American Insurance Broker, Varas Brokers forges a strategic MOU with India Insure Brokers

2 people shaking hands as symbol of partnership

The companies mentioned have signed a strategic MOU to work with each other in developing opportunities within the India-US insurance space.

RAMSEY, NJ, UNITED STATES, July 26, 2021 / — Varas Brokers of US and India Insure Risk Management & Insurance Broking Services Pvt Ltd of India have signed a strategic MOU to work with each other in developing opportunities within the India-US insurance space. Both companies shall support each other’s clients in their respective countries as they continue to grow and expand despite the challenges posed by global macroeconomic headwinds.

The agreement was signed by Ms. Monica Varas, Founder & CEO of Varas Brokers, and Mr. V Ramakrishna, Chairman of India Insure.

Established in 2019-20, Varas Brokers was set up in New Jersey by Ms. Monica Varas, a veteran of the US Insurance sector of nearly three decades with deep experience across all product lines in P&C Insurance. Varas is keen to support insurance requirements in international trade, credit insurance, and other related areas.

India Insure is an iconic broker in the Indian insurance space and was the maiden firm to be licensed by the regulator, nearly two decades ago in 2003. Its team of over 100 professionals manages over 300 corporate clients across 8 locations. India Insure has licensed operations in Sri Lanka, Maldives, and Tanzania. They are also very active in other SAARC & African countries.

Over the past few decades, the US and India have enjoyed deep trade relations which have only been bolstered over the last few years. Currently, the US is India’s 2nd largest trading partner and is most likely to become the largest one in due course while India is the US’ 8th largest trading partner. With an annual trade of nearly USD 150 billion, the two largest democracies of the world have deep commercial interests in each other.

“We are honored to have signed this partnership. This will benefit both companies and expand our businesses. We are looking forward to creating a long-lasting partnership.” said Ms. Monica Varas

Airing his thoughts on the occasion, Mr. Ramakrishna said – “We welcome this opportunity which will enable us to enhance our value add to our respective customers in India & US”

The U.S. Commercial Service, Department of Commerce played an instrumental role and worked with J Syzygia Consultants in India to bring this to fruition.

Anuraag Sunder of J Syzygia Consultants, an international investment banking & advisory firm, said ‘Within the Indian Insurance industry, the name- India Insure Brokers- inspires a certain enviable degree of trust and respect. With Varas’ deep network and proven expertise in the US markets coupled with the institutional support it enjoys, both Varas and India Insure can create robust risk management solutions for their respective clients. Even as globally, most businesses continue to find ways of getting back on their feet besides staying relevant, this is a clear win-win proposition that will infuse confidence and create immense value for all the concerned stakeholders.”

Monica Varas
Varas Insurance Brokerage Inc
+1 201-530-7773
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July 26, 2021, 16:15 GMT

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