JOIN USJLT Independent Insurance Brokers has acquired Vantage Insurance Brokers and Risk Advisors’ employee benefits insurance brokerage portfolio in India for an undisclosed sum.
Pune-based Vantage operates one of India’s largest employee benefits insurance portfolios with services that include insurance broking, health risk advisory and benefits consulting.
JLT Independent Insurance Brokers, a provider of insurance, reinsurance and advisory services, has operations in six cities, including Mumbai and Bengaluru, and is a specialty joint venture between Jardine Lloyd Thompson group (JLT) and Sunidhi group, a leading financial services group with over 80 branches across India.
Meanwhile, in another development, JLT Group has got regulatory approval to increase its stake in JLT Independent to 49% from 26%.
“The increase in JLT Group’s stake comes at a time when the Indian insurance market is growing rapidly. The addition of Vantage’s employee benefits insurance brokerage portfolio will open up a host of new services for our clients in India,” JLT Independent chief executive officer Sanjay Radhakrishnan said.
“JLT is known for its insurance products and services while Vantage has built a credible and strong brand specialising in employee benefit services. There is a strong strategic fit between the two businesses that will drive innovation in the marketplace,” founder of Vantage and newly appointed deputy chief executive of JLT Independent Arvind Laddha said.