In-principle approval from IRDAI received on 5th August, 2021
MUMBAI, India, Sept. 7, 2021 /PRNewswire/ -- First Policy Insurance Brokers has announced the merger of Amicus Insurance Brokers with itself, which helps consolidate its position in the market and become one of the leading insurance brokers in the country.
An in-principle approval for this transaction was granted by the insurance regulator, Insurance Regulatory and Development Association of India (IRDAI) on 5th August 2021. The merger process needs to go through a few more closure formalities, as specified in the Companies Act.
Speaking about the transaction, Ashok Jain, Director, First Policy, said, "This is a landmark step in the continuing journey of First Policy. We are confident that this transaction would be beneficial to our clients, employees, insurers and all our stakeholders."
He further added, "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."
First Policy's vision is 'To be a leader in the Insurance broking fraternity by consistently delighting customers through innovative value-added insurance solutions.' Explaining the strategic fit of Amicus towards realizing this vision, Mr. Ashok Jain further added, "First Policy and Amicus have the same approach, value systems and principles to serve its customers and employees. It is our privilege that a person of the stature of Mr. Jitendranath Nayer, Chairman of Amicus, will be joining our Board of Directors to advise and guide the entire team in future.''
In a joint statement Mr. Nayer, Chairman and Mr. K.V. Satheesh Kumar, CEO of Amicus Insurance Brokers said, "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."
About First Policy
First Policy is an Insurance Broking company with a composite broking license, with presence in Mumbai, Pune, Hyderabad, Vadodara and Kochi in India and in Kathmandu, Nepal. The company was founded in 2002 by Mr Ashok Jain, who is on the Board of Directors of Insurance Brokers Association of India (IBAI). First Policy is a part of the unisonSteadfast Brokers, a worldwide network of independent insurance brokers with 750 network partners in 140 countries and US $30 billion in premium. In 2017, First Policy previously acquired the business of Estrella Insurance Brokers. In 2020, the company also provided the liability cover for one of India's leading manufacturers of the Covid-19 vaccine. First Policy is also an ISO and ''Great Place To Work'' certified organization. The ultimate goal of the organization remains to serve clients to the best of their interests, and remain Accessible, Adaptable and Accountable to everyone who is on this journey!