Willis India to Appeal Insurance Regulatory & Development Authority Decision on License Renewal
Global Insurance Broker
Terminating Relationship with Bhaichand Amoluk
Plans to Form New Joint Venture in India
MUMBAI, September 07, 2010 — Willis Group Holdings (NYSE: WSH), the global insurance broker, announced today that
it will appeal Friday’s decision by the Insurance Regulatory & Development Authority (IRDA) that it is
“not inclined to accept” the license renewal application of the broker’s joint venture in India, Willis
India Insurance Brokers Pvt. Limited, in which Willis holds a 26 percent stake.
The IRDA order, dated 1 September 2010 and posted on its website here, reviewed the
reasons behind the IRDA’s decision, but added that Willis India can appeal.
Willis India is taking all steps necessary and is moving forward expeditiously to appeal to the IRDA
and is seeking their support and guidance to ensure business continuity. Until such time as an
appeal is heard, Willis India will continue to put the best interests of its clients and
Willis is extremely concerned about the IRDA findings against its joint venture partner, Bhaichand Amoluk Consultancy Services
Pvt. Ltd., which holds a 74 percent stake in Willis India. Willis announced today that it
is in the process of terminating its current relationship with Bhaichand Amoluk as a result of
a series of management differences.
Willis is taking decisive action to find the best solution to seamlessly transition its Indian business and
staff to a new joint venture with an established and highly respected organisation in India.
Willis India, the Group’s retail broking operation, employs over 100 people in nine offices across the country.
In addition, Willis Processing Services, the company’s global operations centre in Mumbai and a separate business
entity to Willis India, has grown to 1,300 employees since its establishment 18 years ago.
“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.
Hicks added that Willis is in advanced contractual discussions with a new joint venture partner and that
Willis looks forward to a speedy and successful conclusion of these negotiations. He added that the
broker will work closely with the IRDA to obtain all necessary approvals and to facilitate an
orderly transition of its business, clients and employees to this new entity.
“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.”
Willis Group Holdings plc is a leading global insurance broker. Through its subsidiaries, Willis develops and delivers
professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public
entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries,
with a global team of approximately 17,000 employees serving clients in virtually every part of the
world. Additional information on Willis may be found at www.willis.com.
# # #