Hall Of Fame

Insurance in India

Khaitan & Co.

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.

Practice head(s):

Nikhil Narayanan; Anuj Shah; Niren Patel

Other key lawyers:

Saswat Subasit; Nayantara Kutty; Harsh Khemka


‘Khaitan & Co LLP is very experienced, responsive, and commercial. Within insurance, the team has a strong breadth and depth of knowledge and great access.’

‘Anuj Shah is seasoned, calm and methodical in his thinking and analysis.’

‘Harsh Khemka has a sharp-mind, strong work ethic and is extremely client-centric.’

Key clients

Aditya Birla Capital Limited and Infocyber India Private Limited


American Family Ventures, MassMutual Ventures

TVS Capital Funds

Faering Capital Private Limited

Arthur J. Gallagher

Axis New Opportunities AIF – I

Prudential Plc

Aviva Plc

Swiss Re

Abu Dhabi Investment Authority

True North

Work highlights

  • Advised Aditya Birla Capital Limited and Infocyber India Private Limited on their proposed exit from Aditya Birla Insurance Brokers Limited by way of a 100% stake sale to Edme Services Private Limited.
  • Advised American Family Ventures, MassMutual Ventures, GGV Investments and SIG Global on their Series E investment in Fintech Blue Solutions Private Limited.
  • Advised TVS on its Series A investment in Girnar Insurance Brokers Private Limited.

Shardul Amarchand Mangaldas & Co

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.

Practice head(s):

Shailaja Lall

Other key lawyers:

Anu Susan Abraham; Ashish Teni


‘Impeccable subject matter expertise. In-depth understanding of commercial arrangements and excellent turn around times.’

‘Shailaja Lall has now become a living encyclopedia in the insurance sector. She is very cordial, professional and ethical.’

‘SAM lawyers are experts in all insurance matters. They are a pleasure to deal with. Professional, prompt and very user-friendly. The advice is always timely and to-the-point.’

‘Shailaja Lall is a wonderful partner; a great leader of the team, extremely knowledgeable in the financial services sector and very personable. Shailaja is a perfect go-to lawyer, who will promptly assist or direct you to the right person.’

Key clients

Willis Towers Watson group, including Willis Europe B.V.

Go Digit Life Insurance Limited

The Prudential Insurance Company of America

IndiaFirst Life Insurance Company Limited

Bajaj Finserv Limited

Vidal Healthcare Services Pvt. Ltd.

Work highlights

  • Advised Willis Europe on the acquisition of an additional 51% stake in its insurance broking joint venture in India, Willis Towers Watson India Insurance Brokers Private Limited, to increase its stake to 100%.
  • Advised LR India Holdings Limited and Alpha Wave Incubation LP on the Pre-Series A investment round of Even Healthcare Private Limited.

Tuli & Co

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.

Practice head(s):

Neeraj Tuli; Celia Jenkins; Rajat Taimni

Other key lawyers:

Mandakini Khanna; Smriti Singh; Anuj Bahukhandi


‘The insurance team at Tuli & Co brings deep expertise and solid experience in the domain. The team’s reputation is solid and you can rely on them for sound advice.’

‘Celia Jenkins carries a wealth of industry knowledge and practices. In a regulatory landscape that is evolving faster than ever, her understanding and advice is very valuable.’

‘They are a go-to for anything insurance-related.’

‘They are very strong on knowledge and proactive this their approach.’

‘Mandakini Khanna’s knowledge and dedication is excellent. Solution-oriented, sticks to timelines and delivers results.’

‘Celia Jenkins and Anuj Bahukhandi are experts in the subject matter.’

‘They are highly collaborative and innovative with their solutions.’

‘Boutique insurance firm, with a deep understanding of the sector covering the coverage aspects of policies, litigation, claims and compliance with regulations.’

Key clients

Magma HDI General Insurance Co Ltd.

SBI General Insurance Company Limited

HDFC Ergo General Insurance Company Limited

Hannover Ruck SE – India Branch

Swiss Reinsurance Company Limited

Acko General Insurance Limited

Girnar Insurance Brokers Private Limited

Policybazaar Insurance Brokers Private Limited

Future Generali India Insurance Company Limited

Bajaj Allianz Life Insurance Company Limited

FM Global

Iffco Tokio General Insurance Company Limited

Assurant Automotive Warranty Solutions India Pvt Ltd

Work highlights

  • Assisted leading general insurers and reinsurers with developing the terms and conditions for the pioneer surety insurance contracts being launched in India, based on the provisions of the guidelines issued by the IRDAI and the broader general provisions contained under Indian law.
  • Provided coverage and monitoring advice to leading insurers and reinsurers in relation to notifications under D&O, E&O and EPL policies.
  • Assisting leading Indian insurers with cyber claims involving ransomware attacks, malware attacks and unauthorised access issues.

AZB & Partners

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.

Practice head(s):

Rajendra Barot; Anil Kasturi; Niladri Maulik; Kashish Bhatia


‘Pragmatic without loosing sight of the details.’

Key clients

Dabur Invest Corp

Max Life Insurance Company Limited

Max Financial Services Limited

Mr. Analjit Singh

Max Ventures Investment Holdings Private Limited

Kohlberg Kravis Roberts & Co.

HDFC Standard Life Insurance Company Limited

SBI Life Insurance Company Limited

Ageas Insurance International NV

HDI Global SE

Munich Re

Housing Development Finance Corporation

ICICI Lombard General Insurance Company Limited

Max Life Insurance Company Limited

Go Digit General Insurance Limited

CSL Chambers

New Delhi-based boutique CSL Chambersexcels in dedication and client-centricity’, and operates a practice centered around insurance, handling both non-contentious and contentious matters. The latter is an area of particular specialism for ‘meticulous’ team head Sumeet Lall, who draws on over 23 years’ worth of experience in insurance and reinsurance disputes, although his expertise does further span regulatory and contractual matters. Recommended individuals at the senior associate level include ‘exceptionalSidhant Kapoor, for his international commercial arbitration and contentious insurance and reinsurance work; and Nikhil Lal, who aside from disputes, routinely advises on insurance coverage issues pertaining to financial lines, liability, marine and property insurance.

Practice head(s):

Sumeet Lall

Other key lawyers:

Sidhant Kapoor; Nanki Arora; Nikhil Lal


‘Sumeet Lall is responsive and knowledgeable.’

‘Exact understanding of client problems.’

‘This practice stands out for its success in handling challenging litigation cases, especially in India. Clients benefit from their strong expertise in navigating complex legal landscapes and achieving positive outcomes. The team excels in dedication and client-centricity.’

Key clients

Swedish Export Credit Agency


Munich Re Syndicate Limited

Atradius Group

Hiscox Insurance Company Limited

Saudi Re

SERV Swiss Export Risk Insurance

ICICI Lombard General Insurance Company Limited

Saudi Re

General Insurance Council of India

Export Development Canada

Hatch Ltd.

Ducati Motor Holding SPA

Dr. Ing. hc F. Porsche AG

Glencore International AG

Work highlights

  • Advised a managing agent of a Syndicate in Lloyd’s of London on seeking the release of valuable seized articles from the police over which it possessed a subrogated claim.
  • Advised Export Development Canada on its subrogated claim in India.
  • Acted as a monitoring and coverage counsel to ICICI Lombard General Insurance Company Limited in relation to professional liability and D&O policies.

Cyril Amarchand Mangaldas

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.

Practice head(s):

Cyril Shroff

Other key lawyers:

Indranath Bishnu; Pranjita Barman


‘The team at CAM never disappoints. Always approachable and responsive to the clients needs. Proactively identifies areas that may be of interest to the client and reaches out to the concerned with appropriate guidance.’

‘Indranath Bishnu is the one to approach in CAM for any insurance and regulatory-related query. His varied experience in advising clients on insurance-related transactions provides a lot of insight and value to the table. His soft spoken manner, approachability and responsiveness is commendable.’

‘Deep knowledge, available for conferences and excellent speed of execution in advice.’

Key clients

Life Insurance Corporation of India and the President of India, acting through the Ministry of Finance, Government of India

Goldman Sachs Asset Management India Private Limited

Aditya Birla Health Insurance Company Limited and Aditya Birla Capital Limited

Canada Pension Plan Investment Board

Creaegis Advisors Limited, Bessemer Venture Partners and ICICI Ventures

ICICI Prudential Life Insurance Company Limited

ICICI Lombard General Insurance Company Limited

IndiaFirst Life Insurance Company Limited

GoDigit General Insurance Limited

Warburg Pincus

Axis Bank Limited

Dai-ichi Life Holdings, Inc.

Marsh International Holdings, Inc.

Aditya Birla Sun Life Insurance Company Limited

Zurich Insurance Company Limited

Phoenix Legal

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.

Practice head(s):

Saket Shukla; Gautam Bhatikar

Other key lawyers:

Akshay Sachthey


‘Excellent service and knowledge of insurance and reinsurance matters, including but not limited regulatory matters.’

‘Prompt attention and practical advice.’

Key clients

Howden Broking Group Limited


Integrated within the firm’s corporate and dispute resolution practices, Trilegal’s insurance team handles both contentious and non-contentious matters and is a regular adviser to investors, investment companies and multinational corporates. In Mumbai, Ashwyn Misra has expertise in entry strategies, M&A and corporate restructuring, and is a regular adviser on large unique acquisitions and joint ventures, areas in which Harsh Jain is also recommended. In New Delhi, tax head Himanshu Sinha comes recommended alongside commercial disputes specialist Tine Abraham.

Other key lawyers:

Ashwyn Misra; Sridhar Gorthi; Harsh Jain; Himanshu Sinha; Tine Abraham

Key clients

Exide Life Insurance Company Limited

Shriram Capital Limited and Shriram General Insurance Company Limited

Future Group

SBI Life Insurance Company Limited

Quess Corp Limited

Max Life Insurance Company Ltd.

Jubilant Biosys Limited

Work highlights

  • Advised Exide Industries Limited and Exide Life Insurance Company Limited on the transaction that involved the sale of 100% stake of Exide Life Insurance Company Limited to HDFC Life Insurance Company Limited.
  • Advised Shriram Capital Limited and Shriram General Insurance Company Limited on the transaction that involved the sale of 9.99% of stake of Shriram General Insurance Company Limited held by Shriram Capital Limited to Tangent Asia Holdings II.
  • Advised Future Group on the sale of its 25% stake in Future Generali India Insurance Company Limited, to its joint venture partner, Generali, for a cash consideration of INR 1266.07 crores.

Majmudar & Partners

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.

Practice head(s):

Akil Hirani

Other key lawyers:

Sinjini Majumdar

Key clients

Cigna Corporation

CPP Assistance Services Private Limited

Globality S.A.

Insurity Tarmika Inc.

Work highlights

  • Advising Cigna Corporation on various issues pertaining to its Indian health insurance joint venture, ManipalCigna Health Insurance Company Limited.
  • Advised Globality S.A. on insurance law issues emanating in India.
  • Advised Insurity Tarmika Inc. on permanent establishment and employee tax issues.

Samvad Partners

Samvad Partners’ insurance and insurtech practice leverages the firm’s reputed transactional and financial regulatory expertise, enabling the team to provide comprehensive support on matters. Mumbai-based Vineetha MG has experience advising on domestic and cross-border private equity investment and M&A, areas in which Ashwini Vittalachar, who was instrumental in the establishment of the New Delhi office, further excels. The expertise of the Bengaluru-based Nivedita Nivargi further stretches to tech and data privacy matters, general commercial contracts and regulatory compliance in the insurance sector.

Practice head(s):

Vineetha MG; Ashwini Vittalachar; Nivedita Nivargi

Other key lawyers:

Neha Mirajgaoker

Key clients

PB Fintech Private Limited

Peepal Tree Ventures Private Limited

Work highlights

  • Advising PB Fintech on compliance and regulatory insurance matters, in addition to their IPO listing process.

Talwar Thakore & Associates

The insurance team at Talwar Thakore & Associates is equipped to advise a varied client base on a broad range of regulatory and transactional issues. Practice co-heads Kunal Thakore (Mumbai) and ‘exceptionalDeepa Christopher (Bengaluru) both have demonstrable experience in corporate restructurings, M&A and private equity investments in the insurance arena. In a notable development, a trio of partners joined the New Delhi office from AZB & Partners in August 2022, including Gautam Saha, Dushyant Bagga and Swati Chauhan.

Practice head(s):

Kunal Thakore; Deepa Christopher

Other key lawyers:

Gautam Saha; Dushyant Bagga; Swati Chauhan


‘They are invested in their clients and will do everything to get the deal done.’

‘Deepa Christopher is exceptional in getting a deal through difficult times.’

Key clients

Generali Participations Netherlands N.V.


Rampart Trust

Sun Life Group



Standard Chartered Bank

Work highlights

  • Advised Generali Participations Netherlands on increasing its stake in Future Generali India Life Insurance Company Limited from 49% to 70%.
  • Advised Generali Participations Netherlands on increasing its stake in Future Generali India Insurance Company Limited from 49% to 74%.
  • Advising Rampart Trust on matters arising from the sale of its shareholding in Marsh India Insurance Brokers Private Limited to its existing joint venture partner, Marsh International Holdings, Inc. to enable MIH to move from 49% to 91%.