UK's Howden Insurance Broking gets Irdai approval to acquire 100% in Indian arm

Howden Insurance Broking, headquartered in London, Thursday said it has received approval from the Insurance Regulatory and Development Authority of India (Irdai) to amplify its shareholding in Howden Insurance Brokers India Private Ltd. (“Howden India") to 100% from 49% now, subject to approval from the Reserve Bank of India.

Howden India’s leadership team will remain unchanged with Praveen Vashishta as chairman; Anil Varma, director & head of non-liability business; Mahesh Chainani as director & principal officer; Girish Mantri as chief financial officer, among others, said the firm.

José Manuel González, CEO Howden Broking Group, said, “Our increased stake in Howden India reflects our commitment to build a leading broking business where we continue to focus on investing in data and technology and to build long-term partnerships with our clients. People First is an ethos that is at the heart of all we do at Howden, and we stand committed to investing in the very best talent and empowering our colleagues to deliver innovative and seamless solutions for clients."

Howden India received its trading license from Irdai in February 2004 as a composite insurance broker and operates through offices in seven cities - Mumbai, Delhi, Bengaluru, Kolkata, Chennai, Hyderabad, and Pune. The firm offers services in key product lines including construction & property, liability & specialty risks, and employee benefits, managing over ₹16 billion in premiums.

Praveen Vashishta, chairman, Howden India, said, “Since its inception, Howden India has pioneered the introduction of several new products in the Indian market. We have always put the clients’ interests first and have earned a good name and reputation in the Indian market a reputation built on our People First ethos, and our uncompromising philosophy of focus, client service, and expertise. We are committed to maintain this position and provide our clients with the most cutting-edge solutions."