Private equity firm Access Asset Managers have struck its second deal investing in Mumbai-based Alliance Insurance Brokers.
The firm said it has put in the first tranche of its Rs 55 crore (about $8 million) investment in the privately held insurance brokerage.
Founded in 2003 by SV Thakkar and Aatur Thakkar, Alliance Insurance is an independent general insurance broking house handling Rs 400 crore of premium annually.
It offers structured solutions both on the insurance as well as reinsurance broking front to corporates. The firm mainly focuses on the B2B insurance services and claims to have over 1,300 corporate clients from 11 cities.
“We are confident of crossing Rs 1,000 crore of premium in three years’ time. Funds raised by this investment will not only assist expanding our corporate business across the country, but will also allow us to venture into the large SME and retail space which requires simple yet effective solutions,” Alliance founder and chairman SV Thakkar said.