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.
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.”
As 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.