Gallagher Re, the global reinsurance broking and advisory firm, has today announced plans to expand its operations in India and create a single treaty reinsurance team that will further enhance client service delivery and create a platform for continued investment and growth in the Indian market.
It comes as an agreement to acquire the treaty reinsurance broking operations of Willis Towers Watson India Insurance Brokers Private Limited ("WTW India") was signed, with the transaction completion being subject to receipt of regulatory approval.
Following completion, the acquired team will join Gallagher's existing Indian reinsurance team, which currently sits within the Gallagher business in India, to create a single Gallagher Re treaty reinsurance operation. This will enable the entirety of Gallagher Re's global service offering to be delivered to clients across the region.
In anticipation of the expanded operation, Vinod Krishnan has been appointed to lead the Gallagher Re business in India with immediate effect. Vinod brings over 20 years' experience in reinsurance broking, having most recently served as Gallagher Re's Director of Client Relationship Management for the South East Asia region, and having held a variety of regional leadership roles within the reinsurance broking industry prior to that.
Once the transaction is complete, Vinod will relocate from Singapore to Mumbai and be joined by Jyoti Majumdar and the treaty reinsurance team from WTW India.
The Gallagher business in India will continue to be led by CEO Vinay Sohani.
Mark Morley, Managing Director and Head of Asia Pacific for Gallagher Re, commented: "We are delighted to have reached this agreement to acquire the treaty reinsurance operations of WTW India. Bringing together two outstanding reinsurance teams under Vinod's leadership, to serve our growing client base across the Indian Sub-Continent and demonstrate our commitment to continued growth and expansion in Asia Pacific, will create significant opportunities.
"As an experienced business leader in South East Asia, where he has built and led diverse (re)insurance teams and developed strong relationships with insurers and reinsurers over many years, Vinod will be a powerful proponent of growth and client advocacy. We look forward to welcoming Jyoti and his colleagues in the near future."
On his appointment to lead the Gallagher Re business in India, Vinod Krishnan said: "I am excited not only by the prospect of relocating to one of the fastest growing insurance markets in the region, underpinned as it is by strong economic growth predictions, but to lead a team of talented colleagues. Together, we will harness the power of Gallagher Re's global products, specialist practice groups and extensive analytics capabilities for the benefit of our clients and continue to invest in meeting their evolving needs."
Speaking on the development, Vinay Sohani, Managing Director and CEO of Gallagher in India, added: "We are pleased with the transaction as it will add value and broaden the spectrum of offerings of the Gallagher group in the Indian reinsurance segment. On-boarding the well-established WTW treaty team with our existing reinsurance colleagues, coupled with the growth strategies of Gallagher, will accelerate our expansion in the subcontinent."