Marsh buys out co-founding partner of Indian unit, nearly doubles stake

Broker  Marsh has acquired a further 43 percent of its Indian operations, including the entire stake of co-founder Rampart Trust, to bring total ownership to a dominant 92 percent stake.

The deal, which also brought in other unspecified local investors, has already been approved by India's Insurance Regulatory and Development Authority (IRDIA), Marsh said.

"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,” Alex Moczarski, chairman of Marsh McLennan International and chairman at Marsh India, said.

Marsh had last increased its stake from 26 percent to 49 percent in January 2019. The asset will presumably now be fully consolidated versus prior accounting by equity method.

The unit was co-founded by Marsh and Rampart Trust as a JV in 2003 in what Marsh calls one of the first foreign insurance brokers to be registered as a composite broker with the Indian insurance regulator.

Today, 18 branches across India with 1300 staff service over 5500 corporate clients across all business sectors, Marsh 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,” Sanjay Kedia (pictured), CEO of Marsh India, added.

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