Willis re-enters India; to buy 49% stake in Almondz Insurance Brokers

Willis Group Holdings, the world's third-biggest insurance broker, is re-entering India after four years. The London headquartered global risk adviser, insurance and re-insurance broker, has agreed to buy 49% stake in Delhi-based Almondz Insurance Brokers for an undisclosed amount.

This comes four days after the Narendra Modi government raised the foreign direct investment limit to 49% from 26% in insurance brokers, insurance intermediaries, third party administrators, surveyors and loss assessors.

"There is tremendous interest for broking when you need deep expertise in risk management, analytics and differentiated products," said Rohit Jain, MD, Almondz. "Brokers can help in conceiving customised products with insurers."

Willis has the largest market share in the aviation insurance broking market. "This joint venture will allow us to participate in this dynamic market, whilst enabling us to provide our global clients with the levels of service and expertise that they expect from Willis's operations around the world," said Adam Garrard, regional CEO of Willis Asia.