Business insurance

Insurance broker Marsh increases stake in Marsh India from 49% to 92%

Global insurance broker and risk advisor Marsh said on Thursday it had increased its stake in Marsh India Insurance Brokers Pvt Ltd to 92% from 49%.

Marsh India is a joint venture between Marsh International Holdings Inc and Rampart Trust, based in India.

The increased investment will enable Marsh to meet the increasingly complex needs of businesses across all sectors of India’s rapidly growing economy and provide a platform from which it can further strengthen its presence at the future, according to a statement.

As part of the transaction, which has been approved by the Insurance Regulatory and Development Authority of India (IRDAI), Marsh has acquired additional stake from local partners, including all of the shares of Rampart Trust, the statement said. .

The company did not disclose the financial details of the transaction, however.

Marsh India has 18 branches nationwide and serves over 5,500 corporate clients across all industries.

Last year, the government allowed 100 percent of foreign direct investment (FDI) in insurance intermediaries through the automatic approval process.

Intermediary services include insurance brokers, reinsurance brokers, insurance consultants, corporate officers, third party administrators, surveyors and adjusters.

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)

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