World’s Largest Independent Insurance Broker Lockton expands presence in India
FinTech BizNews Service
Mumbai; 29 Oct 2024 - Lockton, a globally renowned, privately held insurance brokerage firm, has been granted regulatory approval by the Insurance Regulatory and Development Authority of India (IRDAI) for acquisition of Arihant Insurance Broking Services Limited. This pivotal milestone marks Lockton's strategic expansion into the Indian market, where it aims to address the growing demand for advanced risk consulting and management services.
Arihant Insurance Broking Services Limited is part of the Arihant Capital Group. As a matter of group strategy, Arihant Capital Markets decided to sell its insurance broking business to focus on its core equity broking arm and exploring other business opportunities. Lockton's acquisition of the insurance broking business aligns with their interest in entering the Indian market.
With over 135 offices globally, Lockton is now poised to leverage its international expertise and deep industry knowledge to deliver bespoke insurance solutions tailored to the unique needs of the Indian market. This move is part of Lockton’s broader vision to enhance its footprint in key emerging markets, aligning with the company's commitment to deliver high-quality, client-focused services across the globe.
This acquisition has been concluded with transfer of shares; further solidifies Lockton’s market presence and enhances its ability to serve a broader range of clients with comprehensive risk management and insurance solutions.
Dr. Sandeep Dadia, CEO & Country Head, Lockton India, "We are excited to receive the approval at a time when there is a significant demand for robust risk management solutions. Our team is dedicated to offering unparalleled technical expertise while building long-term, strategic partnerships with our clients. As we establish this new venture, backed by Lockton's global resources, we are committed to making a positive impact in the Indian insurance sector."
Lockton’s entry into the Indian market underscores its commitment to delivering innovative insurance solutions that support clients in navigating complex risks.
