Edme Services Private Limited “Edme”, has concluded the acquisition of 100% shareholding in Aditya Birla Insurance Brokers Ltd. (ABIBL). This acquisition marks a significant milestone in Edme’s journey to be recognized as a major player in the Indian insurance and reinsurance broking industry. Aditya Birla Insurance Brokers Ltd. (ABIBL) will be renamed to Edme Insurance Brokers Pvt. Limited subject to IRDAI approval.

ABIBL, earlier a part of the Aditya Birla group, is a leading insurance broking firm in India, and serves a diverse set of clientele with a wide range of risk management and insurance solutions. ABIBL also has a strong presence in the retail insurance broking space

Following the acquisition, Edme will focus on building all three legs of the business – corporate, reinsurance and retail broking, and aspires to make ABIBL the most respected insurance broker across all three segments. Edme plans to invest into further building on the capabilities of ABIBL, by investing behind people, technology and systems, to help drive an increased penetration of insurance across both retail and corporate customers in India.

As Edme embarks on this new chapter, the company remains committed to maintaining the highest standards of integrity, transparency, and teamwork, ensuing all existing employees within the organisation are retained. This acquisition strengthens Edme’s market position and underscores its dedication to fostering long-term relationships based on trust and mutual success.

Sanjay Radhakrishnan, the CEO designate of Aditya Birla Insurance Brokers, said, “We are pleased to bring Aditya Birla Insurance Brokers into the Edme Global family. This acquisition is a key milestone in our journey to become a dominant force in the financial services sector and contribute towards increasing Insurance penetration in India through cluster specific specialised products. It aligns perfectly with Edme’s vision to lead the insurance broking industry in India by combining its deep sectoral expertise with ABIBL’s industry-first digital innovations and strong presence in the industry. The burgeoning gig economy is an exciting sector for insurance where innovative product offering leveraging technology can make a huge difference. We are poised to set new benchmarks in bespoke risk management solution and service.

Manish Mehta, the co-CIO of Samara Capital, which is the lead investor in the platform, added, we are thrilled to carry on further building on this wonderful platform created by the Aditya Birla Group and the great team at ABIBL. By investing behind our people and technology, we aspire to be insightful and valuable partners in the insurance ecosystem and serve to further increase the penetration of risk management solutions and products. We thank our valuable customers, underwriting partners and channel associates for their continued faith in us. We assure them that we will continue to serve their best interest with renewed vigour, better access through scale and technology and above all a humble yet steely resolve to make a difference.

Niren Shah, the MD and Head of India at Norwest Venture Partners, said “Norwest is delighted to invest in the Edme Insurance Broking platform alongside Samara and Creador. The platform is poised to revolutionize the Indian insurance market by offering clients a unique value proposition and access to global risk capital. Edme’s acquisition of ABIBL positions the company for significant growth, and we are eager to scale the business to capture the substantial long-term opportunities. The Indian insurance broking sector is on the brink of significant advancements in growth, profitability, technology, and innovation and we are confident that Sanjay and the founding team will utilize their extensive expertise and deep understanding of complex segments to deliver outstanding value and choice to both clients and carriers”

Kabir Thakur, Senior Managing Director and CIO of Creador, said “Creador is pleased to partner with the Edme team as they pursue their mission of increasing the insurance penetration in the country by offering customised risk management solutions. ABIBL has built a strong foundation in the Indian insurance broking industry, and we are excited to contribute to its growth journey”.

Shardul Amarchand Mangaldas & Co. have been the legal advisors to Edme Services Private Limited, on the acquisition of entire stake in Aditya Birla Insurance Brokers Limited (ABIBL) from Aditya Birla Capital Limited and Birla Group Holdings Private Limited.