US-based insurance brokerage Lockton has forayed into the Indian market, a move that is pending regulatory clearance.
The move is aimed at addressing rising demand for risk consultation and management services in the country.
With more than 135 offices globally, Lockton intends to combine its international expertise and capabilities with local market knowledge to effectively serve clients in India.
Lockton Asia CEO Warren Merritt said: “This strategic entry into India creates an opportunity for Lockton to continue to build its established network in the region.
“Lockton’s largest investment in the Asia region reflects our dedication to fostering economic growth and creating new opportunities for the local community.
“We look forward to actively contributing to the development of the insurance industry within the country and across the region.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
As part of the Indian market entry, the company named Dr Sandeep Dadia as country CEO. He will also be part of the Asia leadership team of the company.
Dadia will be in charge of steering the growth of the company and developing a risk solutions strategy for Lockton in India.
In his two-decade-long stint in the insurance sector, Dadia has headed four start-ups and held prominent roles at Enam Insurance Brokers and TTK Healthcare Services.
Prior to joining Lockton, he served as CEO and principal officer at Aditya Birla Insurance Brokers.
He was also a member of the board of directors of the Insurance Broker Association of India and as convener for broking in Confederation of Indian Industry.
He was also part of the advisory committee to the Insurance Regulatory and Development Authority for Cyber Insurance.
Dadia said: “I am elated to join and lead Lockton’s vision to meet the growing demand for risk consulting and management services in India.
“As we establish a new start-up backed by one of the world’s largest insurance brokers, Lockton is committed to being a strategic partner, ensuring that our risk management solutions contribute to our clients’ success.”
Earlier this month, the company appointed Espen Rye Ellingsen, Espen Bjaarstad, Olav Botnen and Fredrik Mietle Holmstøen to the people solutions team in Norway.