US-based insurance broker and risk advisor Marsh said that it has raised its stake in Marsh India Insurance Brokers from 49% to 92%.
Marsh India Insurance Brokers was established in 2003 as a joint venture between Marsh International and India-based Rampart Trust.
It is claimed to be among the first foreign insurance brokers to be registered as a composite broker with the Indian Insurance Regulatory and Development Authority (IRDAI).
Currently, Marsh India Insurance Brokers has 18 branches in India and a workforce of over 1,300 professionals to cater to more than 5,500 corporate customers in all business sectors.
Why Marsh has acquired the additional 43% stake in Marsh India Insurance Broker
According to Marsh, the increased investment will allow it to more effectively fulfill the growingly complex requirements of businesses in all sectors of the Indian economy. Besides, it will give a platform from which the global insurance broker expects to further consolidate its footprint in the future.
Alex Moczarski — Chairman of Marsh McLennan International and Marsh India board chairman said: “This is an exciting investment for Marsh that will further our leadership position in one of the world’s most dynamic markets. For our clients, growing supply chain challenges, a heightened cyber threat, and the impacts of the pandemic mean that they need the very best risk and insurance advice to help them navigate an increasingly complex risk landscape.
“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.”
As part of the deal, which has the approval of the IRDAI, Marsh has purchased the stake from local partners, including the entire shares held by the Rampart Trust in Marsh India Insurance Brokers. The financial terms of the transaction were not revealed by Marsh.
Marsh raises stake in Marsh India Insurance Brokers to 92% added by Pallavi Madhiraju on
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