Willis Signs Joint Venture in the Indian Market
February 24 2015 - 12:14PM
Willis Group Holdings plc (NYSE:WSH), the global risk adviser,
insurance and reinsurance broker, has agreed to purchase a 49%
stake in Almondz Insurance Brokers Private Limited.
Almondz is a leading Indian insurance broker with nearly 300
associates in nine offices in India serving clients with a broad
range of products and services across diversified industries and
segments.
The joint venture will combine Willis's global network and
expertise with Almondz's skilled team and wealth of experience in
India. The deal is subject to regulatory approval and the terms of
the agreement were not disclosed.
Almondz has a wholly owned subsidiary which is engaged in
reinsurance broking services, so today's announcement means that,
upon the closure of the transaction and the receipt of regulatory
approvals, Willis will be able to offer both insurance and
reinsurance services in the Indian market.
Willis acted swiftly on recent legislative changes in India that
increased the Foreign Direct Investment cap in the insurance sector
from 26% to 49%, which makes this investment and the planned future
expansion of Almondz's existing operations even more
compelling.
Adam Garrard, Regional CEO of Willis Asia, said: "We are
delighted to partner with Almondz, with whom we have a solid
relationship based on mutual trust and respect. We are excited
about the prospect of continued growth and development in the
Indian insurance sector.
"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."
Rohit Jain, Managing Director of Almondz, said: "It is a great
pleasure to announce the signing of definitive agreements for a
joint venture with Willis, a company with a rich heritage in the
insurance industry. It is a credit to all my fellow associates that
such a world-renowned broker has decided to form this partnership
with Almondz.
"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."
About Willis
Willis Group Holdings plc is a leading global risk adviser,
insurance and reinsurance broker. With roots dating to 1828, Willis
operates today on every continent with more than 18,000 employees
in over 400 offices. Willis offers its clients superior expertise,
teamwork, innovation and market-leading products and professional
services in risk management and transfer. Our experts rank among
the world's leading authorities on analytics, modelling and
mitigation strategies at the intersection of global commerce and
extreme events. Find more information at our
website,www.willis.com, our leadership journal, Resilience, or our
up-to-the-minute blog on breaking news, WillisWire. Across
geographies, industries and specialisms, Willis provides its local
and multinational clients with resilience for a risky world.
About Almondz
Almondz Insurance Brokers Private Limited is a leading IRDA
licensed broker, present in the Indian insurance market since 2004.
Currently present in 9 cities across India – Delhi, Mumbai,
Chennai, Kolkata, Bengaluru, Hyderabad, Pune, Ahmedabad and
Vadodara, the company has nearly 300 employees across these
locations, and handles more than 500 corporate clients across all
industries, including aviation, pharma, technology, and retail.
Along with its subsidiary Almondz Reinsurance Brokers Private
Limited, which has a large reinsurance business portfolio, the
company has grown by leaps and bounds over that last five years, to
achieve a premier status in the insurance and reinsurance broking
space in the country. You can read more on Almondz at
www.almondzin.com.
CONTACT: Media:
Paul Platt
+44 20 3124 7659
Email: Paul.Platt@willis.com
Investors:
Peter Poillon
+1 212 915 8084
Email: Peter.Poillon@willis.com