Insurance in India

Khaitan & Co.

Sector-specific M&A, private equity transactions and IPOs for life and non-life insurance companies are the core aspects of Khaitan & Co.’s insurance practice. Stand-out partners Nikhil Narayanan and Niren Patel also bring expertise to joint venture arrangements in the post-liberalisation era of the sector. The firm applies its regulatory knowledge of the sector to advise on inward investment by international players as well as facilitating clearances for new names in the insurance sector before the Insurance Regulatory and Development Authority.

Practice head(s):

Nikhil Narayanan; Anuj Shah; Niren Patel

Key clients

Swiss Re Reinsurance Holding

Marsh Insurance Brokers

Birla Sun Life Insurance

Aditya Birla Health Insurance

Dalmia Group

The Travelers Companies

Aditya Birla Insurance Brokers

Nissan Renault Financial Services Indian

AIA Group Limited


Work highlights

  • Advised Aditya Birla Sun Life Insurance on its competitive bid for the acquisition of ADBI Federal Life Insurance Company.
  • Assisted Nissan Renault Financial Services India with re-registering with the IRDAI as an insurance corporate agent.
  • Advising Dalmia Group in its 26% stake acquisition on Religare Health Insurance.

Shardul Amarchand Mangaldas & Co

Shardul Amarchand Mangaldas & Co acts for insurance companies (life and non-life) and private equity investors on their joint venture operations in the Indian market, including significant market-entry mandates for multinational names. Leading partner Shailaja Lall, with solid support from principle associate Ashish Teni, is often approached by the range of players in the Insurance sector (including brokers, web aggregators and intermediaries) to provide regulatory advice pertaining to the provision of insurance products and cross-border reinsurance agreements. The firm’s corporate partners also conduct extensive due diligence on M&A transactions in the insurance sector.

Practice head(s):

Shailaja Lall

Other key lawyers:

Ashishi Teni


Shardul Amarchand Mangaldas’ strong knowledge of the insurance domain, ability to provide solutions to complex issues and ability to meet crunched deadlines makes it a go-to firm for insurance advice.

Shailaja Lall’s regulatory connections enables her to provide the client with a insights which are otherwise not available in the public domain.

Tuli & Co

Premier insurance boutique Tuli & Co. fields a dedicated team of professionals with expertise in every aspect of insurance law. Market-leading professionals including name-partner Neeraj Tuli and Celia Jenkins regularly handle complex product structuring and design arrangements, investment strategy, regulatory compliance and entry and exit strategy. The client list comprises domestic and multinational insurers, coinsurers, reinsurers and brokers. Recent team expansion has strengthened the firm’s capacity to handle multimillion-dollar joint venture disputes, coverage litigation and matters involving high-value claims. Mandakini Khanna received client praise for her expertise in product and project liability coverage advice.

Practice head(s):

Neeraj Tuli; Celia Jenkins

Other key lawyers:

Mandakini Khanna


Very professional and extremely thorough.

The team is technically sound and possesses in-depth knowledge.

The thoroughness with which Tuli & Co. scrutinises documents and prepares arguments for a case is exemplary.

The lawyers at Tuli & Co. have the ability to visualise, anticipate and equip themselves with appropriate defense.

Key clients

Acko General Insurance

IndiaFirst Life Insurance Company

Muthoot Fincorp

PCA Motors

Arthur J Gallagher & Co

TATA AIG General Insurance Company

ICICI Lombard General Insurance Company

Raheja QBE General Insurance Company

Beazley Group

HDFC ERGO General Insurance Company

Liberty General Insurance

Bajaj Allianz General Insurance Company

Neon Underwriting

New India Assurance Company

Oriental Insurance Company

United India Insurance Company

National Insurance Company

General Insurance Company

Future Generali India Insurance Company

Tokio Marine

Swiss Re International SE Singapore Branch

Allianz Global Corporate & Speciality

Munich Re

QBE Insurance Group


Aditya Birla Health Insurance Co.

Aegon Life Insurance Company

Aviva Life Insurance Company

Bajaj Allianz Life Insurance

Bharti Axa Life Insurance Company

Canara HSBC Oriental Bank of Commerce Life Insurance Company

Cigna TTK Health Insurance Company

DHFL Pramerica Life Insurance Company

Max Life Insurance

ICICI Prudential Life Insurance

SBI Life Insurance

PNB MetLife India Insurance

IDBI Federal Life Insurance Company

Magma HDI General Insurance

Max Bupa Health Insurance

Work highlights

  • Advising Acko General Insurance on the full suite of regulatory and corporate advice including reinsurance treaties and the structuring of pioneer insurance products unique to the Indian market.
  • Advising an industry-leading insurance company on the structuring of its investment.
  • Provided a leading non-banking financial company with advice in relation to a proposed arrangement between the company and an insurer, for the provision of infrastructure facilities by the company to the insurer.
  • Advised an automobile manufacturer on the possible models for distribution of insurance products through an Original Equipment Manufacturer and the other existing Indian group companies.
  • Represented Arthur J Gallagher & Co in relation to its minority investment in a leading Indian insurance broker.

AZB & Partners

AZB & Partners handles a broad range of transactions for clients in the insurance sector including rights issues transfers and majority stake acquisitions. Joint venture structuring is a strong point, particularly in regards to advising on regulations surrounding the increased FDI cap in the sector. Rajendra Barot regularly assists domestic and foreign clients on audits initiated by the IRDAI. The firm recently provided regulatory advice for new market-entry insurance products and the establishment of holding structures for insurance companies’ investment routines.

Practice head(s):

Rajendra Barot; Ashwath Rau

Other key lawyers:

Arvind Ramesh


Arvind Ramesh is powerhouse of the insurance sector who helps to tackle any situation encountered in a transaction.

Key clients

M. Pallonji & Company

Sompo Japan Nipponkoa Insurance

GoDigit Infoworks

Star Health Investments

Axis AIF

Insurance Australia Group

Work highlights

  • Assisted Sompo Japan Nipponkoa Insurance with its $15 rights issue and share transfer.
  • Advised GoDigit Infoworks on its proposed acquisition of ITI Reinsurance.
  • Provided regulatory advice to Star Health Investments and its promoters regarding its acquisition by a consortium comprising WestBridge Capital, billionaire investor Rakesh Jhunjunwala and Madison Capital.
  • Advised Axis AIF on its $70m stake acquisition in SBI General Insurance.
  • Advised Ageas Insurance International on its 40% stake acquisition in Royal Sundaram General Insurance.

Cyril Amarchand Mangaldas

The corporate team at Cyril Amarchand Mangaldas provides the full range of insurance support for its extensive client list. Typical instructions involve assisting domestic and international insurers and reinsurers on market-entry strategy, joint venture structuring, minority and majority stake acquisitions, investment structuring and IPOs.

L&L Partners Law Offices

L&L Partners Law Offices  insurance team, under Mohit Sarafhandles, a range of financial matters for insurance and reinsurance clients such as private equity investment negotiations, minority and majority stake acquisitions, IPOs and joint venture structuring. Regulatory advice is routinely provided by and Samarth Gupta for market-entry exercises, the provision of new and add-on insurance products and the restructuring of existing insurance ventures. Brokerage firms are counted on the client list, from which the team recently received contentious instructions involving reinsurance non-payments. Former co-practice head Alina Arora has taken a career break.

Practice head(s):

Mohit Saraf

Other key lawyers:

Samarth Gupta

Work highlights

  • Representing a well-known health insurance company in a INR2bn private equity investment by way of equity stake acquisition.
  • Advising Old Mutual International on the permissibility of its proposed life insurance products.
  • Advising Anglo American Group on the permissibility of its add-on insurance products.
  • Assisted Protection Insurance Services (a reinsurance broker) with filing a civil suit against a reinsurer concerning non-payments of INR4.3m.

Majmudar & Partners

As part of its highly ranked corporate and M&A practice, Majmudar & Partners often advises a number of key international insurance corporates with insurance regulatory advice specific to the Indian market. Practice head Akil Hirani often guides his clients through the process of liaising with the Insurance Regulatory and Development Authority for all relevant issues pertaining to M&A deals in the insurance sector. The team also assists with the structuring of group insurance policies.

Practice head(s):

Akil Hirani; Rukshad Davar

Key clients

Mapfre Asistencia

Cigna Corporation

CPP Assistance Services

Work highlights

  • Providing insurance regulatory advice to global insurance and reinsurance company Mapfre Asistencia.
  • Advised Cigna Corporation on the Indian aspects of its $67bn acquisition of Express Scripts, including interactions with the Insurance Regulatory and Development Authority of India pursuant to the global deal.
  • Advised CPP Assistance Services on fraud protection services and group insurance policy from an Indian insurance law perspective.

BRUS CHAMBERS, Advocates & Solicitors

Due to its market-leading shipping practice, BRUS CHAMBERS, Advocates & Solicitors routinely supports clients in this sector for insurance advice involving ship arrests by claimants, cargo claims, negotiation of settlements and marine-specific insurance policy. Clients are a mix of international P&I Clubs and chip insurance companies.

Practice head(s):

Shrikant Hathi; Binita Hathi

Key clients

West of England

National Insurance Co.




Raets Club

QBE Insurance

North of England

London P&I

Korea P&I

Japan Ship Owners

Gard P&I

Chubb Group

China Shipowners

Britannia Steamship

Beazley P&I

Astra Asiguari

American Steamship

Aegis LLC

Assuranceforeningen Gard

Steamship Mutual Underwriting Association

Standard P&I Club

Sveriges Angfartygs Assurans forening

The Ship Owner’s Mutual P&I Association

New India Assurance Company

AXA General Insurance

Alliance Insurance

Royal Sundaram Alliance Insurance Company

National Insurance Co.

United India Insurance Company

The Oriental Insurance Co.

Tata AIG General Insurance

Work highlights

  • Advising National Insurance (as well as a significant number of other clients) on marine insurance, bill of landings and cargo claims.
  • Assisting UK P&I (as well as a significant number of other clients) on ships arrested by claimants, claim processing and rules and procedure for the release of an arrested ship.

Clasis Law

Clasis Law has a number of international insurance providers on its client list for which the team advises on the provision of new insurance products and policies, negotiation of reinsurance contracts, regulatory investigations, business transfers and joint venture arrangements with domestic companies.

Manilal Kher Ambalal & Co Advocates, Solicitors and Notary

Manilal Kher Ambalal & Co Advocates, Solicitors and Notary handles insurance-related disputes for third-party administrators and joint venture vehicles. Prior instructions involved disputes with the IRDAI concerning the suspension of registration certificates. General regulatory advice and policy development are other cited fields of expertise.

Phoenix Legal

Phoenix Legal’s commercial and dispute resolution lawyers enjoy a healthy flow of insurance-related disputes for domestic and international insurers and reinsurers. Core instructions include a mix of coverage disputes and litigation surrounding insurance claims, with cited sectors of expertise including pharmaceuticals, auto, IT and financial services. The team also provides advice on India-specific insurance regulation for clients entering the market.

Practice head(s):

Saket Shukla; Trinath Tadakamalla; Mrinal Ojha; Debarshi Dutta

Key clients

Bharti Axa General Insurance Company

New India Assurance Company

Work highlights

  • Advising a non-life insurance company on a claim involving the rights of an insurer in the event of a subrogated recovery.
  • Advising Bharti General Insurance in relation to a claim that was brought under an errors and omissions insurance policy by one of the largest stock exchanges in the country.
  • Advising New India Assurance Company on a claim brought under a directors and officers’ liability insurance policy.
  • Acting for Bajaj Allianz General Insurance in relation to a claim brought by a business consulting and IT services company under a Technology and Telecommunications Professional Indemnity Insurance Policy.
  • Acting for the Bajaj Allianz General Insurance in relation to a claim brought by Mercedes-Benz India under a Comprehensive General Liability Policy.

Dua Associates

Dua Associates has experience of both regulatory and transactional instructions. It also undertakes dispute resolution.