Worldwide reinsurance broking and advisory firm Gallagher Re is shopping for the treaty reinsurance broking enterprise of Willis Towers Watson India (WTW India), reported Mint.
The monetary phrases of the transaction weren’t disclosed.
The transaction, which is aimed toward bolstering Gallagher Re’s operations in India, is topic to regulatory approval.
Below the phrases of the acquisition, the workforce of the acquired enterprise will be part of Gallagher’s reinsurance workforce within the nation and create a unified Gallagher Re treaty reinsurance operation.
To help the expanded operation, Gallagher has appointed Vinod Krishnan to guide the reinsurer’s enterprise in India.
Following the completion of the deal, Krishnan will relocate from Singapore to India, the place he can be joined by WTW India treaty reinsurance enterprise head Jyoti Majumdar and the treaty reinsurance workforce.
Gallagher Re managing director and head of Asia Pacific Mark Morley mentioned: “Bringing collectively two excellent reinsurance groups below Vinod’s management, to serve our rising consumer base throughout the Indian Sub-Continent and show our dedication to continued development and enlargement in Asia Pacific, will create important alternatives.
“As an skilled enterprise chief in South East Asia, the place he has constructed and led various (re)insurance coverage groups and developed sturdy relationships with insurers and reinsurers over a few years, Vinod can be a strong proponent of development and consumer advocacy.”
On his appointment, Krishnan mentioned, “Collectively, we’ll harness the facility of Gallagher Re’s international merchandise, specialist apply teams and intensive analytics capabilities for the good thing about our purchasers and proceed to put money into assembly their evolving wants.”
Earlier this week, Gallagher Re acquired UK-based Bay Danger Companies, an unbiased Lloyd’s dealer.
