Reinsurance broker Gallagher Re is set to expand its operations in India with the creation of a single treaty reinsurance team that will be led by Vinod Krishnan, following an agreement to acquire the treaty reinsurance broking operations of Willis Towers Watson India Insurance Brokers Private Limited (WTW India).
The reinsurance broker says that this move enhances client service delivery and creates a platform for continued investment and growth in the Indian marketplace.
As our readers will be aware, in December 2021, Gallagher Re completed the acquisition of the treaty reinsurance operations of Willis Re from parent WTW for an initial gross consideration of $3.25 billion.
At that time, WTW did not have majority ownership of those operations in India, so effectively was unable to agree a deal to offload this business to Gallagher Re then.
However, in April of last year, WTW received approval from the Insurance Regulatory and Development Authority of India on its acquisition of the remaining 51% shares in WTW India.
Almost a year later and Gallagher Re and WTW India have signed an agreement for the former to acquire the latter, with deal completion subject to receipt of regulatory approvals.
Once the transaction closes, the acquired team will join Gallagher’s existing Indian reinsurance team, which currently sits within the Gallagher business in India, to establish a single Gallagher Re treaty reinsurance operation. The move means that the entirety of Gallagher Re’s global service offering can be delivered to clients across the region.
In anticipation, Vinod Krishnan has been appointed to lead the reinsurance broker’s business in India with immediate effect.
He brings more than two decades of reinsurance broking experience to the role, most recently serving as Gallagher Re’s Director of Client Relationship Management for the South East region, having previously held numerous regional leadership roles within the reinsurance broking industry.
Krishnan will relocate from Singapore to Mumbai once the deal is completed, and will be joined by Jyoti Majumdar and the treaty reinsurance team from WTW India. The Gallagher business in India will continue to be led by Chief Executive Officer, Vinay Sohani.
Mark Morley, Managing Director and Head of Asia Pacific for Gallagher Re, said: “We are delighted to have reached this agreement to acquire the treaty reinsurance operations of WTW India. Bringing together two outstanding reinsurance teams under Vinod’s leadership, to serve our growing client base across the Indian Sub-Continent and demonstrate our commitment to continued growth and expansion in Asia Pacific, will create significant opportunities.
“As an experienced business leader in South East Asia, where he has built and led diverse (re)insurance teams and developed strong relationships with insurers and reinsurers over many years, Vinod will be a powerful proponent of growth and client advocacy. We look forward to welcoming Jyoti and his colleagues in the near future.”
Krishnan commented: “I am excited not only by the prospect of relocating to one of the fastest growing insurance markets in the region, underpinned as it is by strong economic growth predictions, but to lead a team of talented colleagues. Together, we will harness the power of Gallagher Re’s global products, specialist practice groups and extensive analytics capabilities for the benefit of our clients and continue to invest in meeting their evolving needs.”
Vinay Sohani, Managing Director & CEO of Gallagher in India, added: “We are pleased with the transaction as it will add value and broaden the spectrum of offerings of the Gallagher group in the Indian reinsurance segment. On-boarding the well-established WTW treaty team with our existing reinsurance colleagues, coupled with the growth strategies of Gallagher, will accelerate our expansion in the subcontinent.”
