Mphasis acquired 51% of the capital of Mrald, a company incorporated in England and Wales.
The company’s certificate peaked at Rs 3,291.25 against the previous close of Rs 3,186.40 on the National Stock Exchange.
“Mphasis and Ardonagh today signed a corporate agreement in which Mphasis acquires 51% of Mrald Limited, a company incorporated and registered in England and Wales, with 49% of the capital remaining with Ardonagh,” said the national company in a press release. .
Mrald will provide middle and back office functions, and aims to expand in two areas – “insurance operations and technology capabilities”; and new customers through the Ardonagh and third-party customers in the middle insurance market, the statement said.
The new Mrald entity is focused on improving broker-client relationships through data-driven insight while enabling brokers to adapt for increased client engagement, the Mphasis statement said.
“In Mphasis, we have found a partner with capital, expertise and assets to accelerate our focus on improving our digital brokerage capabilities. This expansion of our existing and long-term relationship is an important step in accelerating our shared ambitions, ”said David Ross, CEO of Ardonagh Group.
According to Mphasis CEO Nitin Rakesh, the global insurance broker market is expected to grow from $ 88.16 billion in 2020 to $ 113.99 billion in 2025, according to a report from Research and Markets, 2021.
“With AG’s leadership, we believe we are in a unique position to take advantage of the high potential insurance intermediary market,” Rakesh said, quoted by reports.