British Howden Insurance Broking obtains approval from Irdai to acquire 100% of the Indian branch

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NEW DELHI: Howden Insurance Broking, headquartered in London, announced on Thursday that it had received approval from the Insurance Regulatory and Development Authority of India (Irdai) to increase its stake in Howden Insurance Brokers India Private Ltd. (“Howden India”) 100% from 49% now, subject to Reserve Bank of India approval.

Howden India’s management team will remain unchanged with Praveen Vashishta as chairman; Anil Varma, Director and Head of Disclaimer Affairs; Mahesh Chainani as Director and Chief Executive; Girish Mantri as chief financial officer, among others, the company said.

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José Manuel González, CEO of Howden Broking Group, said: “Our increased stake in Howden India reflects our commitment to building a leading brokerage business where we continue to focus on investing in data and technology and establish long-term partnerships with our customers. People First is a philosophy that is at the heart of everything we do at Howden, and we are committed to investing in the best talent and empowering our colleagues to deliver innovative and transparent solutions to our customers. »

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Howden India received its business 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 company offers services in key product lines, including construction and real estate, specialist liability and risk, and employee benefits, managing more than 16 billion premiums.

Praveen Vashishta, President of 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 interests of clients first and have earned a good reputation in the Indian market – a reputation built on our People First philosophy and our uncompromising philosophy of focus, customer service and expertise. We are committed to maintaining this position and providing our customers with the most advanced solutions.”

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