Howden obtains IRDAI approval for 100% stake in Howden India
Howden, the international insurance broker, today announced that it has obtained approval from the Insurance Regulatory and Development Authority of India (“IRDAI”) to increase its shareholding in Howden Insurance Brokers India Private Limited (“Howden India”) from 49% to 100%, 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 & Head of Non-Liability Business, Mahesh Chainani as Director & Principal Officer, Amit Agarwal as Head of Liability & Specialty Business and Girish Mantri as Chief Financial Officer.
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. The company has built a strong reputation as a specialist insurance broker in key product lines including Construction & Property, Liability & Specialty Risks, and Employee Benefits, managing over INR 16 billion in premiums.
Commenting on the transaction, José Manuel González, CEO 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, Howden India, said: “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.”