Marsh India Insurance Brokers Pvt. Ltd, a joint venture of Marsh & McLennan Companies and India-based Rampart Trust, has said it will acquire JLT Independent Insurance Brokers Pvt. Ltd, a JV of Jardine Lloyd Thompson and local Sunidhi Group.
News of the development comes after US financial services group Marsh & McLennan completed the acquisition of UK-based Jardine Lloyd Thompson for about 4.3 billion pounds ($5.7 billion) in April this year to boost its speciality risk broking and global reinsurance business.
Formed in 2003, JLT Independent is a brokerage that is into insurance, re-insurance and employee benefits.
The transaction is subject to regulatory approvals and the implementation of a definitive purchase agreement. Marsh India expects to close the overall transaction by the first quarter of the next year. It did not disclose the financial details of the acquisition deal.
In its statement, Marsh India said JLT Independent had appointed its employee health and benefits leader Mohit Agarwal as chief executive with immediate effect.
Marsh & McLennan chairman Alex Moczarski said the move would help the two companies bring global expertise to JLT’s clients. “In today’s uncertain business environment, companies need to have access to a wide range of risk and insurance advice to help them navigate uncertainties and continue to grow,” he said.
Mumbai-based JLT Independent is operational in six major cities in India.
Marsh India, also formed in 2003, currently has 17 branches across the country, employs over 670 staff members and services nearly 4,900 clients in India. Marsh & McLennan Companies says it provides services in the risk, strategy and people sectors through its four businesses: Marsh, Guy Carpenter, Mercer, and Oliver Wyman.