Kolkata headquartered Ideal Insurance Brokers Pvt Ltd, one of the leading insurance broking firms in India, today announced that it is acquiring the insurance broking business of Emkay Insurance Broking Pvt Ltd, a a wholly owned subsidiary of Global Financial Services Ltd (EGFSL), at an amount of Rs 1.71 crore. They have also got the In-principal approval from IRDA for the same.
Subject to receipt of final approval from IRDA, in an call cash deal, Ideal Insurance will take over the entire current team and existing Insurance business of Emkay Insurance Brokers Limited, a wholly owned subsidiary of Emkay Global Financial Services.
Rahul Agarwal CEO, Ideal Insurance ,commented on the announcement: “Ideal is looking to expand quickly and capitalize on the growth in the Industry. It will be an important acquisition of Insurance broking business with respect to our strategy of building one of the largest and respected broking firm of India. They have a great team and some notable clients that will enable us to future strengthen our footprint in West . We are looking at more acquisitions across India. We look forward to the continued support of Mr Krishna Kumar Karwa and Mr Prakash Kacholia the MD’s of Emkay Global in our endeavours”.
On this occasion Mr Prakash Kacholia, Director ,Emkay Insurance Broking Limited, said- Ideal Insurance Brokers , backed by Mr Rahul Agarwal is comprehensive insurance broking company with a clear vision and approach. The entire team of Ideal is capable, focused and highly driven and hence was a strong contender and an easy choice for our insurance vertical.
Ideal Insurance Brokers Pvt Ltd is an Insurance Management company providing Insurance Based Risk Solutions to both – Individuals and Corporate. Having an “Insurance Broking” license, they can deal with every insurance company and offer entire range of insurance products – Heath, life, Fire, marine, infrastructure, credit, etc. The company is headquartered in Kolkata with a presence in major Metropolitan cities like Mumbai, Pune, Bangalore, Hyderabad, Delhi, Surat and Raipur.
Global Financial Services Ltd (EGFSL), of which Emkay Insurance Broking Limited (EIBL) was a wholly owned subsidiary, was founded in 1995 with a clear goal of offering sound, researched backed financial advice, Emkay Global Financial Service Ltd is a leader in the financial services space , activity creating wealth for nearly 2 decades. Key services offerings including Investment Banking, Institutional Equities and Portfolio Management Services and Private Wealth Management. EIBL the wholly owned subsidiary of EGFSL was established in the year 2007 to carry on mainly the business of insurance broking.