London-based insurance broker Howden has received approval from the Insurance Regulatory and Development Authority of India (IRDAI) to increase its shareholding in Howden Insurance Brokers India from 49% to 100%, subject to approval from the Reserve Bank of India.
Praveen Vashishta will remain at the helm of Howden India’s leadership as its chair. The rest of the team remains unchanged, with Anil Varma as director and head of non-liability business, Mahesh Chainani as director and principal officer, and Girish Mantri as chief financial officer, among other key positions.
In an interview with Times of India, Vashishta said the increase in stake to 100% would allow the company to pursue inorganic growth by bringing in more capital.
“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,” said Howden Broking Group CEO José Manuel González. “’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 2004 and currently operates in seven cities – Mumbai, Delhi, Bengaluru, Kolkata, Chennai, Hyderabad, and Pune. It has built a reputation in specialty insurance covers and managers over INR 16bn in premiums.