British insurance services major Jardine Lloyd Thompson Group (JLT) today said that it has completed acquisition of 26 per cent stake in Independent Insurance Brokers (IIB), a group company of the Sunidhi Group.
After the deal, IIB would be rebranded as JLT Independent and report to JLT Asia chief executive Duncan Howorth, the London-based company said in a statement.
"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," Howorth said.
Already JLT has a significant presence in the country with its largest office outside London in Mumbai, employing over 1,000 persons providing analytical, actuarial and legal, financial and processing services.
IIB is a Mumbai-based insurance and reinsurance broking subsidiary of financial services player Sunidhi Group with presence in over 100 locations.
"The strong commercial and cultural alignment between JLT and Sunidhi Group as well as rapidly growing levels of insurance and stock broking demands, give me huge confidence in IIB's future growth prospects" Sunidhi Group chief executive Jayesh Parekh said.