Insurance in India

Khaitan & Co.

Khaitan & Co LLP is frequently involved in market-leading corporate transactions in the insurance sector. Co-heads Nikhil Narayanan, Anuj Shah, and Niren Patel handle high-value M&A deals (including relevant issues pertaining to W&I insurance), private equity investments (particularly in the health insurance space), joint ventures, IPOs, and market-entry projects for insurers, reinsurers, brokers, and investors. Co-head Aravind Venugopal and senior associate Harsh Khemka add strength on the regulatory front, with engagements including obtaining approvals before the IRDAI, structuring transactions inline with domestic policy, and supporting clients in general business activity.

Other key lawyers:

Harsh Khemka

Key clients

True North

TVS Capital

Ascent Capital

Swiss Reinsurance Company Limited, India Branch

FPGA Family Foundation (Binny Bansal)

Wadhawan Global Capital Limited

Edelweiss Gallagher Insurance Brokers Limited

Work highlights

  • Advised True North Managers LLP on acquiring a controlling stake in Max Bupa Health Insurance Company Limited from Max India Limited and BUPA Singapore Holdings. India’s second private equity control deal in the health insurance sector and first control deal in India’s health insurance sector by a sole private equity firm.
  • Advised TVS Capital, Faering Capital and A91 Partners on one of the largest domestic funding rounds in Go Digit General Insurance Company, a new-age general insurance company.
  • Advised Wadhawan Capital Group Limited it a complete stake sale (ie, 100% of the share capital) of DHFL General Insurance Limited to Navi Technologies Private Limited (co-founded by Sachin Bansal, Founder, Flipkart India).

Shardul Amarchand Mangaldas & Co

An impressive corporate insurance practice at Shardul Amarchand Mangaldas & Co sees practice head Shailaja Lall and key partners Ashish Teni and Roopal Kulsrestha acting for global life and non-life insurers, reinsurers and brokers on cross-border M&A, joint ventures, corporate restructuring, strategic investments and exits. Robust regulatory knowledge is provided by the team, applied to policy and coverage structuring, all transactional activity and dealings with the IRDAI, the latter including appeals before the Securities Appellate Tribunal. Regulatory advice on the implementation of customer-facing insurtech products was recently provided to numerous providers.

Practice head(s):

Shardul Shroff; Shailaja Lall

Other key lawyers:

Ashish Teni; Roopal Kulsrestha

Key clients

Apollo Hospitals Enterprise Limited and Apollo Energy Company Limited

PNB MetLife India Insurance Company Limited

One97 Communications Limited( Paytm)

Work highlights

  • The Apollo Group on the sale of HDFC ERGO Health Insurance Limited to Housing Development Finance Corporation Limited. Novel issues pertained to  a purchase of a controlling stake in a stand-alone health insurer by the controlling promoter of a general insurer, and a merger of a general insurer with a stand-alone health insurer.
  • Advised PNB MetLife India Insurance Company Limited on a 2.04% acquisition of the company by Oman India Joint Investment Fund II.
  • Advised One97 Communications Limited on the acquisition of 100% of the share capital of Raheja QBE General Insurance Company Limited by QORQL Private Limited, which is owned by the client.

Tuli & Co

Tuli & Co. is the premier name on the market for handling insurance litigation on behalf of insurers, reinsurers, and brokers. Practice co-head Neeraj Tuli and Mandakini Khanna were recently instructed by global clients on high-stakes coverage disputes involving pharmaceuticals products, aircraft equipment, and third-party claims arising from cybercrime attacks. Disputes arising from high-value insurance joint ventures are also regularly handled. The non-contentious practice is also full service, with co-head Celia Jenkins and Shubhangi Pathak advising on complex product structuring and design arrangements, investment strategy, group restructurings, regulatory compliance, and entry and exit strategy.

Practice head(s):

Neeraj Tuli; Celia Jenkins

Other key lawyers:

Mandakini Khanna; Shubhangi Pathak

Key clients

Acko General Insurance Company Limited

Aditya Birla Health Insurance Company Limited

Aegon Life Insurance Company Limited

Allianz Global Corporate & Speciality India

Allianz Global Corporate & Speciality Singapore

Arthur J Gallagher & Co

Aviva Life Insurance Company Limited

Bajaj Allianz General Insurance Company Limited

Bajaj Allianz Life Insurance Company Limited

Beazley Group

Berkshire Hathaway Specialty Insurance – Dubai

Berkshire Hathaway Specialty Insurance – Singapore

Bharti Axa Life Insurance Company Limited

Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited

Chubb Limited

Cigna TTK Health Insurance Company Limited

DHFL Pramerica Life Insurance Company Limited

Future Generali India Insurance Company Limited

General Insurance Company Limited

HDFC ERGO General Insurance Company Limited

HDFC Standard Life Insurance Company Limited

ICICI Lombard General Insurance Company Limited

ICICI Prudential Life Insurance Company Limited

IDBI Federal Life

Work highlights

  • Advised leading Indian insurer and overseas reinsurers in relation to claims arising from Covid-19 and the consequent lockdown.
  • Advised an overseas reinsurer on coverage in relation to claims arising from damage following natural disasters which caused large-scale destruction.
  • Advised Arthur J Gallagher & Co in relation to a minority investment in an Indian insurance broker.

AZB & Partners

AZB & Partners is a go-to firm for global life, non-life and health insurance companies for advising on and negotiating joint ventures in the insurance sector. Recent highlights saw co-head Rajendra Barot, co-head Ashwath Rau and Kashish Bhatia handling market-first mergers between general insurance and health insurance entities. Arvind Ramesh adds strength across the breadth of corporate work while Anil Kasturi is a key name for private equity investments both on the target company and investor side. The team is also noted for handling IPOs for domestic insurance companies.

Practice head(s):

Rajendra Barot; Ashwath Rau


The insurance team at AZB & Partners is the leading insurance team in India. Their knowledge of the Indian market, together with their understanding of international transactions and counterparties, sets them apart from other firms. Their commercial judgement about how best to structure a deal and how to approach negotiations is excellent, along with their ability to quickly pivot when required.

Rajendra Barot, Arvind Ramesh and their team, including Rishikesh Desai and Muqeet Drabu, provided excellent advice, service and support throughout our dealings with AZB & Partners over many years. Their commercial knowledge, legal strength and responsiveness differentiates them from other firms.

Key clients

Fairfax Financial Holdings Limited

Housing Development Finance Corporation Limited

Munich Reinsurance Group


Ageas SA/NV

Insurance Australia Group

Max India

BNP Paribas Cardif


Work highlights

  • Advised Housing Development Finance Corporation (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 Insurance Australia Group in connection with its sale of 16% of SBI General Insurance Company (SBIG) to Napean Opportunities LLP; and 9.99% of SBIG to Honey Wheat Investment, an affiliate of Warburg Pincus LLC.
  • Advised Fairfax on its exit from ICICI Lombard General Insurance Company.

CSL Chambers

Recently highlights for the insurance offering at CSL Chambers saw practice head Sumeet Lall represent a suite of international reinsurers in subrogation claims under the Insolvency and Bankruptcy Code. Coverage advice and tribunal disputes are regularly handled, with instructions coming from a roster of international insurance companies. Sidhant Kapoor is a stand-out senior associate, providing assistance with the breadth of contentious and non-contentious matters.

Practice head(s):

Sumeet Lall

Other key lawyers:

Sidhant Kapoor

Key clients

ICICI Lombard General Insurance Company Limited

Glencore International AG

Nippon Export and Investment Insurance

Universal Sompo General Insurance Company

Duferco S.A.

Posco Daewoo Corporation

Ducati Motor Holding S.p.A

Porsche AG

Work highlights

  • Represented Posco Daewoo Corporation in an anti-suit arbitration application arising from a compensation and damages claim against the client.
  • Represented Glencore International before the High Court in defending an appeal filed by Hindustan Zinc Limited.
  • Represented Nippon Export and Investment Insurance in a subrogation claim under the provisions of the Insolvency and Bankruptcy Code, 2016.

Cyril Amarchand Mangaldas

Cyril Amarchand Mangaldas provides the full range of insurance support for its client list of domestic and international insurers and reinsurers. Key partners include Indranath Bishnu and principle associate Pranjita Barman, who advise on market-entry strategy, joint venture structuring, minority and majority stake acquisitions, investment structuring and IPOs.

Key clients

Axis Bank Limited

Navi Technologies Private Limited

QBE Insurance Group Limited (QBE)

ICICI Lombard General Insurance Company

Premji Invest

CA Emerald Investments

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

Mitsui Sumitomo Insurance Company, Limited (MSI)

Warburg Pincus India Private Limited

Kotak Investment Advisors Limited

Work highlights

  • Acted for Axis Bank Limited on its acquisition of 29% shareholding of Max Life from Max Financial by way of a secondary transfer of shares.
  • Acted for Navi Technologies Private Limited on acquisition of the paid-up equity share capital of DHFL General Insurance Limited from Wadhawan Global Capital Limited by way of a secondary transfer of shares.
  • Acted for QBE Insurance Group on the divestment of its entire shareholding of 49% in Raheja QBE General Insurance Company Limited to QorQl Private Limited.

L&L Partners Law Offices

Mohit Saraf and Samarth Gupta are key names at L&L Partners Law Offices for insurance advice. Corporate instruction for insurance and reinsurance clients are a focus, with ongoing matters including private equity investment negotiations, minority and majority stake acquisitions, IPOs and joint venture structuring.

Majmudar & Partners

Clients of Majmudar & Partners’ insurance practice include international insurers and reinsurers for which practice heads Akil Hirani and Rukshad Davar recently advised on joint venture arrangements in the healthcare insurance space, card payment protection plans, group insurance structures, wind downs and regulatory advice for plan rollouts. Private sector financial institutions recently engaged the team to advise on warranty and indemnity insurance matters.

Practice head(s):

Akil Hirani; Rukshad Davar

Key clients

Cigna Corporation

CPP Assistance Services Private Limited

Work highlights

  • Provided advice to Cigna Corporation on the replacement of TTK Group in its Indian joint venture.
  • Provided advice to CPP Assistance Services Private Limited on fraud protection services and group insurance policy.

Phoenix Legal

The strong contentious offering at Phoenix Legal’s insurance practice regularly represents domestic and international reinsurers and assurance companies in complex coverage disputes. Co-head Mrinal Ojha fields expertise in employment practice liabilities while challenges to claim settlements are regularly handled by co-heads Trinath Tadakamalla and Debarshi Dutta, often with a cross-border element. Co-head Saket Shukla leads on non-contentious transactional support, policy-building engagements and regulatory advice. Insureds in the pharmaceuticals and automotive sectors also retain the team for litigation support.

Key clients

New India Assurance Co Ltd

HDFC Ergo General Insurance Company Ltd

IFFCO-TOKIO General Insurance Company

Nagarjuna Agrichem Limited (NACL)

Bharti AXA General Insurance Company Limited

Bajaj Allianz General Insurance Company (BAGIC)

Work highlights

  • By way of a brief background, an international commercial arbitration between HCL Technologies Ltd (Claimant) and HDFC Ergo General Insurance Company Ltd (Respondent) arose out of a claim of c. USD 21 Million under an Information and Technology Errors or Omissions (E&O) Liability Insurance Policy.
  • Star Health is one of the leading insurance company offering health insurance products, overseas Mediclaim products and personal accident coverage. Star Health was acquired by a consortium of investors led by Rakesh Jhunjhunwala, Westbridge Capital and Madison Capital.
  • The matter involves acting on behalf of New India Assurance Co Ltd (NIA) in an arbitration petition, by which the Arbitral Award passed by a high-powered Tribunal directing NIA to pay a significant sum of money to Gujarat Narmada Valley Fertilizers Company Limited (GNFC) has been challenged before the Bombay High Court.

BRUS CHAMBERS, Advocates & Solicitors

BRUS CHAMBERS, Advocates & Solicitors is a leading firm in the shipping sector and as such, 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.