Jardine Lloyd Thompson has announced that, following regulatory approvals, it has completed the acquisition of a 26% shareholding in Independent Insurance Brokers Private Limited (IIB), the Mumbai and Chennai based insurance and reinsurance broking subsidiary of the Sunidhi Group, a leading Indian financial services Group with over 100 locations across India.
The investment in IIB signals JLT’s intention to collaborate with the Sunidhi Group to build a leading specialty insurance and reinsurance broker and employee benefits adviser in India. This is in line with JLT’s 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. Upon completion, the business will be rebranded as JLT Independent and report to Duncan Howorth, CEO of JLT Asia.
Duncan 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.”
Commenting on the transaction, 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 already has a significant presence in India with its largest office outside London in Mumbai, where it has over a 1000 employees providing analytical, actuarial and legal, financial and processing services to the broader JLT Group.
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