OCTOBERASIA BUSINESS OUTLOOK9NEWSROOMHOWDEN FORAYS JAPANESE RETAIL INSURANCE MARKETThe Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank have provided $100 million in funding to JBM ECOLIFE Mobility Pvt. a JBM Auto Ltd. subsidiary and manufacturer of electric buses. The company declared that this investment will support the nationwide expansion of its e-bus operations and supply. As stated in the Sources.JBM ECOLIFE Mobility has announced plans to use the funding to phase in the deployment of 650 additional electric buses across multiple states.Just a week after the Union government unveiled its new electric vehicle (EV) subsidy scheme, the PM E-drive, aimed at boosting green energy-powered public transport, multilateral banks have shown a strong interest in financing green mobility in the world's fastest-growing economy.The e-bus manufacturer's plans align with the Prime Minister's E-Drive initiative, which aims to subsidize over 14,000 electric buses and other green energy-powered vehicles through a funding allocation of 10,900 crore.Nishant Arya, vice chairman and managing director, JBM Group Said "Over the years, we have been relentlessly working towards introducing zero-emission technologies that underscore our vision of promoting sustainable development which contributes to the responsible growth of the organisation and all its stakeholders." Howden, a global insurance intermediary, has made its way into Japan's retail insurance broking and captive consulting sectors by acquiring Foresight Holdings Co Ltd. In connection with the relocation, Howden has designated Takuya Aibe as CEO of its retail operations in Japan.Aibe has had senior positions at Marsh Japan for more than twenty years and most recently was the CEO of Gallagher Japan. The purchase is a key component of Howden's larger plan to expand its retail footprint in Japan by joining forces with local companies to leverage their specialized knowledge and captive capabilities.Howden's acquisition of ARM Holdings in February 2024, one of Europe's biggest independent insurance managers specializing in captive formation and management, is succeeded by this deal. After acquiring both, Howden now oversees approximately 100 captives globally.Founded in 2005, Foresight offers authorized retail brokerage services, enabling Howden to provide risk solutions to customers in Japan. The company runs captive consulting services in the US and captive management services in Micronesia, Singapore, and Hawaii. Based in Tokyo, Foresight has a team of 17 employees spread out across six different locations. The management team, made up of skilled professionals from top Japanese insurance companies, currently manages captive programs for 13 big Japanese corporations. JBM AUTO SECURES USD 100 MILLION FUNDING FROM ASIA DEVELOPMENT BANK
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