Lockton aims to double business outside US in 4 Years, says CEO Chris Brown

The insurance broker recently entered the Indian insurance market and acquired Arihant Insurance Brokers as a strategic initiative to gain entry into the broking market in the country

Lockton, the largest privately held insurance broker in the world, which recently entered the Indian insurance segment, aims to double the size of its business outside the United States in four years, with focus on India.

 

“Our plan is to have continued organic growth. We had significant growth last year, about 14 per cent on a global basis. So, we see continued growth in the geographies in which we are in,” said Chris Brown, chief executive officer (CEO), Lockton International.

 

“Outside the US, we are looking to double the size of business in four years. We are on track to grow our market share in the geographies we are in. We are also looking at a number of new geographies, clearly, India being one,” Brown said in an interaction with Business Standard.

 

 

The insurance broker recently acquired Arihant Insurance Brokers, which will give an entry into the broking market in the country.

 

The broker has appointed Sandeep Dadia as CEO and country head for the Indian arm. Dadia is former CEO of Aditya Birla Insurance Broker.

 

“Our strategy is purely organic. Arihant is more of a strategic initiative to get an entry into the country. It is a very small broking house, but we wanted an entry into India with an immediate effect,” Dadia said.

 

Lockton India plans to focus on motor and health insurance business along with commercial lines. It will create niche solutions based on the risk and according to market needs.

 

“We are going the motor way for sure. The plan is to cross sell motor with retail health. But it is not going to be the solution which is available in the market. We are going to create niche solutions. The needs and the risk are different for each one of them and we are going to be providing the risk solutions to all of them,” Dadia said.

 

“We are going to piggyback on the growth of the economy, which means growth of motor manufacturing. The bridge between us and motor manufacturing is going to be technology. The commercial line is the speciality. So, we intend to grow there and that is going to be our biggest focus,” Dadia added.

 

The insurance broker, headquartered in Mumbai, has offices across seven locations in India. It plans to have 200 people by the end of 2025.