moczarski said: “This is an exciting investment for Marsh that will further our leadership position in one of the world’s most dynamic markets. The decision to raise our stake in Marsh India reflects the success we have had, and our ongoing commitment, in bringing the very best in global expertise to support clients in India.”

Marsh India has 18 branches across the country and its team of 1,300 caters to over 5,500 corporate clients across all business spheres.

Marsh Asia region CEO David Jacob said: “The increased stake in Marsh India will further our leadership across the Asia region. As the local economy is forecast to continue its high-growth trajectory, we will now further develop our local client offering especially in sectors providing significant opportunities such as healthcare, infrastructure and construction, technology, and the sharing economy.”