Willis Towers Watson (WTW), a global insurance broker, has announced its plans to acquire the remaining stake in its Indian arm.

WTW currently owns a 49% stake in the Willis Towers Watson India Insurance Brokers (WTW India).

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WTW seeks to acquire the remaining 51% stake in WTW India from Anemone Holdings and Rohit Jain for an undisclosed sum.

Through the acquisition, WTW aims to capitalise on the growth opportunities offered by the Indian market.

WTW stated that in the next five years, with an expected growth rate of 17%, the non-life insurance market in India is expected to grow rapidly.

The insurance broker seeks to cash on the opportunities for cyber, health and benefits, crop and surety insurance in the Indian insurance space.

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WTW international head Pamela Thomson-Hall said: “The Covid-19 crisis has underscored the vital role of risk management and insurance in protecting and strengthening businesses and communities’ resilience to pandemic shock in emerging markets such as India.

“We are committed to the Indian market and see we can play a significant role to help raise the under-penetration of insurance and close the protection gap that the country needs.”

WTW head of India Rohit Jain said: “WTW already has a significant presence in India and this acquisition is another important milestone towards bringing our clients the best-in-class products and solutions, technology and unprecedented insight for sound risk-based decision making.”

In August this year, WTW brokered a deal to acquire Israel-based insurance broking and consultancy business Leaderim.