In the first MICA transaction in the insurance broking space after relaxation of FDI norms, UK's JLT (Jardine Lloyd Thomson) group on October 13, 2016 hiked stake in its Indian joint venture JLT Independent to 49% from 26%. Simultaneously, it also acquired the business of domestic broking company Vantage Insurance Brokers.
The insurance broking market is dominated by US companies like Marsh and Aon along with UK's Howden, which are present in India through joint ventures. Vantage Insurance operates one of India's largest employee benefits insurance portfolios with services that include insurance broking, health risk advisory and benefits consulting.
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