Howden Gets Regulatory Nod to Raise Stake in Howden India to 100%

Howden, the international insurance broker, announced it has obtained approval from the Insurance Regulatory and Development Authority of India (IRDAI) to increase its shareholding in Howden India from 49% to 100%.

The move is subject to post completion approval from the Reserve Bank of India.

Howden India’s leadership team remains unchanged with Praveen Vashishta as chairman of Howden India, Anil Varma as director and head of Non-Liability Business, Mahesh Chainani as director and principal officer, Amit Agarwal as head of Liability & Specialty Business and Girish Mantri as chief financial officer.

Howden India – known formally as Howden Insurance Brokers India Private Ltd. – 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.

Howden India specializes in key product lines such as construction and property, liability and specialty risks, and employee benefits, managing over 16 billion Indian rupees ($206.4 million) in premiums.

“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,” commented José Manuel González, CEO Howden Broking Group.

About Howden Broking

Howden Broking is headquartered in London and comprises owned businesses across Europe, Asia, Australia & New Zealand, Africa, Latin America, and the Middle East. Established in 1994, Howden today employs more than 9,000 people worldwide. Together with network partners aligned to its specialty-led proposition, Howden operates in more than 90 territories.

Source: Howden Broking

Topics Legislation