Global private equity giant Blackstone has acquired a majority stake in New Delhi-based Ace Insurance Brokers for around Rs 1,700 crore, marking one of the largest transactions in India’s insurance intermediary market. According to sources, the US-based investor has purchased about 70% stake in Ace Insurance Brokers, which provides a wide range of insurance and reinsurance services including property, transit, liability, aviation, and marine hull insurance, along with protection and indemnity coverage.
The firm is also known for arranging major insurance covers for the Adani Group. “Blackstone has acquired majority stakes in Ace Insurance Brokers. However, we don’t want to comment on the valuation,” a Blackstone India spokesperson told FE.
Founded by Raj Vinay Ajmera and Anil Arora, Ace Insurance Brokers operates across 15 cities and employs over 350 professionals.
The company places insurance premiums worth more than Rs 3,400 crore annually, with a turnover of around Rs 250 crore, and issued over 144,000 policies in FY25. Blackstone, the world’s largest alternative asset manager with over $1.1 trillion in assets under management, has so far invested nearly $50 billion in India, primarily in real estate.
The PE major plans to double that figure in the coming years with focus on infrastructure, data centres, and logistics, among other sectors. This acquisition marks Blackstone’s first investment in India’s fast-growing insurance intermediary market, which sees annual premium placements of about Rs 50,000 crore. The segment has witnessed growing consolidation in recent years.
Recently, Edme Insurance Brokers (formerly Aditya Birla Insurance Brokers) acquired the India operations of the UK-based UIB, one of the world’s top five reinsurance brokers specialising in energy and aviation. Edme currently writes around Rs 200 crore in business annually through both reinsurance and direct insurance placements.
In another notable deal last year, Aon, the world’s second-largest reinsurance broker, acquired Global Insurance Brokers (GIB), founded by Prabodh Thakker, in a Rs 250-crore transaction. Similarly, French insurance broker Diot-Siaci entered the Indian market by purchasing a majority stake in Unilight, another domestic reinsurance broker specialising in corporate and professional risk.