Marsh raises stake in India JVMarch 14 2019 by Andrew Tjaardstra
Marsh has raised its shareholding in its India joint venture to 49% from 26%, taking it to the maximum stake allowed by foreign firms in the country.
The transaction was approved by the Indian insurance regulator, the Insurance Regulatory and Development Authority. Marsh India is a joint venture between Marsh International Holdings and its India-based partners, which include the Rampart Trust.
Alex Moczarski, chairman of Marsh & McLennan Companies International, commented: “As companies in India look to expand both domestically and into international markets, they need the very best risk and insurance advice to help them navigate an increasingly complex global risk landscape.”
Marsh has 17 branches across India and employs more than 600 staff. It services close to 4,500 clients across a wide range of commercial lines.
Sanjay Kedia, country head and chief executive of Marsh India, said: “Marsh’s decision to increase its stake in the joint venture reflects its long term commitment to supporting clients in India as we develop plans to accelerate the expansion of our operations and build a stronger network across the country.”
Marsh India was one of the first foreign insurance brokers to be registered as a composite broker with the Insurance Regulatory Development Authority.
JLT, which is being acquired by Marsh subject to regulatory approval, already owns 49% of Indian broker JLT Independent.
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