Latest news with #EdmeInsuranceBrokers
Time of India
11-08-2025
- Business
- Time of India
Edme Insurance Brokers acquires UK-based UIB's India operations
Mumbai: Edme Insurance Brokers (formerly Aditya Birla Insurance Brokers) has acquired UK-based UIB's India operations, which it will merge with itself. UIB UK is among the world's top five reinsurance brokers and specialises in the energy and aviation space. Edme writes business worth Rs 200 crore annually through both reinsurance and direct insurance placements. 'With this acquisition, Edme will have a topline of around Rs 850 crore this year, consolidating our position as the country's largest home-grown insurance broker,' said Sanjay Radhakrishnan, CEO, Edme Insurance. UIB India was set up by its CEO, Surendra Mehta, who was also the founding chief of Aditya Birla Insurance Brokers. He will take on the role of executive vice-chairman at Edme. 'This is the first Indian acquisition of an MNC insurance brokerage. UIB was the largest facultative reinsurance broker in the energy space. We see India becoming a regional hub for reinsurance, and with private reinsurance companies coming up, there will be a lot of opportunity in the inward reinsurance space,' said Mehta. Following completion of the applicable statutory process, the merged entity will continue as Edme Insurance Brokers. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 20 Legendary Cars from the Past Undo 'Our goal is to be the largest Indian multinational broker. We are setting up offices outside India in Singapore, Dubai, and London, in addition to Gift City, and the business from these centres will consolidate back into India,' said Radhakrishnan. Edme Insurance Brokers, led by Radhakrishnan and backed by Samara Capital along with investors like Norwest Venture Partners and Creador, had acquired Aditya Birla Insurance Brokers from Aditya Birla Capital a year earlier. 'This transaction aligns perfectly with Edme's long-term ambition of becoming a globally respected Indian multinational in insurance broking. We are confident that it will emerge as a leading insurance and reinsurance broking firm, both in India and globally,' said Manish Mehta, MD & Co-CIO, Samara Capital. Stay informed with the latest business news, updates on bank holidays , public holidays , current gold rate and silver price .
Time of India
23-06-2025
- Business
- Time of India
Risky Strait of Hormuz: Marine insurance costs surge
MUMBAI: Iran's parliamentary move to approve the closure of the Strait of Hormuz, an oil shipping chokepoint, has jolted global insurance markets. Already uneasy over the Red Sea disruptions, marine insurers are now bracing for a spike in war risk premiums and the possible withdrawal of war cover across the Persian Gulf. Tired of too many ads? go ad free now "The ongoing Iran-Israel-US conflict has heightened tensions in the Persian Gulf, a region already classified as a high-risk area in marine insurance," said Gaurav Agarwal, VP at Prudent Insurance Brokers. "Insurers have been charging additional war premiums for many years. With the recent escalation, including the US involvement and Iran's parliamentary approval to block the Strait of Hormuz, insurers are on high alert. We anticipate potential increase in war premiums for cargo shipments in the region. In extreme cases, insurers might withdraw war cover altogether, similar to the Black Sea area due to the Russia-Ukraine conflict. The insurers continue monitoring the situation and adjust our strategies accordingly," he said. Marine underwriters are treating the Persian Gulf with renewed caution. According to a senior official at a state-run insurer, war risk premiums for vessels entering the Gulf have surged to 0.2% of a ship's value per transit - up from 0.125% before the latest strikes, marking a 60% jump. Premiums for Israeli port calls have more than tripled to 0.7% from 0.2%, while rates for Red Sea transits have also edged up to 0.25-0.3%. "The conventional war risk cover was already suspended for cargo travelling through the Red Sea," said Bhavesh Patel, executive director at Edme Insurance Brokers. He added, "The conflict could have implications for insurance covers on airlines that may be called for evacuation." Tired of too many ads? go ad free now Markets are also seeing shorter quote validity windows - from 48 to 24 hours - reflecting heightened volatility. Insurance for a typical 'very large crude carrier' carrying oil from Saudi Arabia to China has reportedly risen from $0.25 to $0.7-0.8 per barrel overnight. Some underwriters in the global markets are rolling out "blocking and trapping" cover, aimed at vessels that could be immobilised in the event of a closure. Others are demanding proof of risk mitigation - requiring ships to avoid conflict zones - as a precondition for coverage. War risk premiums in the Gulf are projected to rise to 0.2-0.4% of insured value, with further hikes expected if tensions persist.
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Business Standard
12-05-2025
- Business
- Business Standard
Indo-Pak tensions trigger rise in war insurance cover enquiries from firms
The heightened tension between India and Pakistan in recent weeks has prompted an increase in enquiries regarding 'war cover' from Indian companies and individuals alike, said industry insiders. That said, insurance brokers pointed out that 'war' is typically excluded from insurance coverage, except in the case of marine and aviation policies. According to insurance experts, commercial lines, including property, fire and other segments, do not cover 'war', as war on land is historically a standard exclusion. However, 'war cover' may be bought under marine hull and cargo, and aviation segments. The geopolitical tensions between the two countries have led customers to enquire more about war cover for infrastructure. Insurers believe that if war is covered under commercial lines, it would trigger higher claims for insurance companies, resulting in losses. They also say such events are difficult to predict, making modelling challenging for insurers. 'Post the India-Pakistan tensions, there have been a few inquiries from our clients on war cover. Unfortunately, there has been no solution. Globally, war is a standard exclusion in other policies – property, liability, etc. So if damage occurs due to war-like situations, it will not be covered. Insuring critical infrastructure involves huge sums, and if damaged, can severely affect an insurer's balance sheet. Hence, these are intentionally excluded,' said Rushik Patel, Associate Director – Liability, Edme Insurance Brokers. As policyholders' queries on war cover increase, insurance companies are also looking to offer alternative solutions, including protection against political violence or standalone terrorism cover. Political violence provides cover for war-like situations, and in the current case, war was not declared. It also provides cover for sabotage and terrorism. There is also standalone terrorism cover. If policyholders want insurance beyond these, they will have to approach the international market. 'There has been significant anxiety in recent days, and that has led to multiple enquiries. Clients want to assess whether the current war-like situations are covered under their existing policies. If not, they're seeking to understand what alternative solutions are available. Corporates are looking at alternative solutions including political violence cover or standalone terrorism cover,' said Deepak Madan, Head – Commercial Lines, Large Account Practices at Prudent Insurance Brokers.
Time of India
08-05-2025
- Business
- Time of India
Insurers get queries: How much does war cover cost?
MUMBAI: Insurance companies are receiving enquiries for quotes on war risk insurance cover hours after India carried out Operation Sindoor "Enquiries have gone up, but underwriters are reluctant to provide war risk cover for landed property after some kinetic action has already taken place. In the case of cargo, though, war risk cover is available for the time the goods are in transit in the vessel ," said Sanjay Radhakrishnan, CEO, Edme Insurance Brokers. He added that in the case of property on land, war risk covers also have clauses that make the current events as proximate to war and hence will be excluded from standard cargo policy excludes war risks, which have to be separately covered. Insurers include the war risks through an endorsement by charging additional premium. Usually, when geopolitical tensions rise, insurers hike the war risk premium on cargo. War risk premiums are typically subject to reinsurance arrangements that insurers have with their respective reinsurers. We saw in the past, during times of war, that reinsurance treaties are put on hold and war covers may be withdrawn. Such a situation could possibly lead to higher rates of marine cargo insurance ," said Amarnath Saxena, chief technical officer, Bajaj Allianz General Insurance The London-based Joint War Committee (JWC) continuously monitors global geopolitical developments. If a region becomes high-risk (due to war, piracy or attacks), the JWC updates its list of high-risk areas . Insurers are notified of the updated risk status. For cargo transiting these regions, insurers may issue a notice of cancellation or revision of existing war risk cover, often with a 7 to 30-day notice period.
