The Firm advised Praveen Vashishta, the CEO and MD of Howden Insurance Brokers Private Limited, on sale of his 46% equity stake in Howden India.
Howden is the largest non-US broker globally, and one of the biggest international insurance brokers in India. Howden India has been a highly successful joint venture for 19 years with Praveen at the helm. In a heavily regulated and restricted market, once the government permitted 100% FDI in insurance intermediaries under the automatic approval route, Howden decided to increase its stake in its Indian arm from 49% to 100%.
The L&L team comprised Partner, Sudipta Routh, Managing Associate, Pooja Dadoo, and Associates, Saumya Kapoor and Malika Nanduru and assisted in deal structuring, negotiation, and end-to-end documentation for the transaction, including assistance with IRDAI approval.