Private equity firm Access Asset Managers has struck its second back-to-back deal investing in Mumbai-based Alliance Insurance Brokers.
The firm said it has put in the first tranche of its Rs 55 crore (about $8 million) investment in the privately held insurance brokerage.
Founded in 2003 by SV Thakkar and Aatur Thakkar, Alliance Insurance is an independent general insurance broking house handling Rs 400 crore of premia annually.
It provides structured solutions both on the insurance as well as reinsurance broking front to corporates. The firm primarily focuses on the B2B insurance services and claims to have over 1,300 corporate clients from 11 cities.
It focuses on businesses like aviation and aerospace, banks and financial institutions, channels and content exhibition, construction and infrastructure, leisure, manufacturing and services, media and entertainment, power and energy, and sports and events.
"We are confident of crossing Rs 1,000 crore of premia in three years’ time. Funds raised by this investment will not only assist expanding our corporate business across the country but will also allow us to venture into the large SME and retail space which requires simple yet effective solutions," Alliance founder and chairman SV Thakkar said.
Access is manager to Access India Fund, a mid-market fund, focusing on B2B service providers and emerging consumer-focused businesses. Early this month it agreed to acquire a controlling stake in Ahmedabad-based telecom network solutions provider Teleysia Networks Pvt Ltd.
Its other investments include test preparation institute for Chartered Accountancy examinations, J K Shah Classes and Nobel Hygiene, a manufacturer of adult diapers.