Vivek Nath, CEO, WTW India
SINGAPORE:
WTW (Willis Towers Watson), the third largest global re/insurance broker, today has received approval from the Insurance Regulatory and Development Authority of India (IRDAI) and has closed the transaction on the acquisition of the remaining 51 per cent shares in Willis Towers Watson India Insurance Brokers Private Limited (WTW India).
Effective 11 April, Vivek Nath is appointed as WTW’s head of India. He will relocate from Singapore to Gurugram, India, in mid-2022.
Among half a dozen of foreign brokers that operate in India, AON, Gallagher and WTW have already raised their stakes to 100 per cent while Marsh, the largest re/insurance broker holds around 10 per cent in its Indian company.
“India is WTW’s third largest country in terms of employee numbers after the US and UK, and therefore a significant investment for the company. Our business in Asia continues to grow and India is a key strategic market for us. As we drive our business growth in India. I look forward to working closely with all our colleagues to bring our One WTW proposition to life,” said Clare Muhiudeen, head of Asia, WTW.
Vivek’s strong experience in leading the Southeast Asia and South Asia markets will be a key asset when he starts to focus on accelerating the growth of our businesses in India. He will be responsible for all WTW local businesses in India
With this significant acquisition, WTW has added the insurance broking operation to its portfolio of businesses and operations in India which currently employs over 4,000 people. These include its HR, Benefits Advisory, Risk & Insurance consulting businesses and WTW’s Global Delivery Centers across India.
Commenting on his new position, Vivek said: “I’m excited to be given this opportunity to lead and drive the growth of our business in India. Our clients and communities are going through significant disruptions and WTW is uniquely positioned to help organisations solve these – be it risks related to the geopolitical environment, climate change, cyber, changing healthcare delivery models and / or talent disruptions related to how and where work gets done.
Vivek is a seasoned business leader with more than two decades of professional services and client management experience with public and private sector clients in China, India, Malaysia, Singapore and Southeast Asia.
He has held several general management positions in WTW including managing its country and business portfolios in India, Malaysia, Singapore and South East Asia.
Vivek will take over from Rohit Jain who will continue to be involved in WTW India as a director on the board of WTW India Insurance Brokers Private Limited.