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Global private equity powerhouse Blackstone has made a significant entry into India’s insurance intermediary market by acquiring a majority stake in New Delhi-based Ace Insurance Brokers for around Rs 1,700 crore. This deal, one of the largest in the country’s insurance brokerage segment, underscores Blackstone’s growing interest in India’s fast-expanding financial services sector.
According to sources familiar with the deal, the US-based investor has acquired roughly 70% of Ace Insurance Brokers. The company provides a wide range of insurance and reinsurance services, including property, transit, liability, aviation, and marine hull insurance, along with protection and indemnity coverage. Ace Insurance Brokers is also recognised for arranging major insurance covers for corporate giants such as the Adani Group.
“Blackstone has acquired majority stakes in Ace Insurance Brokers. However, we don’t want to comment on the valuation,” a spokesperson for Blackstone India told the Financial Express.
About Ace Insurance Brokers
Founded by Raj Vinay Ajmera and Anil Arora, Ace Insurance Brokers has operations across 15 cities in India and employs over 350 professionals. The firm handles insurance premiums worth more than Rs 3,400 crore annually and has a turnover of around Rs 250 crore. In the financial year 2025, it issued over 144,000 policies, reflecting its strong presence and influence in the insurance intermediary segment.
Blackstone’s Growing India Footprint
Blackstone, the world’s largest alternative asset manager, manages assets exceeding $1.1 trillion globally. In India, it has invested close to $50 billion so far, with a focus primarily on real estate. The firm plans to double this investment in the coming years, targeting sectors such as infrastructure, data centres, logistics, and now, insurance intermediaries.
This acquisition marks Blackstone’s first foray into India’s insurance intermediary market, which currently sees annual premium placements of roughly Rs 50,000 crore. Analysts note that the sector has been experiencing increased consolidation in recent years, making it an attractive space for large global investors seeking stable, yield-generating opportunities.
Consolidation and M&A Activity in India’s Insurance Brokerage Market
The Ace Insurance Brokers deal is part of a broader wave of consolidation in India’s insurance intermediary space. Recently, Edme Insurance Brokers (formerly Aditya Birla Insurance Brokers) acquired the India operations of UK-based UIB, a top-five reinsurance broker specialising in energy and aviation. Edme now manages around Rs 200 crore in annual business, covering both reinsurance and direct insurance placements.
Another notable transaction last year saw Aon, the world’s second-largest reinsurance broker, acquire Global Insurance Brokers (GIB), founded by Prabodh Thakker, in a Rs 250-crore deal. Similarly, French insurance broker Diot-Siaci entered the Indian market by purchasing a majority stake in Unilight, a domestic reinsurance broker focusing on corporate and professional risks.
These transactions highlight a growing trend of international and domestic firms consolidating India’s fragmented insurance intermediary market. Analysts suggest that this consolidation is driven by rising demand for structured insurance solutions, increased corporate awareness of risk management, and a shift toward global best practices in governance and compliance.
Strategic Significance
Blackstone’s investment in Ace Insurance Brokers is seen as a strategic move to tap into a fast-growing segment with long-term potential. With India’s insurance penetration still relatively low compared to global standards, the intermediary market offers significant room for growth. Blackstone’s entry is expected to accelerate product innovation, strengthen risk management practices, and attract further institutional interest in the sector.
The acquisition also reinforces Blackstone’s approach of investing in sectors that combine growth potential with predictable cash flows, aligning with its broader India strategy. For Ace Insurance Brokers, the partnership with Blackstone brings not just capital but global expertise, operational support, and access to a wider client network.
As the insurance intermediary market continues to expand and consolidate, Blackstone’s Rs 1,700-crore acquisition of Ace Insurance Brokers signals a new chapter in India’s financial services landscape — one where institutional investment, professional management, and global best practices are set to reshape the market for years to come.
