Marsh, the world’s leading insurance broker and risk advisor, today announced that it has increased its shareholding in Marsh India Insurance Brokers Pvt. Ltd. from 49% to 92%. The enhanced investment will enable Marsh to more effectively 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.
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.”
Formed in 2003 as a joint venture between Marsh International Holdings Inc. and India-based Rampart Trust, Marsh India was one of the first foreign insurance brokers to be registered as a composite broker with the Indian insurance regulator, the Insurance Regulatory and Development Authority (IRDAI). Since then, it has grown to achieve market leadership with 18 branches across India, employing more than 1,300 professionals, and servicing over 5,500 corporate clients across all business sectors.
As part of the transaction, which has been approved by the IRDAI, Marsh has acquired the share from local partners, including the entire shareholding of the Rampart Trust.
David Jacob, CEO of Marsh’s Asia region, which includes India, said: “The increased stake in Marsh India will further our leadership across the Asia region. With a long-established reputation for delivering excellent client service, and developing data-driven risk solutions and advisory services, Marsh India is already the nation’s broker of choice. As the local economy is forecast to continue its high-growth trajectory, we will now further develop our local client offering especially in sectors providing significant opportunity such as healthcare, infrastructure and construction, technology, and the sharing economy.”
“Since its inception, Marsh India has been dedicated to putting clients’ interests first, promoting international best practices, all underlined by a commitment to the highest levels of integrity,” added Sanjay Kedia, Country Head and CEO of Marsh India. “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.”
Marsh is the world’s leading insurance broker and risk advisor. With around 40,000 colleagues operating in more than 130 countries, Marsh serves commercial and individual clients with data-driven risk solutions and advisory services. Marsh is a business of Marsh McLennan (NYSE: MMC), the world’s leading professional services firm in the areas of risk, strategy and people. With annual revenue over $19 billion, Marsh McLennan helps clients navigate an increasingly dynamic and complex environment through four market-leading businesses: Marsh, Guy Carpenter, Mercer and Oliver Wyman. For more information, visit marshmclennan.com, follow us on LinkedIn and Twitter or subscribe to BRINK.