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Tower Insurance, UK company plan venture
OUR BANKING BUREAU
MUMBAI, Dec 29: Willis Corroon Group plc (WCG) of the UK and Tower Insurance & Reinsurance Services (India) Ltd have agreed to set up a joint venture, Willis Corroon Tower Pvt Ltd, which will operate as a reinsurance broker and consultant on insurance and risk-management in India. WCG will hold a majority in the venture to be based in Mumbai. The new firm, whose establishment is subject to the consent of various regulatory bodies, will take over the reinsurance business of Tower and WCG in the country from the date it commences trading, expected to be before the end of March 1998.WCG, one of the largest insurance and reinsurance intermediaries in the world, provides broking-related specialised consultancy services. The group was formed by the merger of two brokers, Willis Faber & Dumas of the UK and Corroon & Black of the United States. Willis Faber & Dumas (WFD), a subsidiary of WCG, appointed Tower as its sole representative for India since 1979 and it acts as an extended arm of WFD.
Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.
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