Insurance broker Howden buys 100% stake in Indian arm
International broker Howden has increased its shareholding in India from 49% to 100% as it looks to further strengthen its position in one of the world’s fastest growing insurance markets.
Howden has obtained approval from the Insurance Regulatory and Development Authority of India (IRDAI) to increase its shareholding in Howden Insurance Brokers India ( Howden India), subject to post completion approval from the Reserve Bank of India.
The move will not affect its leadership team in India.
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. Its key product lines in the country include construction & property, liability & specialty risks, and employee benefits, managing over INR 16 billion (approximately $200 million) in premiums.
José Manuel González (pictured), 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. 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.”
Praveen Vashishta, chairman of Howden India, commented: “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 our clients with the most cutting-edge solutions.”
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