JLT Independent Insurance Brokers on Thursday announced that it has completed acquisition of Vantage Insurance Brokers. The acquisition follows JLT Group receiving regulatory approval to increase its stake in JLT Independent from 26% to 49%.
Vantage operates one of India’s largest employee benefits insurance portfolios with services that include insurance broking, health risk advisory and benefits consulting. JLT Independent is the specialty joint venture between Jardine Lloyd Thompson Group (JLT) and Sunidhi Group, a leading Indian financial services group with over 80 branches.
Arvind Laddha, founder of Vantage, has been appointed deputy CEO and, subject to regulatory approval, a board member of JLT Independent.
Sanjay Radhakrishnan, CEO of JLT Independent, said: “The increase in JLT Group’s stake comes at a time when the Indian Insurance market is growing rapidly. The addition of Vantage’s leading employee benefits insurance brokerage portfolio will open up a host of new services for our clients in India. JLT Independent has a growing reputation as a Specialty powerhouse in India and the combination of our expertise and Vantage’s is a compelling proposition.”
JLT Independent started its Indian operations in December 2014 and are currently present in six cities. The acquisition further strengthens JLT Independent’s position as one of India’s leading specialty risk and insurance brokers, with the addition of Vantage’s significant employee benefits industry expertise and established client portfolio.
Vantage is among one of India’s largest employee benefits insurance brokers supporting over a million people, with 175 employees, servicing more than 600 leading corporates across sectors that include: BFSI, IT/ITes, construction, energy and media and advertising.
Laddha said: “JLT is known for its best-in-class insurance products and services, while Vantage has built a credible and strong brand specializing in employee benefit services. There is a strong strategic fit between the two businesses that will drive innovation in the marketplace.”