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Privately held insurance brokerage firm Lockton has received regulatory approval from the Insurance Regulatory and Development Authority of India (IRDAI) to acquire Arihant Insurance Broking Services Limited.

This marks Lockton’s strategic expansion into the Indian market where it aims to address the growing demand for advanced risk consulting and management services, the company said in a statement.

Arihant Insurance Broking Services Limited is a part of Arihant Capital Group. Arihant Capital Markets decided to sell its insurance broking business to focus on its core equity broking arm and explore other business opportunities, according to the statement.

“We are excited to receive the approval at a time when there is a significant demand for robust risk management solutions… As we establish this new venture, backed by Lockton’s global resources, we are committed to making a positive impact in the Indian insurance sector,” said Dr Sandeep Dadia, CEO and Country Head, Lockton India.

Lockton, which has more than 135 offices globally, plans to leverage its international expertise and deep industry knowledge to deliver bespoke insurance solutions tailored to the unique needs of the Indian market.

“This move is part of Lockton’s broader vision to enhance its footprint in key emerging markets,” the statement read.

In August, the insurance brokerage firm appointed Amit Agarwal in the dual capacity of chief operating officer and chief financial officer of the company’s India operations.