Willis ditches Indian partner

Willis says it will appeal Friday’s decision by India’s Insurance Regulatory & Development Authority (IRDA) that it is “not inclined to accept” the license renewal application of the broker’s joint venture, Willis India Insurance Brokers

Willis holds a 26% stake in the JV. It says it is taking “all steps necessary and is moving forward expeditiously” to appeal to the IRDA. It said trading would continue until after the appeal had been heard.

Willis is to terminate its relationship with 74% partner Bhaichand Amoluk as a result of a series of management differences and as a result of the regulator’s findings.Wilis said it was seeking “a new joint venture with an established and highly respected organisation in India”.

Two decades in India

“Willis has been in India for nearly two decades and in that time has established a reputation for excellence, integrity and transparency. We are therefore appealing the IRDA’s decision that it is disinclined to renew the licence of Willis India, and are working with them to ensure the well-being of our clients and staff in the process,” said Andrew Hicks, managing director of Willis India.

“Willis remains entirely committed to India, one of the most significant and fastest-growing insurance markets in the world, and to protecting the interests of our clients, policyholders and staff who support our global brand in a country with a growing population of more than 1.1 billion people.”