Marsh, a global leader in insurance broking and innovative risk management solutions and a wholly-owned subsidiary of Marsh & McLennan Companies, today announced that it has increased its shareholding in Marsh India from 26% to 49%, the maximum permitted under laws governing foreign direct investment in India-based insurance broking firms. The transaction was approved by the Indian insurance regulator, the Insurance Regulatory and Development Authority (IRDAI).
Marsh India is a joint venture between Marsh International Holdings Inc. and its India-based partners, which include the Rampart Trust.
Alex Moczarski, Chairman of Marsh & McLennan Companies International and chairman of the board of Marsh India, said: “As companies in India look to expand both domestically and into international markets, they need the very best risk and insurance advice to help them navigate an increasingly complex global risk landscape. We are committed to working closely with our colleagues in India as they continue to bring the very best global expertise to local clients.”
“For more than 15 years, Marsh India has been dedicated to putting clients first, promoting international best practices and maintaining a commitment to the highest levels of integrity,” added Keki Dadiseth, Senior Advisor, Marsh & McLennan Companies India.
“With this additional support, Marsh India will be able to further build on its strong reputation for client service.”
Sanjay Kedia, Country Head and CEO of Marsh India, said: “Marsh’s decision to increase its stake in the joint venture reflects its long term commitment to supporting clients in India as we develop plans to accelerate the expansion of our operations and build a stronger network across the country.”
Marsh India was one of the first foreign insurance brokers to be registered as composite broker with the IRDAI. With 17 branches across India, it employs more than 600 professionals, servicing close to 4,500 clients across all sectors of the economy.