Latest news with #SanjayRadhakrishnan
Mint
3 days ago
- Business
- Mint
Edme Insurance Brokers acquires UIB Insurance to strengthen reinsurance business
Edme Insurance Brokers Ltd (formerly Aditya Birla Insurance Brokers Ltd) has acquired the Indian operations of London-based UIB Group in a strategic initiative to strengthen its value proposition. UIB Group is a privately owned international insurance and reinsurance broker. Its Indian operation, UIB Insurance Brokers (India) Pvt. Ltd, extends the group's operations to India. Edme's acquisition will help the insurance broker gain exposure to reinsurance brokerage while also allowing the entity to access UIB's deep client relationships. The company did not mention the amount at which the acquisition, which is subject to regulatory approvals, was made. Following completion of the applicable statutory process, the merged entity will continue as Edme Insurance Brokers, a company statement from Edme said. The statement added that the merger of the two companies marks a significant milestone in Edme's journey to being recognised as one of the largest players in the Indian insurance and reinsurance broking industry. Sanjay Radhakrishnan, CEO of Edme Insurance Brokers, said there will be no reduction in employee headcount or change to client-facing teams, and leadership roles will remain unchanged, ensuring continuity for all stakeholders. The merged entity aims to become a leading force in wholesale, reinsurance, and retail broking, offering insurance solutions and tech-enabled risk management solutions to clients in the Indian market, the statement said. Edme has been pursuing both organic and inorganic routes to emerge as one of the leading insurance brokers in India. This strategic merger brings together two strong players with complementary strengths: Edme's vision for sector-focused innovation and digital transformation and UIB India's legacy of reinsurance expertise and deep client relationships. UIB's clients in India will not see any change in service quality or terms. In fact, clients will gain access to broader expertise, more product options, and deeper placement reach, including expanded offerings such as cyber, liability, trade credit, surety, PEMA, parametric solutions, and speciality reinsurance solutions, Radhakrishnan said. Edme and UIB will leverage their capabilities, talent pool, and digital infrastructure to deepen insurance penetration, design bespoke risk solutions, and enhance customer experience across India, the company statement said. The combined entity is well poised to deliver market-beating growth of 25% plus CAGR in the coming years, Radhakrishnan said. 'With UIB India's reinsurance experience and our deep local insights, we are well-positioned to deliver bespoke solutions across wholesale, retail, and reinsurance segments,' Edme's Radhakrishnan said. 'This merger is a key milestone in our journey to become a dominant force in the financial services sector and contribute towards Irdai's 'Insurance for All by 2047' vision. This transaction aligns perfectly with Edme's long-term ambition of becoming a globally respected Indian multinational in insurance broking,' Manish Mehta, managing director and co-CIO, Samara Capital, said. Surendra Mehta, the CEO of UIB Insurance Brokers, added, 'We are excited to join hands with Edme to build on the strong foundation established by both firms. This merger is just the beginning of a new chapter." Edme Insurance Brokers acquired Aditya Birla Insurance Brokers in 2024. Following its acquisition, Edme introduced an expanded suite of products and solutions to its clients in line with the dynamic international insurance market. UIB Group is one of the largest privately owned independent international insurance and reinsurance brokers and is headquartered in London. It comprises more than 500 professionals across 16 countries, including strategic hubs in Europe, Asia, Latin America, and the Middle East. UIB is renowned for its expertise in complex risk sectors—including aviation, marine, energy, cyber, political violence, construction, and financial institutions—providing bespoke global solutions supported by strong local knowledge.
Time of India
4 days ago
- 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
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.
