Howden has named Mandira Gupta (pictured) as managing director and head of mergers and acquisitions (M&A) for its India, Middle East, and Africa (IMEA) division.
This is a move aimed at expanding the firm’s capabilities in transactional risk and private equity insurance solutions across these regions.
Gupta will be based in Mumbai, where she will spearhead Howden’s strategic initiatives in deal-related risk coverage.
Gupta brings more than 20 years of combined experience in insurance broking and investment banking.
Prior to joining Howden, she held a senior leadership role at Marsh India Insurance Broking, where she oversaw the private equity and M&A business domestically and led the transactional risk practice across India, the Middle East, and Africa. Her background also includes nearly a decade of experience in investment banking in both India and the UK.
Commenting on her new role, Gupta said she will focus on developing bespoke risk management strategies tailored for complex and high-value transactions.
“I am delighted to join Howden, and [I] look forward to contributing to its growth and business objectives. My main emphasis will be on creating customised solutions for high-profile transactions, leveraging my long-standing relationships within the industry,” she said.
Amit Agarwal, chief executive officer and managing director of Howden India, said Gupta’s appointment supports the firm’s objective to enhance its transactional risk advisory services.
“We are proud to welcome Mandira to our team. Her appointment strengthens Howden India's dynamic growth and firm dedication to enhancing its expertise in the PE and M&A sectors, as we continue to expand our capabilities and deliver exceptional value to our clients,” she said.
The announcement follows an active start to the year for India’s M&A landscape. Data from Grant Thornton Bharat indicated that the first quarter of 2025 (Q1 2025) saw transactions worth US$5.3 billion, reflecting a significant surge from Q4 2024 and a 204% year-on-year increase in value. Deal volumes also rose by 25% compared to the same period in 2024.
Meanwhile, the global M&A market begins to show signs of renewed activity. A quarterly review by WTW, in partnership with the M&A Research Centre at Bayes Business School, reported that acquiring firms worldwide outperformed their respective indices by 1.5 percentage points in Q1 2025. This marked the first quarter of relative outperformance since late 2022, after seven consecutive quarters of lagging behind the broader market.
In Asia Pacific, companies completed 44 large deals – defined as those exceeding US$100 million – outperforming the regional index by 5.8 percentage points, despite a drop from 61 deals in the final quarter of 2024.
Global dealmaking trends also reflect broader macroeconomic forces. Reuters data showed that global M&A volume rose by 12.6% year-on-year to US$984.38 billion in Q1, driven largely by activity in Asia Pacific, particularly China. By contrast, the US saw a 13% decline in M&A value, attributed to policy uncertainty and the impact of new tariffs.
