Gallagher Re acquires reinsurance broking operations of Wills Tower Watson India3 min read
Gallagher Re, the worldwide reinsurance broking and advisory agency, immediately introduced plans to broaden its operations in India by buying the treaty reinsurance broking operations of Willis Towers Watson India Insurance Brokers Private Limited (WTW India) .
The transaction completion is topic to receipt of regulatory approval.
Mark Morley, Managing Director and Head of Asia Pacific for Gallagher Re, mentioned, “We are delighted to have reached this settlement to accumulate the treaty reinsurance operations of WTW India. Bringing collectively two excellent reinsurance groups below Vinod’s management, to serve our rising consumer base throughout the Indian Sub-Continent and exhibit our dedication to continued development and enlargement in Asia Pacific, will create vital alternatives. As an skilled enterprise chief in South East Asia, the place he has constructed and led various (re)insurance coverage groups and developed sturdy relationships with insurers and reinsurers over a few years, Vinod might be a strong proponent of development and consumer advocacy. We sit up for welcoming Jyoti and his colleagues within the close to future.”
Following completion, the acquired team will join Gallagher’s existing Indian reinsurance team, which currently sits within the Gallagher business in India, to create a single Gallagher Re treaty reinsurance operation. This will enable the entirety of Gallagher Re’s global service offering to be delivered to clients across the region.
In anticipation of the expanded operation, Vinod Krishnan has been appointed to lead the Gallagher Re business in India with immediate effect. Vinod brings over 20 years’ experience in reinsurance broking, having most recently served as Gallagher Re’s Director of Client Relationship Management for the South East Asia region, and having held a variety of regional leadership roles within the reinsurance broking industry prior to that.
Once the transaction is complete, Vinod will relocate from Singapore to Mumbai and be joined by Jyoti Majumdar and the treaty reinsurance team from WTW India.
The Gallagher business in India will continue to be led by CEO Vinay Sohani.
On his appointment to lead the Gallagher Re business in India, Vinod Krishnan said, “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 happy with the transaction as it’s going to add worth and broaden the spectrum of choices of the Gallagher group within the Indian reinsurance phase. On-boarding the well-established WTW treaty group with our current reinsurance colleagues, coupled with the expansion methods of Gallagher, will speed up our enlargement within the subcontinent.”
Catch all of the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint.
Download The Mint News App to get Daily Market Updates.