UK based JLT today said it is keen to increase its stake in joint venture JLT Independent Insurance Brokers, which formally launched its operations here, to 49 per cent as and when the laws permit from the present 26 per cent.
JLT Independent Insurance Brokers is a 74:26 JV between Chennai-based insurance brokerage Sunidhi Group and UK-based JLT which has around 100-odd global clients and is the third largest insurance broking firm in the world.
The Insurance Law Amendment Bill, which seeks to increase the FDI in the sector to 49 per cent from the currently existing mark of 26 per cent, is likely to be passed in the ongoing Parliament session.
"We are a long-term player, whether it's 26 per cent, 49 per cent or 74 per cent, it doesn't matter. If the regulations allow us to take a larger share, we will be most delighted to go for that," JLT group chief operating officer Balamurugan Vishwanathan, told PTI.
A high-powered committee formed by the regulator IRDA early this year had submitted its report to the IRDA chairman T S Vijayan in which it has recommended a three-year roadmap showing how to increase FDI in insurance intermediaries, including insurance brokers to 100 per cent from the present cap over a period of next five years.
Commenting on this, Vishwanathan said, "The Insurance Act covers insurance brokers as well. As the market grows and the opportunities increase, we will be happy to increase our stake to the largest extent possible."
The London-based JLT is present in 40 countries and it has got partly-owned entities in 135 countries in addition to it.
On his company's investment plans in the country, he said, "Rs 2.5 crore is the minimum regulatory requirement and we have already invested five times of this amount in the country. We plan to be among top five insurance brokers in the country in the next five years," JLT Independent chief executive Sanjay Radhakrishnan said.
Aon Global and Marsh are the two other global insurance brokers that are currently operating in India.
"We will work in areas like aviation, credit and political risk, energy and marine, reinsurance, employee benefits, crisis management, re-insurance, construction and property in the country. We will also provide catastrophe insurance cover as we have already worked along with GIC Re in past in the country," he added.
