A Leader's Journey: What it Takes to Excel in M&A & Insurance

By: Saloni Bhandari, Co-Head Transactional Risk, Senior Vice President, Howden

A seasoned leader in M&A and insurance, Saloni specializes in Warranty & Indemnity (W&I) Insurance. With 10 years of experience, her expertise as both a corporate lawyer and insurance broker enables her to advise clients on complex transactions, particularly in cross-border M&A and private equity deals.

In an engaging interaction with Women Entrepreneurs Review Magazine, Saloni shares her insights on navigating the evolving M&A insurance landscape, highlighting the importance of risk management, leadership, and mentoring women in the field. Her journey reflects resilience, creativity, and a commitment to transforming the industry.

To learn more about Saloni’s journey, leadership philosophies, and valuable advice for women in M&A insurance, read the full article below.

You’ve built a remarkable journey in M&A insurance. Which early experiences impacted your perception of this rapidly-changing field?

My journey began at AZB, where I was fortunate to work on complex M&A transactions that opened my eyes to the importance of risk allocation and where precision, discipline and commercial awareness were non-negotiable. That foundation prepared me well for transactional risk insurance, which was still a niche concept when I entered the field. Over time, I saw how W&I could shift from being an afterthought to a strategic tool that strengthens negotiations and unlocks stalled deals.

That perspective shaped how I approach each transaction today i.e. with clarity, responsiveness and ownership.

Today, M&A insurance is no longer something we “introduce”; it is something clients and advisors proactively consider from the term-sheet stage. I am very proud to have been at the forefront of bringing improved processes and enhanced W&I coverage positions in India, many of which were previously unavailable in India and are now aligned with UK and US standards. These developments were possible through close collaboration with my mentors, colleagues and insurers who shared the same vision for elevating the practice.  

In your leadership journey, are there any particular women whose advice or example helped you to get ahead of difficulties and shape your own leadership style?

I’ve been incredibly fortunate to learn from remarkable women who shaped not just my technical foundation, but my leadership philosophy throughout my career. From Zia Mody, I learned the power of creating a culture where young women can speak openly and grow with confidence. Bhavi Sanghvi taught me discipline and excellence - respecting time, staying organized, and giving your best every day. Roxanne Anderson showed me what true leadership under pressure looks like, running a deal so smoothly that even counterparties lean in. And Darshika Kothari reminded me that leadership isn’t only about patience, it’s also about conviction, speed, and fiercely high standards.

Today, working with Mandira Gupta at Howden continues that journey. Her ability to balance complex negotiations with empathy and inclusivity has been a masterclass in leadership for me. Together, these women have shaped my resilience, clarity of thought and commitment to creating space for others to thrive.

Can you share an example of a woman leader whose innovative approach in a deal taught you a new way to think about risk?

One of the biggest influences on my risk-thinking came from observing how my women mentors at law firms approached transactions. Their ability to break down a complex problem, reframe it and find commercially practical solutions taught me that risk management is not about saying “no”, it’s about finding pathways to “yes.”

Later, in insurance, I saw Mandira apply the same approach in structuring coverage for highly nuanced deals. She brought creativity to transactions where clients felt stuck, showing how insurance could unlock value. Those experiences changed how I view risk: not as a barrier, but as an opportunity to enable better outcomes.

Over the years, which approaches or philosophies of the women you admired have influenced how you handle complex negotiations or strategy today?

The women I have admired have shaped how I walk into any complex negotiation. They taught me that most of the real work happens before you enter the room. Being prepared, knowing the facts and understanding what each side truly cares about. I also learned that staying calm, especially when timelines are tight and stakes are high, helps everyone think more clearly. Another principle that stayed with me is the importance of staying solution-oriented, even when several stakeholders are under stress. Their methods reinforced that negotiations aren’t battles; they are collaborations.

How have the women you’ve worked with influenced the way you mentor or support rising talent now?

The women who invested in me consistently offered two gifts: trust and room to grow. They gave me responsibility early, let me make mistakes without fear of judgment and quietly backed me when things were tough. That experience strongly influences how I mentor today.

I focus on giving young professionals visibility, responsibility and the comfort to ask questions. In the rapidly evolving M&A insurance landscape, confidence and curiosity matter as much as technical skill. I try to replicate the environment I learned in, a space where people feel supported, challenged and empowered to build their own voice.

LAST WORD: Advice for Women Aspiring to Lead In M&A & Insurance

Women are already making significant strides in the M&A insurance space, and their impact is undeniable. This industry rewards clarity, resilience and initiative. My advice to women entering M&A insurance is to back yourself early, seek out strong mentors and never hesitate to take up challenging roles. The field is transforming quickly, and diversity of thought is not just welcomed, but it is needed.

Build a strong understanding of both the legal and commercial sides of a transaction - that’s what makes you indispensable. Speak up in rooms where decisions are made, invest in continuous learning and build relationships that help you grow.

Most importantly, trust your instincts. With the right support system and the willingness to push boundaries, women can and have shaped the future of risk, deals, and leadership in this sector.