New Delhi-based Avonmore Capital and Management Services Ltd has signed an agreement with US-based Willis and its subsidiary Anemone Holdings Pvt Ltd, to sell its entire 51 per cent stake in Almondz Insurance Brokers Pvt Ltd (AIBPL), according to a stock market disclosure. The deal amount remains undisclosed.
The transaction is subject to the approval of insurance regulatory and development authority (IRDA) and the members of the company.
Avonmore will sell 49 per cent stake in AIBPL to Willis and 2 per cent to Anemone.
Incorporated in 2003, AIBPL is an insurance broking and consulting company which offers risk management, insurance broking, claims management and reinsurance services.
Avonmore Capital and Management Services Ltd (formerly Almondz Capital & Management Services Ltd) is a non-banking financial services company. It offers shares trading, brokerage, commission and underwriting services. The company was founded in 1991.
Willis Group Holdings plc is a leading global risk advisor, insurance and reinsurance broker. The company employs over 18,000 professionals and has more than 400 offices around the world. It is one of the top insurance brokers in the world and was previously owned by KKR before it was floated on the NYSE.
In other deals in the same space, last July British insurance services major Jardine Lloyd Thompson Group acquired 26 per cent stake in Independent Insurance Brokers, a group company of the Sunidhi Group.
Two years ago, LeapFrog, a social investment fund, had picked 15 per cent stake in Mahindra Insurance Brokers Limited, bulk of it through a secondary deal for $15 million (Rs 80.4 crore). Mahindra Insurance Brokers is an insurance broker focusing on rural and semi-urban India.