Insurance broking firm Marsh India Insurance Brokers on October 16 said that they will acquire JLT Independent Insurance Brokers. JLT Independent is a joint venture between Jardine Lloyd Thompson Group plc (JLT Group) and India-based Sunidhi Group.

The transaction, which is subject to regulatory approvals and the execution of a definitive purchase agreement, is expected to close in the first quarter of 2020. It follows the acquisition of JLT Group by Marsh & McLennan Companies, which was completed on April 1, 2019.

In conjunction with the agreement in principle, JLT Independent has appointed Mohit Agarwal, formerly Employee Health & Benefits Leader of Marsh India, as CEO with immediate effect.

Alex Moczarski, Chairman of Marsh & McLennan International and Chairman of the Board of Marsh India, said that the combination of Marsh India and JLT Independent will enable us to bring global expertise to clients across India.

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.

JLT Independent launched its India operations in December 2014. JLT Group holds 26 per cent and Sunidhi Group holds 74 per cent in the JV.

In October 2016, JLT Independent Insurance Brokers had acquired the business of Vantage Insurance Brokers. In 2018, JLT Independent had crossed the Rs 1,000-crore mark in business from its India operations.

"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," said Sanjay Kedia, Country Head and CEO of Marsh India.

Formed in 2003 Marsh India, a joint venture between Marsh International Holdings Inc. and India-based Rampart Trust, was one of the first foreign insurance brokers to be registered as composite broker with the insurance regulator.Are you happy with your current monthly income? Do you know you can double it without working extra hours or asking for a raise? Rahul Shah, one of the India's leading expert on wealth building, has created a strategy which makes it possible... in just a short few years. You can know his secrets in his FREE video series airing between 12th to 17th December. You can reserve your free seat here.

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