Willis Towers Watson (WTW) has signed an agreement to acquire the remaining 51% shares of Willis Towers Watson India, giving it full ownership of the joint venture.

The global brokerage currently owns 49% of WTW India, with the remainder held by Anemone Holdings and Rohit Jain.

This comes after the Indian government approved regulatory changes, allowing WTW to take full ownership of the company.

“As one of the world’s largest and fastest growing economies, with an expected 17% growth rate in the non-life insurance market over the next five years, we see rising demand and opportunities for cyber, health and benefits, crop and surety insurance in the Indian market,” said Pamela Thomson-Hall, WTW head of international. “Acquiring 100% ownership of WTW India will enable us to further capitalise on the significant growth opportunities in this market and to better serve the rapidly evolving needs of our clients in India.”

Thomson-Hall added that the COVID-19 crisis has emphasised the importance of risk management and insurance in protecting and strengthening businesses and communities’ resilience in emerging markets such as India.

“These are unprecedented times for humanity and businesses, especially the risks that confront both,” said Jain, WTW’s head of India. “Emerging forms of risks like climate change, pandemic, cyber threats and the growing health-wealth gap demand immediate and comprehensive solutions that address risk mitigation, incident response and compensation for loss. WTW already has a significant presence in India and this acquisition is another important milestone towards bringing our clients the best-in-class products and solutions, technology and unprecedented insight for sound risk-based decision making.”