Agarwal has been with Howden since 2017 and is promoted from his position of Managing Director, with current CEO Praveen Vashista stepping into the role of Chairman.
Ben Carey returns to Chubb, after nearly two years with Everest, to lead the company's field operations, delivering services to distribution partners across Asia Pacific.
Goldman Sachs is understood to be gathering indicative bids based on the insurer's projected earnings, which may price local players out of the market.