Leading insurance broker and risk advisor Marsh on Thursday announced that it has increased its shareholding in Marsh India Insurance Brokers from 49% to 92%.
As part of the transaction, which has been approved by insurance regulator IRDAI, Marsh has acquired the share from local partners, including the entire shareholding of Rampart Trust. Formed in 2003 as a joint venture between Marsh International Holdings and India-based Rampart Trust, Marsh India was one of the first foreign insurance brokers to be registered as a composite broker with the IRDAI.
Alex Moczarski, chairman of Marsh McLennan International and chairman of the board of Marsh India, said, “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. The decision to raise our stake in Marsh India reflects the success we have had, and our ongoing commitment, in bringing the very best in global expertise to support clients in India.”
Marsh is a business of leading professional services firm Marsh McLennan in the areas of risk, strategy and people. Marsh India has 18 branches, servicing more than 5,500 corporate clients across all business sectors.
Sanjay Kedia, country head and CEO, Marsh India, said, “This decision reflects Marsh’s confidence and commitment to helping companies across India meet the challenges they face as they recover from the pandemic and thrive.”