Howden has received approval from the Insurance Regulatory and Development Authority of India (IRDAI) to increase its shareholding in Howden India.
The approval, once ratified by the Reserve Bank of India, will see Howden increase its stake in the firm from 49% from 100%.
The firm said that its leadership team within Howden India remains unchanged with Praveen Vashishta as chairman of Howden India, Anil Varma as director and head of non-liability business, Mahesh Chainani as director & principal officer, Amit Agarwal as head of liability and specialty business, and Girish Mantri as CFO.
José Manuel González, CEO of Howden Broking Group, said: “This is an exciting development for Howden that will further strengthen our position in one of the world’s fastest growing insurance markets. Our increased stake in Howden India reflects our commitment to build a leading broking business where we continue to focus on investing in data and technology, and to build long-term partnerships with our clients.”
He added: “People First is an ethos that is at the heart of all we do at Howden, and we stand committed to investing in the very best talent and empowering our colleagues to deliver innovative and seamless solutions for clients.”
Howden India received its trading license from IRDAI in February 2004 as a composite insurance broker and operates through offices in seven cities including Mumbai, Delhi, Bengaluru, Kolkata, Chennai, Hyderabad, and Pune. The company is a specialist insurance broker in key product lines including construction & property, liability & specialty risks, and employee benefits, managing over INR 16bn ($206m) in premiums.
Praveen Vashishta, chairman of Howden India, said: “Since its inception, Howden India has pioneered the introduction of several new products in the Indian market. We have always put our clients’ interests first and have earned a good name and reputation in the Indian market – a reputation built on our People First ethos, and our uncompromising philosophy of focus, client service and expertise. We are committed to maintaining this position and providing
