Howden gets regulator nod to acquire 100% of India business
India’s government allows 100% foreign ownership of insurance intermediaries.
London-headquartered international insurance broker Howden Insurance Broking has gained the approval of the Insurance Regulatory and Development Authority of India (IRDAI) to increase its shareholding in Howden Insurance Brokers India Private Ltd. (Howden India) to 100% from 49%.
Howden said that the leadership team in Howden India will remain unchanged with Praveen Vashishta still manning the helm, amongst others.
In 2020, the Indian government amended its foreign direct investment rules, increasing foreign ownership of insurance intermediaries from 49% to 100%. Howden’s increased shares however is still subject to approval from the Reserve Bank of India.
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