Lockton India is headquartered in Mumbai and currently operates seven locations in India. Credit: 3rdtimeluckystudio/Shutterstock.

Global insurance broker Lockton is planning to double the size of its business outside the US within the next four years, the Business Standard reported.  

Lockton International CEO Chris Brown revealed the company’s plans in an interaction with Business Standard, saying: “Our plan is to have continued organic growth. We had significant growth last year, about 14% on a global basis. So, we see continued growth in the geographies in which we are in.”

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Brown added: “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.

“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.”

The company entered the Indian market in January of this year, and expansion plans include a focus on motor and health insurance, as well as commercial lines.

Lockton India is headquartered in Mumbai and currently operates seven locations in India, with a goal to increase its workforce to 200 by the end of 2025.

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Lockton acquired Arihant Insurance Brokers in India.

Lockton India has appointed Sandeep Dadia, the former CEO of Aditya Birla Insurance Broker, as the CEO and country head of its Indian operations.

Dadia said: “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.

“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.”