International reinsurance broking and advisory company Gallagher Re is buying the treaty reinsurance broking business of Willis Towers Watson India (WTW India), reported Mint.
The financial terms of the transaction were not disclosed.
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The transaction, which is aimed at bolstering Gallagher Re’s operations in India, is subject to regulatory approval.
Under the terms of the acquisition, the team of the acquired business will join Gallagher’s reinsurance team in the country and create a unified Gallagher Re treaty reinsurance operation.
To support the expanded operation, Gallagher has appointed Vinod Krishnan to lead the reinsurer’s business in India.
Following the completion of the deal, Krishnan will relocate from Singapore to India, where he will be joined by WTW India treaty reinsurance business head Jyoti Majumdar and the treaty reinsurance team.
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By GlobalDataGallagher Re managing director and head of Asia Pacific Mark Morley said: “Bringing together two outstanding reinsurance teams under Vinod’s leadership, to serve our growing client base across the Indian Sub-Continent and demonstrate our commitment to continued growth and expansion in Asia Pacific, will create significant opportunities.
“As an experienced business leader in South East Asia, where he has built and led diverse (re)insurance teams and developed strong relationships with insurers and reinsurers over many years, Vinod will be a powerful proponent of growth and client advocacy.”
On his appointment, Krishnan said, “Together, we will harness the power of Gallagher Re’s global products, specialist practice groups and extensive analytics capabilities for the benefit of our clients and continue to invest in meeting their evolving needs.”
Earlier this week, Gallagher Re acquired UK-based Bay Risk Services, an independent Lloyd’s broker.
