Broker Jardine Lloyd Thompson (JLT) has acquired a 26 percent stake in Independent Insurance Brokers (IIB).
The investment in IIB, the Mumbai and Chennai based insurance and reinsurance broking subsidiary of the Sunidhi Group, is part of JLT’s intention to extend its presence in India.
JLT said that the acquisition was in line with its strategy of expanding its capabilities in markets where long-term growth is supported by fundamental macro-economic trends and a growing demand for JLT's specialist expertise.
The business will be rebranded as JLT Independent and report to Duncan Howorth, chief executive officer (CEO) of JLT Asia.
Howorth, said: "We have worked with IIB for several years in the energy and aviation sectors, and have always been impressed with their client first approach and professionalism. This investment provides JLT with a strong and established platform in a large and rapidly growing market, where we see huge long-term growth potential. We are also excited by the opportunity to work in partnership with the broader Sunidhi Group and their clients."
Jayesh Parekh, CEO of Sunidhi Group, said: "We welcome JLT as our new partners in IIB and see a significant opportunity for our clients to benefit from access to JLT's unrivalled specialty capabilities and international platform. The strong commercial and cultural alignment between JLT and the Sunidhi Group, and rapidly growing levels of insurance and EB demand in India, give me huge confidence in IIB's future growth prospects."
JLT, IIB, Asia-Pacific