Gallagher Re picks up lingering WTW ops in India to unify treaty team
Global reinsurance broker Gallagher Re will pick up the lingering treaty reinsurance team in India from rival WTW and craft a single treaty reinsurance team to serve that market.
Gallagher Re, formerly the reinsurance wing of WTW prior to its purchase by insurance broker Gallagher, has signed an agreement to acquire the treaty reinsurance broking operations of Willis Towers Watson India Insurance Brokers Private Limited, still subject to regulatory approval.
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.
Gallagher Re named its CRM director for South East Asia, Vinod Krishnan, to lead the Gallagher Re business in India with immediate effect ahead of the merger. Krishnan brings over 20 years' experience in reinsurance broking, including his tenure at Gallagher Re.
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.
Gallagher Re’s managing director and head of Asia Pacific Mark Morley commented: "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.
The CEO of Gallagher in India, Vinay Sohani 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."
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