JLT Independent Insurance Brokers, a joint venture of Jardine Lloyd Thompson Group and Sunidhi Group, a financial services has launched its operations . JLT Group holds 26 per cent and Sunidhi hold 74 per cent in the JV. In India JLT Independent will offer solutions for sectors such as energy and marine, employee benefits (group health), liability (cyber), credit and political risks, aviation, re-insurance, construction and property. The company hopes to be among the top five insurance brokers in India by 2018, said Sanjay Radhakrishnan, CEO, JLT Independent. The company would also look for inorganic growth, he added.
Going ahead JLT Group would look to increase its share holding if the opportunity arises, said Balamurugan Viswanathan, JLT Group, COO. “We will focus on emerging markets and India is a key part of this,” he said.
The JV has been set up with a capital of about Rs 10 crore, while the basic minimum requirement for a composite broker as per regulations is Rs 2.5 crore.
Currently, reinsurance contributes 15-20 per cent to the overall business. But going ahead, employee benefits could be the largest, given the growth in the health insurance industry, Radhakrishnan said.