India: Willis signs joint venture with Almondz
Source: Asia Insurance Review | Apr 2015
Willis Group Holdings has agreed to purchase a 49% stake in Almondz Insurance Brokers Pte Ltd, a leading Indian insurance broker.
Almondz has a wholly owned subsidiary which is engaged in reinsurance broking services and upon the closure of the transaction and the receipt of regulatory approvals, Willis will be able to offer both insurance and reinsurance services in the Indian market.
Acting swiftly on recent legislative changes in India that increased the FDI cap in the insurance sector from 26% to 49%, Mr Adam Garrard, Regional CEO of Willis Asia, said: “We are delighted to partner with Almondz, with whom we have a solid relationship based on mutual trust and respect. We are excited about the prospect of continued growth and development in the Indian insurance sector.”
Mr Rohit Jain, Managing Director of Almondz, said: “It is a great pleasure to announce the signing of definitive agreements for a joint venture with Willis, a company with a rich heritage in the insurance industry. It is a credit to all my fellow associates that such a world-renowned broker has decided to form this partnership with
Almondz.”