The team at Khaitan & Co LLP is renowned for advising on complex interpretational and compliance issues, corporate transactions, and has further seen an uptick in insurance companies and intermediaries requiring representation before the Securities Appellate Tribunal (SAT) in appeals against the orders of the Insurance Regulatory and Development Authority of India (IRDAI). Operating from Noida, Nikhil Narayanan leads the practice alongside Singapore-based Anuj Shah and Mumbai-based Niren Patel, drawing on their combined expertise in M&A to advise multinational insurance giants on significant transactions in India’s insurance sector. Other recommended individuals include Saswat Subasit, an adviser to investors, brokers and web aggregators on their dealings with insurance companies and intermediaries; Nayantara Kutty, who provides strategic advice across a number of sectors, including insurance; and principal associate Harsh Khemka, who ‘has a sharp-mind, strong work ethic and is extremely client-centric’. All named individuals are based in Mumbai unless noted otherwise.

Shardul Amarchand Mangaldas & Co is a go-to firm for large marquee insurance transactions, covering the structuring of insurance joint ventures, the formation and licensing of insurance companies, M&A and investments, and withdrawals from the market. The team further handles regulatory issues, acting for a broad range of insurers, reinsurers, brokers, web aggregators and other insurance intermediaries. Praised as a ‘living encyclopedia in the insurance sector’, clients endorse practice head Shailaja Lall for her comprehensive insurance sector expertise, leveraging her 20 years’ worth of experience in the field. Other recommended individuals include cross-border transactional expert Anu Susan Abraham and Ashish Teni, whose wide-ranging capabilities include drafting policies for life insurance companies, among others.

Specialist insurance firm Tuli & Co is the first port of call for domestic and international insurance companies, intermediaries and reinsurers on high-value insurance claims, in addition to outsourcing issues, bancassurance arrangements and commission payments. Three partners co-lead the New Delhi-based team: coverage and claims head Neeraj Tuli, who assists on contentious and non-contentious matters involving insurance coverage, regulatory and product development issues; head of the non-contentious offering Celia Jenkins, who ‘carries a wealth of industry knowledge’ in corporate and commercial work for insurers, reinsurers, and insurance intermediaries; and litigation-focused Rajat Taimni. Other recommended individuals include Mandakini Khanna, for her coverage and claims advice to Indian and overseas insurers and reinsurers under a range of insurance policies, including clinical trial, product liability and cyber; and managing associate Anuj Bahukhandi, who is well-versed in advising emerging insurers on digital distribution matters and implementing novel product structures in the Indian insurance market.

A team of four partners based in Mumbai and New Delhi anchor the insurance practice at AZB & Partners: Rajendra Barot, an adviser to leading names from the life, non-life and health insurance sectors on their entry into the Indian market through joint ventures or a stake acquisition in existing insurance companies; Anil Kasturi, who assists with complex insurance-related transactions; Niladri Maulik, an expert in high-value investments with experience working across the healthcare, insurance, financial services and energy sectors; and Kashish Bhatia, whose workload often includes bancassurance, broker and group insurance policies arrangements. Arvind Ramesh left to join Vritti Partners in January 2023.

Under the leadership of managing partner Cyril Shroff, the Mumbai-based practice at Cyril Amarchand Mangaldas is a regular adviser to pension plan investment boards, investment companies and health insurance companies, among other clients. The team has a specialism in insurance-related M&A and provides strategic advice in relation to compliance and the regulatory aspects concerning insurance and foreign investment in India. Praised for his ‘approachability and responsiveness’, Indranath Bishnu guides Indian and international corporations through investments and corporate brokers and agents through the development and distribution of insurance products with Indian insurers. Pranjita Barman is experienced in corporate restructurings, M&A and private equity investments in the insurance sector.

Phoenix Legal is a regular port of call for large Indian and overseas insurers and reinsurers on a range of contentious and non-contentious matters. Drawing on over 20 years of experience in the field, New Delhi-based Saket Shukla specialises in strategic advisory work and transactions cutting across the insurance space; Shukla co-heads the practice alongside dual-qualified (India and England) and litigation-focused Gautam Bhatikar, based in Mumbai. Also in New Delhi, associate partner Akshay Sachthey comes highly recommended.

The core areas of focus for Majmudar & Partners’ insurance team include transactions, such as joint venture agreements and restructurings, in addition to regulatory and policies advice. The Mumbai-based managing partner Akil Hirani is the main point of contact; he is a regular adviser to leading multinational companies on M&A, regulatory and outsourcing matters. Senior associate Sinjini Majumdar is another name to note, often supporting Hirani on matters.