Global insurance broker Howden on Thursday said it has received insurance regulator Irdai's approval to raise its stake from 49 per cent to 100 per cent in its Indian arm.
The shareholding in Howden Insurance Brokers India Private Limited will rise from 49 per cent to 100 per cent, subject to post-completion approval from the Reserve Bank of India, the broker said in a statement.
Following the stake increase, it said, the leadership team would remain unchanged with Praveen Vashishta as chairman of Howden India, Anil Varma as Director and head of non-liability business, Mahesh Chainani as Director, and principal officer and Girish Mantri as Chief Financial Officer. Howden Broking Group CEO Jose Manuel Gonzalez said, "It will further strengthen our position in one of the world's fastest-growing insurance markets.
Our increased stake in Howden India reflects our commitment to build a leading broking business where we continue to focus on investing in data and technology, and to build long-term partnerships with our clients". Howden Broking Group CEO Jose Manuel Gonzalez said, "It will further strengthen our position in one of the world's fastest-growing insurance markets.