Kathmandu. US-based conglomerate Blackstone has bought a majority stake in Mumbai-headquartered Ace Insurance Brokers.
Blackstone has bought a majority stake in the company for $425 million.
According to the Times of India, this purchase agreement is the largest foreign investment in the insurance brokerage sector in India.
Established 24 years ago, Ace Insurance Brokers is licensed as a composite insurance and reinsurance intermediary from the insurance regulator of India.
It provides reinsurance brokerage services to large and multinational conglomerates, including Adani Group, DLF, Brookfield, GMR, Bharti Airtel, Jindal Steel & Power, and Jaypee Group.
Ace’s customer retention rate is over 98 percent. It has processed more than 1,000 claims with payments of over Rs 1,000 crore.
Blackstone’s investment is expected to support S’s technological upgrades, expand its reinsurance business and increase its domestic and global presence. While the companies will not disclose their post-deal shareholdings, sources indicate that promoters will retain a significant minority stake and continue to manage operations.
