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Recent Assignments
In January 2008 we were appointed by Lockton International Group of Companies to assist them in developing a market entry strategy for the Middle East and North Africa (MENA) Region. *Lockton International had recently acquired Alexander Forbes, a long established Lloyds Broker, and as a result found themselves ranking tenth in world-class International Insurance Brokers.
Click here to learn more about Lockton International Group of Companies.
Working with long standing commercial contacts in the GCC and UAE Region, we conducted an intensive study of the options available, and with the guidance of Ernst & Young in Dubai, Abu Dhabi and in Dohar, and with legal advice from Taylor Wessing in Dubai we prepared a focussed business plan which initially called for a regional base in the Dubai International Finance Centre (DIFC), and from there a gradual expansion as the business developed. This plan was approved by the Lockton Main Board in London, and an office opened in the DIFC in September 2008.
Following the Middle East assignment Lockton then appointed us to conduct a similar survey in the Indian Insurance market. Based on my own personal experience in India with Jardine Insurance Brokers and later Jardine Lloyd Thompson, we were able to very quickly re-establish all of the very close commercial and personal contacts, and thus to understand the substantial changes in the Insurance market that had taken place since the sector was liberalised in 2003.
Essentially, the market falls into two categories. The domestic ‘retail’ market which consists of the local Indian Insurance market selling local insurance products to local Indian Companies, and the second category which is the global or ‘Wholesale’ market that not only includes providing reinsurance capacity and technical skills, but also the very large Multinational Indian Companies, whose business is predominantly outside India, and who need truly International Global Insurance and Risk Management advice.
Foreign direct investment (FDI) is still currently limited to 26% but this is likely to increase to 49% shortly. A ‘composite’ broking licence is required with a minimum paid-up capital requirement of US$ 600,000.
We are currently retained by Lockton in India and are presently as their ‘Representative’ in the India Market.
- Registered as an E.U. accredited Insurance Broker with O.R.I.A.S.
- Elected Fellow of the Institute of Risk Management (FIRM) in July 2010
- In June 2010 accepted a non-executive Directorship on the Board of Howden Insurance Brokers India, a part of the Hyperion Insurance Group, London.
- In October 2010 accepted a non-executive Directorship on the Board of Howden Insurance Brokers, Dubai, UAE.
- Key member of the British Business Group and the European Business Group, New Delhi, India.
- Author of a chapter 'Managing Business Risks - India, Opportunities in the Insurance Industry' to be published by the Institute of Risk Management, London in November 2011 as a part of their official text book for the IRM Diploma.
Click here to see a recent report by Ernst & Young on the Indian Insurance Industry 'The way ahead''.
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