UK-based insurance broker Howden has received regulatory approval to increase its shareholding in Howden Insurance Brokers India (Howden India) from 49% to 100%.
IRDAI’s authorisation is subject to post-completion approval from the Reserve Bank of India.
Howden Indian operates through offices in seven cities and offers speciality products in areas such as construction & property, liability & speciality risks, and employee benefits.
Howden Broking Group CEO Jose Manuel Gonzalez said: “It 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”.
Following the completion, the leadership structure of the Indian business will remain unchanged with Praveen Vashishta serving as the chairman of Howden India.
Speaking to the BusinessLine, Vashishta said that the increased shareholding will allow the insurance broker to do acquisitions as it seeks to become a sizable player in the next three to four years.
Currently, Howden India manages more than INR16bn in premiums and aims to double its revenue by 2025.
The insurance intermediary is also looking to increase its employee headcount to 400 during the same timeframe.
Earlier this month, Howden bought Singapore-based specialist insurance agency AEGIS for an undisclosed sum.