Global insurance broker and risk advisor Marsh on Thursday said it has raised its shareholding in Marsh India Insurance Brokers Pvt Ltd to 92 per cent from 49 per cent.
Marsh India is a joint venture between Marsh International Holdings Inc and India-based Rampart Trust.
The enhanced investment will enable Marsh to meet the increasingly complex needs of companies across all sectors of the fast-growing Indian economy and provide a platform from which it can further strengthen its presence in the future, a release said.
As part of the transaction, which has been approved by the Insurance Regulatory and Development Authority of India (IRDAI), Marsh has acquired the additional stake from local partners, including the entire shareholding of the Rampart Trust, the release said.
The company, however, did not disclose the financial details of the transaction.
Marsh India has 18 branches in the country and serves over 5,500 corporate clients across all business sectors.
Last year, the government had allowed 100 per cent foreign direct investment (FDI) in insurance intermediaries under the automatic-approval route.
Intermediary services include insurance brokers, re-insurance brokers, insurance consultants, corporate agents, third party administrators, surveyors and loss assessors.
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