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Headline : IRDAI approves Willis Towers Watson's 49% stake in Almondz Insurance Brokers
 
News Date : Jul 07, 2017
Source : AIP News Bureau
 
This is the second entry of Willis into Indian market

New Delhi:


Willis Towers Watson , the third largest global insurance broker today announced that it has acquired a 49% stake in Almondz Insurance Brokers in India. 



The joint venture will combine Willis Towers Watson’s global network and expertise with Almondz’s skilled team and wealth of experience in India. 



Almondz is a leading Indian composite insurance broker with over 300 associates in nine offices in India serving clients with a broad range of products and services across diversified industries and segments. 



The combination enhances Willis Towers Watson’s capability in India to provide a full complement of advice, analytics, specialty capabilities and solutions covering benefits; brokerage and advisory; risk and capital management; and talent and rewards.



Rohit Jain, chairman, Almondz Insurance Brokers Private said, “There is increasing market interest and demand for broking services built around a deep expertise in risk management, analytics and differentiated products. 



Scott Burnett, Head of Asia, Willis Towers Watson said “The joint venture enhances our position in India in terms of talent, expertise and experience. Our clients will have access to data-driven insights powered by best in-class analytical and technology capabilities and to talent with deep sector and industry expertise.” 



Rohit Jain, who is the Chairman of Almondz, will take on the Willis Towers Watson head of India position, whilst Vivek Nath will relocate to Singapore to continue to lead Willis Towers Watson, South Asia and its growth strategy”, he added.



Though, Willis – that became Willis Towers Watson after taking over Towers Watson internationally- had picked up 49 per cent stakes in Almondz in March 2015, it has taken almost two years for the IRDAI to approve the joint venture.


A lot of other developments that happened subsequent to Willis’s plan to pick up 49 per cent in Indian insurance broking company Almondz delayed the  RDAI approval.



Tower Watson before being taken over by Willis had acquired a stake in an insurance broking company Metis Insurance, which was rechristened as Towers Watson Insurance Brokers India Private Limited.



But after Willis took over Tower Watson, it has to surrender the license for Towers Watson Insurance Brokers before getting approval from the IRDAI.



This is the second entry of Willis in to India as it had operations in the country  through a joint venture- with 26 per cent stake- with another insurance  broker Bhaichand Amoluk Consultancy Services Pvt  which was known as Willis India But IRDA had cancelled the license of this joint venture for some malpractices committed earlier by the local partner  before it formed a joint venture with 



WILLIS TOWERS WATSON 

WILLIS TOWERS WATSON is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 40,000 employees serving more than 140 countries. 


ALMONDZ 

Almondz Insurance Brokers Private is a leading IRDA licensed composite 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 more than 300 employees across these locations, and handles more than 800 corporate clients across all industries.

 

 
 

 
 

 
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