Global insurance broker and risk advisor Marsh on Thursday said it has raised its shareholding in Marsh India Insurance Brokers Pvt Ltd to 92 per cent from 49 per cent.
Marsh India is a joint venture between Marsh International Holdings Inc and India-based Rampart Trust. This investment will enable Marsh to meet the complex needs of companies across sectors.
Global insurance broker and risk advisor Marsh on Thursday said it has raised its shareholding in Marsh India Insurance Brokers Pvt Ltd to 92 per cent from 49 per cent.
Marsh India is a joint venture between Marsh International Holdings Inc and India-based Rampart Trust.
The enhanced investment will enable Marsh to meet the increasingly complex needs of companies across all sectors of the fast-growing Indian economy and provide a platform from which it can further strengthen its presence in the future, a release said.
As part of the transaction, which has been approved by the Insurance Regulatory and Development Authority of India (IRDAI), Marsh has acquired the additional stake from local partners, including the entire shareholding of the Rampart Trust, the release said.
The company, however, did not disclose the financial details of the transaction.
Alex Moczarski, chairman of Marsh McLennan International and chairman of the board of Marsh India, was quoted by Mnet as saying, “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.”
He added the decision to raise our stake in Marsh India reflects the success we have had, and our ongoing commitment, to bringing the very best in global expertise to support clients in India.
Marsh India has 18 branches in the country and serves over 5,500 corporate clients across all business sectors.
Some days back, Marsh India CEO Sanjay Kedia had said that the company expects a 25 per cent year-on-year increase in premiums placed to around Rs 11,100 crore for corporate clients in the current calendar year (2021), according to a report published in Financial Express.
In an interview with Financial Express, Kedia said the employee health and benefits or health insurance will continue to be the biggest growth driver for Marsh India.
“With the current landscape, we are witnessing employers are looking to shift from defined benefits to defined contribution model offering a gamut of insured as well as non-insured benefits to address unique needs through choice and flexibility,” Kedia was quoted as saying.
Last year, the government had allowed 100 per cent foreign direct investment (FDI) in insurance intermediaries under the automatic-approval route.
Intermediary services include insurance brokers, re-insurance brokers, insurance consultants, corporate agents, third party administrators, surveyors and loss assessors.