Marsh India on Thursday said it has completed the acquisition of JLT Independent Insurance Broking.

The parties had earlier secured regulatory approvals for the transaction and follows the acquisition of the JLT Group by Marsh & McLennan Companies in April 2019, Marsh India said in a statement.

In April, 2019, Marsh & McLennan Companies had completed the acquisition of JLT for $5.6 billion in fully diluted equity value, furthering its role as the world’s preeminent professional services firm in the areas of risk, strategy and people.

The New York-based purchaser said it aims to become the world’s leading company offering advice on risk, strategy and personnel

Marsh & McLennan Companies had announced the  acquisition of JLT in Sept, 2018 and had said the purchase of the company would strengthen its specialty risk broking, expand its global reinsurance network and enhance its position in Asia and Latin America, it said. the companies estimate that Marsh & McLennan’s revenue will rise to about $17 billion as a result of the acquisition.

The acquisition of JLT Independent further strengthens Marsh''s position as a leading insurance and reinsurance broker and provider of risk management solutions in the country, where it serves more than 5,000 clients through its 17 offices.

Alex Moczarski, chairman of Marsh & McLennan International and also Marsh India, said this deal marks a new era for Marsh India as it enables them to bring their expertise to the clients.

Sanjay Kedia, country head of Marsh India, said the complementary fit between its businesses creates a platform to deliver exceptional service and value to clients and offer more diverse career opportunities for employees.

Formed in 2003, Marsh India is a joint venture between Marsh International Holdings Inc and India-based Rampart Trust. It was one of the first foreign insurance brokers to be registered as a composite broker with Irdai.

The US-based Marsh is the world''s leading insurance broker and risk adviser. With over 35,000 employees across 130 countries, Marsh serves commercial and individual clients with data driven risk solutions and advisory services.