It is reliably learnt that the company is keen to have an insider from the Indian insurance industry to be appointed as a president of Marsh India Insurance Brokers and has hired a headhunter for the exercise
Singapore: US based Marsh McLennan, the largest international re/insurance broker, is looking for a new president for one of its vertical- Marsh India Insurance Brokers. Sanjay Kedia is heading the unit as president and CEO, since 2002.
At present, Kedia is CEO of Marsh McLennan India as well as president & CEO of Marsh India Insurance Brokers. After the appointment of a new president for Marsh India Insurance Brokers, Kedia will continue as the CEO of the company.
Marsh India Insurance Brokers Pvt Ltd is a subsidiary of Marsh McLennan which has four business: Mercer, Marsh, Oliver Wyman and Guy Carpenter.
Kedia is responsible for the management and growth of all verticals of Marsh McLennan in India.
It is reliably learnt that the company is keen to have an insider from the Indian insurance industry to join the broking vertical of the company as a president.
The company has hired a headhunter for selecting a new president and the exercise is happening with much secrecy as non-disclosure agreements (NDA) have been signed among the parties, who are involved in this exercise.
A spokesperson for Marsh McLennan said: “Following the appointment of Kedia as CEO of Marsh McLennan, India last year, we have commenced a recruitment process for a president of Marsh India to support Sanjay in his role as CEO of Marsh India, which he will retain in addition to his Marsh McLennan responsibilities.”
The new president of Marsh India Insurance Brokers Pvt Ltd like chiefs of other verticals will report to Kedia, said industry sources.
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).
In Dec 2021, Marsh had increased its shareholding in Marsh India Insurance Brokers Pvt. Ltd. from 49 per cent to 92 per cent, after Indian regulations allowed 100 per cent FDI in insurance intermediaries, by acquiring the share from local partners, including the entire shareholding of the Rampart Trust. Kedia was one of the shareholders of the company and had sold his stakes to Marsh.
Marsh India employees more than 1,300 professionals, and servicing over 5,500 corporate clients, mostly US based multinational, across all business sectors.
Though, India has around 700 insurance brokers, the business heavily concentrated among top 10-15 brokers handling almost over 80 per cent of Rs 50,000 crore premium the Indian re/insurance brokers currently deal with annually.
Though it is now over four years , India had allowed 100 per cent FDI in the Indian insurance intermediary industry, not many new multinational brokers have set up operations in the country except that international brokers like Marsh, Aon, the second largest global re/insurance broker,, Howden and Gallagher bought out the stakes of their local partners.
Only US based Lockton has announced its entry into Indian market and is yet get a license.