Emkay Global Financial Services announced that its subsidiary - Emkay Insurance Brokers (EIBL) has finalised an arrangement with Ideal Insurance Brokers for transfer of insurance broking business of EIBL including non-complete fee to Ideal, for a consideration of Rs 1.71 crore.

Emkay Insurance Brokers has surrendered the original insurance broking license to IRDA among other documents to get IRDA final approval for transfer of Insurance broking business to Ideal Insurance Brokers. Further, EIBL will be executing the Business Transfer Agreement with Ideal after receipt of the final approval from IRDA.