Recent regulatory changes have prompted global re/insurance broker Willis Towers Watson to acquire the remaining 51% shares of its business in India.
The group currently owns 49% of the company and will be purchasing its remaining shares from Anemone Holdings Private Ltd and WTW India’s head, Rohit Jain.
As one of the world’s largest and fastest growing economies, with an expected 17% growth rate in the non-life insurance market over the next five years, WTW’s head of international Pamela Thomson-Hall sees rising demand and opportunities for cyber, health and benefits, crop and surety insurance in the Indian market.
“Acquiring 100% ownership of WTW India will enable us to further capitalise on the significant growth opportunities in this market and to better serve the rapidly evolving needs of our clients in India,” she added.
Commenting on the acquisition, Jain said, “These are unprecedented times for humanity and businesses, especially the risks that confront both.
“Emerging forms of risks like climate change, pandemic, cyber threats and the growing health-wealth gap demand immediate and comprehensive solutions that address risk mitigation, incident response and compensation for loss.
“WTW already has a significant presence in India and this acquisition is another important milestone towards bringing our clients the best-in-class products and solutions, technology and unprecedented insight for sound risk-based decision making.”