Hall Of Fame

Insurance in India

Khaitan & Co.

Khaitan & Co. advises on corporate insurance matters and associated regulatory considerations. The latter is a point of strength for principal associate Harsh Khemka and Bangalore-based practice co-head Aravind Venugopal, who also deploy their skills in relation to FDIs into Indian insurance companies. Transactional lawyers and practice co-heads Nikhil Narayanan in Delhi and Anuj Shah and Niren Patel in Mumbai lead on joint ventures, IPOs, and market-entry projects for insurers, reinsurers, brokers, and investors. The team also advises on the issuance of W&I policies relating to M&A deals.

Other key lawyers:

Harsh Khemka


‘Khaitan & Co has a leading team in India for insurance M&A. They are collaborative and on top of the latest developments in the field. I have enjoyed working with them.’

‘Fantastic practice. They know how to approach and deal with regulators. Lots of practical experience. Solutions-oriented team that’s always available.’

‘Anuj Shah is a star! He is great to deal with and very business savvy.’

Key clients

Apis Partners

Arthur J. Gallagher & Co.

MassMutual Ventures (venture arm of Massachusetts Mutual Life Insurance Company)

American Family Ventures (venture arm of American Family Insurance)

True North

Prudential Plc

TVS Capital

Faering Capital

A91 Partners

SIG Global India Fund

Ascent Capital

Pramerica Life Insurance

FPGA Family Foundation (Binny Bansal)

Wadhawan Global Capital Limited

Majesco Limited

Work highlights

  • Advised Apis Partners in relation to its participation in the Series C funding round in D2C Consulting Services Private Limited, which through its subsidiary D2C Insurance Broking Private Limited operates an online insurance platform, RenewBuy.
  • Advised Arthur J. Gallagher & Co. in relation to acquisition of remaining 70% of Edelweiss Gallagher Insurance Brokers Limited from Edelweiss Financial Services Limited.
  • Advised MassMutual Ventures and American Family Ventures as the lead investors in the Series D investment round of Fintech Blue Solutions Private Limited (d.b.a Turtlemint), an insurtech company.

Shardul Amarchand Mangaldas & Co

The insurance practice at Shardul Amarchand Mangaldas & Co. is primarily active in the corporate and regulatory space. Led by Shailaja Lall, the team handles matters including insurance company formations and associated licensing approvals, sector-specific M&A, reinsurance transactions and investments into India-based insurance companies. Roopal Kulsrestha recently advised on divestments in the life insurance sector. Also in the life insurance space, Ashish Teni actively advises on policy drafting and vetting. Instructions are sourced from domestic and multinational insurers, reinsurers and brokers. The firm also represents clients before the Securities Appellate Tribunal in appeals against IRDAI orders. The team was strengthened by the addition of Samarth Gupta, who joined from L&L Partners Law Offices in April 2021.

Practice head(s):

Shailaja Lall

Key clients

One97 Communications Limited

IDBI Bank Limited

Work highlights

  • Advised PayTM InsureTech Private Limited on the acquisition of 100% of Raheja QBE General Insurance Company Limited.
  • Advised on the divestment by IDBI of its 23% stake in IDBI Federal Life Insurance Company Limited to its JV partner, Ageas Insurance International NV.
  • Advised on the acquisition of 100% of Vipul Medcorp Insurance TPA Private Limited by Vidal TPA from certain shareholders of Vipul Medcorp, and the acquisition of 100% of Vipul Medcare Private Limited by Vidal Health from certain shareholders of Vipul Medcare.

Tuli & Co

As a leading light in insurance litigation in India, Tuli & Co is routinely engaged on multimillion-dollar coverage disputes by a wide roster of insurers, reinsurers and brokers. Co-head Neeraj Tuli and Mandakini Khanna field specialist knowledge of cyber liability policies in relation to ransomware attacks. Complementing the full-service contentious offering, co-head Celia Jenkins  leads a team advising on commercial issues including joint ventures, distribution structures, group restructuring and intermediary issues relating to IRDAI regulations. The team is currently advising its client roster on indemnity limits in relation to claims arising from Covid-19.

Practice head(s):

Neeraj Tuli; Celia Jenkins

Other key lawyers:

Mandakini Khanna

Key clients

Allianz Global Corporate & Speciality

Amazon Pay India Private Limited

Arthur J. Gallagher (Bermuda) Holding Partnership

Beazley Group

HDFC ERGO General Insurance Company Ltd

HDFC Life Insurance Company Ltd

ICICI Lombard General Insurance Company Ltd

Liberty Mutual Insurance Company

PNB MetLife India Insurance Company Limited

TATA AIG General Insurance Company Ltd

Work highlights

  • Instructed to act as the transaction counsel to Arthur J Gallagher in relation to the second tranche of its minority investment in an Indian insurance broker, Edelweiss Insurance Brokers Limited.
  • Received multiple instructions from leading Indian insurers and overseas reinsurers arising from varied ransomware attacks/incidents, and acted as breach coach and provided coverage advice under cyber policies in respect of such incidents.
  • Instructed by an overseas insurance company to advise on the statutory and regulatory framework applicable to the issuance of surety bonds and other forms of financial guarantees by Indian insurance companies in India.

AZB & Partners

AZB & Partners is frequently engaged by life, non-life and health insurance companies to handle major joint ventures under FDI guidelines. Co-heads Rajendra Barot and Ashwath Rau and noted corporate partners Anil Kasturi and Arvind Ramesh act for clients from around the globe, with recent mandates sourced from the EU, UK, Canada, US and Australia. The team capably advises on M&A, entry strategies, IPOs, distribution agreements and all other corporate activity pursuant to the insurance sector.

Practice head(s):

Rajendra Barot; Ashwath Rau

Other key lawyers:

Anil Kasturi; Arvind Ramesh

Key clients

Munich Re

Housing Development Finance Corporation

Ageas Insurance International NV

ICICI Lombard General Insurance Company Limited

Max Life Insurance Company Limited

Colonial Life Insurance Company [Trinidad] Limited (CLICO)

ICICI Venture Funds Management Company Limited

ERGO International AG

Work highlights

  • Advised HDFC and Munich Re in connection with HDFC’s acquisition of 51.2% of Apollo Munich Health Insurance Company from entities forming part of the Apollo Hospitals Group.
  • Advised ICICI Lombard General Insurance Company Limited on its acquisition of the entire general insurance business of Bharti AXA General Insurance Company Limited, via a scheme of demerger, which entailed extensive regulatory approvals and approval by the jurisdictional National Company Law Tribunal.
  • Advised Max Life and MFSL on the proposed investment by Axis Bank, Axis Securities and Axis Capital in a 12% equity shareholding in Max Life, with the right to acquire an additional 7% subsequently.

CSL Chambers

Dispute resolution and arbitration constitute the core of CSL Chambers‘ insurance practice. Predominantly operating in the reinsurance market, the boutique firm — which is led by Sumeet Lall with support from senior associate Sidhant Kapoor — is frequently engaged by domestic and international clients on commercial and coverage disputes. The team is highly adept at handling claims in the aviation and maritime sectors, and is also seeing an increase in infrastructure-related disputes. Additional fields of expertise include product liability, cybersecurity and W&I insurance claims.

Practice head(s):

Sumeet Lall

Other key lawyers:

Sidhant Kapoor


‘They have the ability to think strategically, taking the client’s best interests into account.’

‘Sumeet Lall is an excellent attorney with a strategic mind. He is very professional with an extreme commitment to resolving cases, always putting the client’s interests first.’

‘The team are very proactive. Nothing ever seems to faze them, and nothing is ever too much trouble.’

‘Very passionate in providing services to the client and they know how to deal with the complex matters.’

Key clients


Dr. Ing. hc F. Porsche AG

Glencore International AG

Ducati India Private Limited

Hiscox Insurance Company Limited

Emirates Airlines

AM Best Asia Pacific Limited

Master Builder Solutions India Pvt Ltd

Export Development Canada

Exportkreditnämnden / The Swedish Export Credit Agency

Work highlights

  • Successfully represented Bafna Healthcare Private Limited before the District Court, Panchkula, in warding off a challenge brought by a judgment debtor.
  • Represented Glencore International AG before the High Court of Delhi in a case concerning the relevant principles to be followed in ascertaining the jurisdiction of a court for enforcing a foreign arbitral award.
  • Advised ICICI Lombard General Insurance Company Limited, a co-insurer of a professional indemnity policy, on issues pertaining to coverage of a claim worth $75m.

Cyril Amarchand Mangaldas

Fielding a market-leading corporate bench and with a finger on the pulse of fast-changing IRDAI regulations, Cyril Amarchand Mangaldas is frequently sought out by major international private equity houses for inbound transactions in the insurance sector. Pranjita Barman‘s FDI expertise is often deployed on headline deals. Indranath Bishnu advises on marquee share acquisitions, including for leading private banks acquiring life insurance companies. The team also advises on large distressed acquisitions requiring significant ring-fencing considerations.

Practice head(s):

Cyril Shroff


‘The team showed a strong understanding of not only insurance regulations but also their practical workings. Its ability to follow and comprehend the recent developments in the insurance sector was a differentiator.’

‘Indranath Bishnu is a hands-on lawyer who provides well-reasoned advice.’

Key clients

Axis Bank Limited

Bharti AXA General Insurance Company Limited and Bharti General Ventures Private Limited

Marsh India Insurance Brokers Private Limited and Marsh & McLennan Inc.

Standard Life (Mauritius Holdings) 2006 Limited (Standard Life)

Navi Technologies Private Limited

Mitsui Sumitomo Insurance Company Limited

QBE Insurance Group Limited (QBE)

Premji Invest

Dai-ichi Life Holdings, Inc.

Work highlights

  • Acting as legal counsel to the Axis Group in its proposed acquisition of shares of Max Life Insurance Company Limited from Max Financial Services Limited.
  • Acting as legal counsel to Bharti AXA and Bharti General in the proposed demerger of the general insurance business of Bharti AXA into ICICI Lombard General Insurance Limited , in consideration of equity shares being issued by ICICI Lombard to the shareholders of Bharti AXA.
  • Advised MSI on subscribing to shares of Max Financial Services Limited in consideration for the transfer of certain shares held by MSI in Max Life Insurance Company Limited to Max Financial.

Phoenix Legal

As co-head of Phoenix Legal‘s insurance practice, Saket Shukla takes the lead on non-contentious mandates including investments, M&A, restructuring, and regulation for insurers and reinsurers. Co-head and dispute resolution practitioner Gautam Bhatikar is sought out for multi-jurisdictional maritime disputes, ranging from vessel arrests and cargo claims to joint venture arbitrations before London and international forums; recent highlights involved representing clients in proceedings in the Singapore Chamber of Maritime Arbitration. Further team skill sets include life insurance policy drafting and insured-side coverage disputes.

Practice head(s):

Saket Shukla; Gautam Bhatikar

Key clients

Nagarjuna Agrichem Ltd

Work highlights

  • Represented Nagarjuna Agrichem in two connected arbitrations against Oriental Insurance Co Ltd. (OICL) involving claims towards material damage and business loss of profit under Standard Fire and Special Perils Policies and Loss of Profits Policy issued by OICL.

Majmudar & Partners

The insurance practice at Majmudar & Partners advises on M&A and joint ventures (including joint venture restructuring exercises), associated regulatory guidance, and insurance policy and fraud protection products. Joint practice heads Akil Hirani and Rukshad Davar are the key contacts.

Practice head(s):

Akil Hirani; Rukshad Davar


‘The team is very competitive with good expertise. The advice is always comprehensive, clear and unambiguous and offered at competitive rates compared to other big law firms. The senior partners and executives of the firm are readily accessible in case of any escalations and re-prioritisations required by us.’

‘Akil Hirani has good expertise in the field of insurance.’

Key clients

Cigna Corporation

CPP Assistance Services Private Limited

Liberty Global Transaction Solutions, USA

Work highlights

  • Advised Cigna Corporation, one of the largest healthcare insurance and ancillary services providers in the US, on the replacement of TTK Group in its Indian joint venture.
  • Advised CPP Assistance Services Private Limited, a wholly owned subsidiary of CPP Group Plc, on its fraud protection services and group insurance policy.
  • Assisted Liberty Global Transaction Solutions, one of the largest global M&A insurance teams in the industry, with Indian tax matters on a potential M&A insurance deal that Liberty was looking at in India.

Mulla & Mulla & Craigie Blunt & Caroe

Primarily known as a leading firm in the shipping industry, Mulla & Mulla & Craigie Blunt & Caroe also represents insurers and reinsurers in the energy, construction, and oil and gas sectors in damages claims and coverage disputes. Shardul Thacker handles cases before all litigation and arbitration fora.

Other key lawyers:

Shardul Thacker


‘We have utilised their services in a number of marine insurance-related litigations. They have a team of well-qualified lawyers and provide good legal services to their clients.’

‘Shardul Thacker is very senior and knowledgeable. He grasps the key issues quickly and provides suitable guidance on an urgent basis. He acts quickly and is always approachable.’

‘I have a decade-long association with the firm and particularly with Shardul Thacker. He is extremely competent and highly knowledgeable on maritime insurance matters and the international conventions and law. His team is young and tech savvy. Under his guidance, the team works well, with a good blend of experience and dynamism. Though they are higher-end law firm the billing is reasonable.’

‘Shardul Thacker has an affable personality but a no-nonsense approach. He is clear in spelling out the options for the clients. He will never give false assurances but has always delivered results. His energy is electrifying and he commands huge respects amongst his clientele.’

Key clients

New India Assurance Co. Ltd.

Multimax Shipping Pte. Ltd and West P&I

Intermarine Shipping Pte. Ltd. and West P&I

West P&I Club

Indian Oil Corporation Limited.

The Oriental Insurance Co. Ltd.

The National Insurance Company Limited

Mahindra Vehicle Manufacturers Ltd

Petronet LNG Limited


Transactional insurance matters advised on by Trilegal’s practice include cross-border joint ventures, investments, divestments and M&A, with associated regulatory approvals and compliance procedures covered. Representing corporate policy holders, the practice handles damages claims and coverage disputes via litigation and arbitration proceedings. Ashwyn Misra and Tine Abraham are the key contacts.

Key clients

Prism Johnson Limited and Raheja QBE General Insurance Company Limited

Softbank Vision Fund L.P./ SB Investment Advisers (UK) Limited

Tarang International

MC Craftsman Machinery Private Limited

IFFCO TOKIO General Insurance Company Limited (IFFCO-TOKIO)

Vistra ITCL (India) Limited (Vistra)

Haldor Topsoe India Private Limited (HTIN)


Quess Corp Limited

Tata Communications Limited

Medlife International Private Limited, Prasid Uno Family Trust

Future Group

Rare Enterprises

Work highlights

  • Advised Prism Johnson Limited in connection with the sale of its 51% stake in RQBE to QorQl Private Limited.
  • Advised Vistra ITCL on a dispute concerning the transfer of ownership of shares of an insurance company.
  • Acted for SoftBank Vision Fund in relation to a series of secondary purchases of shares in Etechaces Marketing and Consulting Private Limited, which operates the insurance web aggregator Policybazaar.