IRDAI has approved the merger. Credit: PublicDomainPictures from Pixabay.

India-based First Policy Insurance Brokers has completed the acquisition of Amicus Insurance Brokers in a bid to augment its market position.

The insurance broker had received in-principle approval for the merger from the Insurance Regulatory and Development Association of India (IRDAI) in the first week of August 2021.

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First Policy expects the merger to enhance its capabilities, footprint and contribute a 40% growth in its revenue.

Amicus Insurance Brokers specialises in construction & property, marine, energy, liability, credit, and fine art insurance.

Under the agreement, Jitendranath Nayer, chairman of Amicus Insurance Brokers, will join First Policy’s board of directors.

First Policy director Ashok Jain 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.

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“All the employees of the combined business entity will benefit with greater opportunities, across functions and geographies.”

Amicus Insurance Brokers chairman Jitendranath Nayer and CEO K.V. Satheesh Kumar 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.”

The Indian insurance industry is abuzz with acquisitions lately. Last week, HDFC Life had signed a $915.5m deal to acquire Exide Life Insurance.

Last month, payment and financial services company PhonePe received an insurance broking licence from IRDAI.

It followed in principle approval from the Reserve Bank of India to operate as an account aggregator.