Indian broking firms First Policy Insurance Brokers and Amicus Insurance Brokers have announced plans to merge, following approval from the country’s regulator.
The Insurance Regulatory and Development Association of India (IRDAI) granted in-principle approval for the transaction last month.
Leaders from the two broking firms expressed confidence that the merger would enable them to consolidate their market positions under the First Policy brand and take a leading position within the India market.
“This is a landmark step in the continuing journey of First Policy,” said Ashok Jain, Director at First Policy. “We are confident that this transaction would be beneficial to our clients, employees, insurers and all our stakeholders.”
He continued “We are also excited that the enhanced capabilities, strengths and reach that this transaction brings will strengthen our current position. This merger shall contribute to a 40 percent growth in our revenues. Besides, Amicus has a talented set of employees and we look forward to welcoming them on-board soon. All the employees of the combined business entity will benefit with greater opportunities, across functions and geographies.”
In a joint statement, Amicus Chairman Jitendranath Nayer and CEO Satheesh Kumar, also commented: “We are delighted with this partnership between First Policy and Amicus as both companies have a similar approach to business. We are confident that the amalgamation of our business with First Policy will bring greater business synergies and create value for all stakeholders.”
