Willis Towers Watson (WTW) has signed an agreement to acquire the remaining 51% shares in Willis Towers Watson India Insurance Brokers (WTW India) from Anemone Holdings and Rohit Jain.
WTW currently owns 49% of WTW India and recent changes in regulation have made it possible for WTW to own up to 100% of WTW India, said the broker. The transaction remains subject to customary legal and regulatory approvals.
Pamela Thomson-Hall, head of international, WTW, said: “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, we see 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: “The Covid-19 crisis has underscored the vital role of risk management and insurance in protecting and strengthening businesses’ and communities’ resilience to pandemic shock in emerging markets such as India. We are committed to the Indian market and see that we can play a significant role to help raise the underpenetration of insurance and close the protection gap as the country needs.”
Jain, head of India, WTW, 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 best-in-class products and solutions, technology and unprecedented insight for sound risk-based decision making