UK-based risk adviser, insurance and reinsurance broker Willis Group Holdings has agreed to acquire a 49% interest in India-based Almondz Insurance Brokers.
Terms of the deal were not disclosed.
Willis Asia regional CEO Adam Garrard said: "This joint venture will allow us to fully participate in this dynamic market, whilst enabling us to provide our global clients with the levels of service and expertise that they expect from Willis’s operations around the world."
Almondz managing director Rohit Jain said: "I am confident that the combination of our Indian experience and footprint, coupled with Willis’s deep risk and insurance expertise and global reach, will reap great benefits for our clients, our staff and the insurance sector in India."
Upon the closure of the transaction and the receipt of regulatory approvals, Almondz Reinsurance Brokers is being operated under Willis, allowing the UK insurer to offer both insurance and reinsurance services in the Indian market.
Willis decision to acquire Almondz was based on recent legislative changes in India, which increased the foreign direct investment cap in the insurance sector from 26% to 49%.
With around 300 associates in nine offices in the country, Almondz provides a wide range of products and services across diversified industries and segments.
Almondz currently operates in nine Indian cities, including Delhi, Mumbai, Chennai, Kolkata, Bengaluru, Hyderabad, Pune, Ahmedabad and Vadodara. It also has a wholly owned subsidiary, which is involved in providing reinsurance broking services.
It provides services to around 500 corporate clients in different industries such as aviation, pharma, technology, and retail.
Image: Willis Building in London. Photo: courtesy of Colin.