Money & Banking

Marsh India reaches in-principle pact to buy JLT Independent Insurance Brokers

Our Bureau Mumbai | Updated on October 16, 2019 Published on October 16, 2019

Marsh India Insurance Brokers has reached an in-principle agreement to acquire JLT Independent Insurance Brokers.

“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,” Marsh India said in a statement on Wednesday, adding that this follows the acquisition of JLT Group by Marsh & McLennan Companies, which was completed on April 1.

JLT Independent names new CEO

Following up on the in-principle agreement, JLT Independent has appointed Mohit Agarwal as its CEO with immediate effect. Agarwal was previously Employee Health and Benefits Leader of Marsh India.

While Marsh is an insurance broker and risk adviser, JLT Independent is a provider of insurance, reinsurance and employee benefits related advice, brokerage and associated services in India. JLT Independent as a joint venture between Jardine Lloyd Thompson Group plc and Sunidhi Group.

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

Welcoming the development, Jayesh Parekh, Chairman, Sunidhi Group, said, “Mohit will support JLT Independent as the company moves to the next stage of its development.”

Published on October 16, 2019
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