Marsh India Insurance Brokers Pvt. Ltd. agreed to acquire JLT Independent Insurance Brokers Pvt. Ltd., The Hindu Business Line reported.
JLT Independent, a joint venture of Jardine Lloyd Thompson Group Ltd. and India-based Sunidhi Securities & Finance Ltd., offers brokerage services for insurance, reinsurance and employee benefits in six major Indian cities.
Marsh India expects the deal to close by the first quarter of 2020, subject to regulatory approvals and execution of a definitive agreement, according to the report.
Additionally, JLT Independent appointed Mohit Agarwal as CEO. He most recently was Marsh India's employee health and benefits leader.
Marsh India Insurance Brokers is a joint venture of Marsh & McLennan Cos. Inc. and India-based Rampart Trust.
The transaction follows Marsh & McLennan's $5.6 billion acquisition of Jardine Lloyd Thompson Group in April.