Willis Towers Watson signs agreement to acquire remaining 51% shares in WTW India

Rhea-AI Summary

Willis Towers Watson (NASDAQ:WLTW) announced its acquisition of the remaining 51% shares in WTW India from Anemone Holdings and Rohit Jain, allowing full ownership of the insurance brokerage. This strategic move follows recent regulatory changes permitting such acquisitions in India. The company anticipates significant growth opportunities in India’s non-life insurance market, projected to grow at 17% over the next five years. With this ownership, WTW aims to enhance its risk management and insurance services, addressing emerging market needs post-Covid-19.

Positive

• Acquisition of 51% shares enables 100% ownership of WTW India, enhancing market position.
• Potential growth in India's non-life insurance market at 17% over the next five years.
• Increased capability to address emerging risks such as cyber threats and climate change.

Negative

• None.

NEW DELHI, India, Nov. 01, 2021 (GLOBE NEWSWIRE) -- Willis Towers Watson (NASDAQ:WLTW), a leading global advisory, broking, and solutions company, today announced the signing of an agreement to acquire the remaining 51% shares from Anemone Holdings Private Ltd and Rohit Jain in Willis Towers Watson (WTW) India. WTW currently owns 49% of Willis Towers Watson India Insurance Brokers Private Limited (WTW India) and recent changes in regulation have made it possible for WTW to own up to 100% of WTW India.

Pamela Thomson-Hall, Head of International, WTW, said: “As one of the world’s largest and fastest growing economies, with an expected 17% growth rate in the non-life insurance market over the next five years, we see rising demand and opportunities for cyber, health and benefits, crop and surety insurance in the Indian market. Acquiring 100% ownership of WTW India will enable us to further capitalise on the significant growth opportunities in this market and to better serve the rapidly evolving needs of our clients in India.

The Covid-19 crisis has underscored the vital role of risk management and insurance in protecting and strengthening businesses and communities’ resilience to pandemic shock in emerging markets such as India. We are committed to the Indian market and see we can play a significant role to help raise the under-penetration of insurance and close the protection gap that the country needs.”

Rohit Jain, Head of India, WTW added: “These are unprecedented times for humanity and businesses, especially the risks that confront both. Emerging forms of risks like climate change, pandemic, cyber threats and the growing health-wealth gap demand immediate and comprehensive solutions that address risk mitigation, incident response and compensation for loss. WTW already has a significant presence in India and this acquisition is another important milestone towards bringing our clients the best-in-class products and solutions, technology and unprecedented insight for sound risk-based decision making.”

This transaction remains subject to customary legal and regulatory approvals.

About Willis Towers Watson

Willis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 45,000 employees serving more than 140 countries and markets. We design and deliver solutions that manage risk, optimise benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas – the dynamic formula that drives business performance. Together, we unlock potential. Learn more at willistowerswatson.com.

Media contact

Clara Goh: +65 6958 2542 | clara.goh@willistowerswatson.com

FAQ

What is the significance of WLTW acquiring 51% of WTW India?

The acquisition allows WLTW to achieve 100% ownership of WTW India, expanding its market presence in a rapidly growing insurance market.

When was WLTW's acquisition of WTW India announced?

The acquisition was announced on November 1, 2021.

What growth rate is projected for the non-life insurance market in India?

The non-life insurance market in India is expected to grow at a rate of 17% over the next five years.

How does this acquisition affect WLTW's services in India?

The acquisition enhances WLTW's ability to provide comprehensive risk management and insurance services tailored to the evolving market demands in India.

What are the regulatory requirements for WLTW's acquisition of WTW India?

The transaction is subject to customary legal and regulatory approvals.