Investment in Independent Insurance Brokers extends JLT's Indian Operations
01 July 2014
Jardine Lloyd Thompson Group plc ("JLT"), one of the world's largest providers of insurance, reinsurance and employee benefits related advice, brokerage and associated services, today 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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About Jardine Lloyd Thompson Group Plc
Jardine Lloyd Thompson is one of the world's largest providers of insurance, reinsurance and employee benefits related advice, brokerage and associated services. JLT's client proposition is built upon its deep specialist knowledge, client advocacy, tailored advice and service excellence.
JLT is quoted on the London Stock Exchange and owns offices in 40 territories with some 9,500 employees. Supported by the JLT International Network, it offers risk management and employee benefit solutions in 135 countries.
About the Sunidhi Group
Established in 1957, the Sunidhi Group is one of India's leading financial services provider specialising in providing broking solutions to Equity, Wholesale Debt, Foreign Exchange, Commodities, Insurance and Reinsurance segments in addition to offering investment advisory and wealth management services including mutual fund and IPO distribution.
Sunidhi is present in more than 100 locations servicing more than 45,000 clients and over 150 institutions.
Head of Group Investor Relations