Willis Group Holdings Ltd. has formed a joint venture with Bhaichand Amoluk Consultancy Services Pvt. Ltd. to provide insurance broking and risk management services in India.
The joint venture, called Willis BA India Private Limited, follows the granting of a composite insurance broking licence by the Insurance Regulatory and Development Authority in India on April 1.
Joe Plumeri, chairman and CEO of Willis noted, “We are very pleased to have received this licence and to have created a joint venture with such a well respected broker partner as Bhaichand Amoluk.
“Willis has enjoyed longstanding and close working relationships with the Indian market, dating back over 70 years. In addition, our Global Service Center, based in Mumbai, now employs over 600 Associates.
This latest development represents a further expansion of our interests in India, where we see attractive opportunities for our joint venture in this growth market.”
Michael Faber, chairman of Willis Asia will be chairman of the joint venture’s Board. Jayant Vora will be vice chairman of the Board and chairman of the Executive Committee.