American insurance broker Lockton has received approval from I Insurance Regulatory and Development Authority of India (IRDAI) to acquire Arihant Insurance Broking Services Limited, part of the Arihant Capital Group.
Lockton’s move into India aligns with its strategy to meet the rising demand for sophisticated risk management and insurance solutions in the country.
Arihant Capital Group decided to sell its insurance broking business as part of its broader strategy to focus on its core strength in equity broking and explore new business areas.
With this acquisition, Lockton gains a foothold in the Indian market and plans to leverage its global expertise to offer advanced insurance and risk consulting services.
“We are excited to receive the approval at a time when there is a significant demand for robust risk management solutions…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,” said Sandeep Dadia, CEO & Country Head, Lockton India.
Source: Economic Times