Marsh India Insurance Brokers has executed an agreement to purchase JLT Independent Insurance Brokers to boost its business footprint in the country.
JLT Independent, a joint venture (JV) between Jardine Lloyd Thompson Group and India’s Sunidhi Group, offers insurance, re-insurance and employee benefits services.
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JLT Group owns 26% stake while Sunidhi Group holds the remaining 74% interest the JV.
JLT Independent launched its India operations in December 2014.
The recent development comes after Marsh & McLennan Companies bought JLT Group in a transaction valued at $5.6bn in April this year.
Marsh India country head and CEO Sanjay Kedia said: “With shared client-centric values and a commitment to the highest levels of integrity, the combined organisation will be India’s preeminent professional services firm in the areas of risk, strategy and people.”
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By GlobalDataAs per the agreement, JLT Independent has named Mohit Agarwal as CEO with immediate effect. He earlier served as the employee health & benefits leader of Marsh India.
Subject to receipt of regulatory approvals and implementation of a definitive purchase agreement, the transaction is likely to conclude in the first quarter of next year.
In April, Marsh & McLennan Agency (MMA), the middle-market subsidiary of Marsh, agreed to acquire Centurion, a retirement consulting, asset management, and benefit-plan advisory firm.
