Willis Towers Watson features plump ownership of WTW India, appoints Vivek Nath as head of India unit

Money & Banking

K.R. Srivats |

Modern Delhi, April 11

Up up to now on:

Apr 11, 2022

Nasdaq-listed Willis Towers Watson has bought IRDAI’s recognition of transaction leading to hike in shareholding from the unique 49 per cent to 100 per cent

Nasdaq-listed Willis Towers Watson (WTW), a world advisory, broking and choices company, has bought insurance regulator IRDAI’s recognition of a transaction leading to its acquisition of the closing 51 per cent shareholding in Willis Towers Watson India Insurance protection Brokers Deepest Restricted (WTW India). 

Consequent to the closure of this transaction, WTW India is now wholly owned by WTW.

Vivek Nath’s appointment

Efficient Monday (April 11 ), Vivek Nath has been appointed as WTW’s Head of India. 

Nath will exhaust over from Rohit Jain who will proceed to be mad by WTW India as a director on the board of WTW India. Nath will relocate from Singapore to Gurugram in mid-2022.

It presumably recalled that the Union Budget 2019-20 has permitted 100 per cent foreign reveal investment (FDI) in insurance intermediaries.

As a consequence, the Department for Promotion of Alternate and Internal Alternate (DPIIT) amended the FDI protection in February 2020 to enable 100 per cent FDI for insurance intermediaries, which contains insurance broking, third birthday party administrators, surveyors and loss assessors.

With this acquisition, WTW has added the insurance broking operation to its portfolio of companies and operations in India which currently employs over 4,000 other folks. These encompass its HR, advantages advisory, likelihood and insurance consulting companies and WTW’s Global Supply Centres across India.

WTW owned 49 per cent shares earlier and 51 per cent change into once owned by Anemone Holdings. In November 2021, WTW signed an settlement to affect closing 51 per cent shares in WTW India.

On Vivek Nath’s appointment, Clare Muhiudeen, Head of Asia, WTW, acknowledged: “Our alternate in Asia continues to develop and India is a key strategic marketplace for us. As we pressure our alternate enhance in India, Vivek’s exact skills in leading the Southeast Asia and South Asia markets would possibly perchance perchance be a key asset when he starts to focal point on accelerating the enhance of our companies in India. He would possibly perchance perchance be liable for all WTW local companies in India and collect the communities of our talented colleagues in all WTW entities to collaborate and remodel our alternate within the nation.” 

Nath has extra than two a long time of legit providers and shopper management skills with public and deepest sector purchasers in China, India, Malaysia, Singapore and Southeast Asia. He has held loads of customary management positions in WTW including managing its nation and alternate portfolios in India, Malaysia, Singapore and South East Asia.

On his original plight, Nath acknowledged: “Our purchasers and communities are going through major disruptions and WTW is uniquely positioned to aid organisations resolve these — be it dangers linked to the geopolitical atmosphere, climate swap, cyber, altering healthcare provide gadgets and/or talent disruptions linked to how and where work gets done. India is WTW’s third ultimate nation in terms of employee numbers after the US and the UK, and therefore a major investment for the corporate. I contain up for working intently with all our colleagues to bring our One WTW proposition to lifestyles.”

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April 11, 2022

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