Edme Insurance Brokers Acquires UIB Insurance for Reinsurance Business
Edme Insurance Brokers Ltd, previously known as Aditya Birla Insurance Brokers Ltd, has taken over the Indian operations of UIB Group based in London as part of a strategic effort to enhance its value offering.
UIB Group is a privately owned global insurance and reinsurance brokerage firm. Its Indian branch, UIB Insurance Brokers (India) Pvt. Ltd, brings the group's services to the Indian market. The acquisition by Edme will provide the insurance broker with access to reinsurance brokerage as well as UIB’s extensive client network.
The company did not disclose the financial details of the acquisition, which is pending regulatory approval. After completing the necessary legal processes, the unified entity will operate under the name Edme Insurance Brokers, according to a company announcement.
The announcement further noted that this merger signifies a major step forward in Edme’s mission to be recognized as one of the leading players in the Indian insurance and reinsurance brokerage sector.
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Sanjay Radhakrishnan, the CEO of Edme Insurance Brokers, stated there will be no layoffs or alterations to client-facing teams, ensuring that leadership positions will remain intact, which guarantees continuity for all involved.
The new entity aims to establish itself as a dominant force in wholesale, reinsurance, and retail brokerage by providing insurance solutions and technology-enabled risk management services to clients in the Indian market.
Edme has been actively pursuing both organic growth and acquisitions to solidify its position among India’s top insurance brokers.
This strategic merger unites two robust entities with complementary strengths: Edme’s focus on sector-specific innovation and digital transformation and UIB India’s established reinsurance expertise and strong client connections.
Clients of UIB in India will experience no change in service quality or terms. In fact, they will enjoy access to a wider range of expertise, increased product offerings, and an enhanced placement reach, including expanded options such as cyber insurance, liability, trade credit, surety, PEMA, parametric solutions, and specialized reinsurance offerings, according to Radhakrishnan.
Edme and UIB will utilize their combined capabilities, workforce, and digital resources to increase insurance coverage, create customized risk solutions, and improve customer service throughout India, as stated by the company.
The merged organization is positioned to achieve exceptional growth, targeting over 25 percent CAGR in the coming years, according to Radhakrishnan.
“With UIB India’s reinsurance knowledge and our strong local insights, we are well-prepared to provide tailored solutions across wholesale, retail, and reinsurance sectors,” said Radhakrishnan from Edme.
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Surendra Mehta, the CEO of UIB Insurance Brokers, expressed enthusiasm about partnering with Edme to build on the robust foundation laid by both organizations. He noted, “This merger marks the start of a new chapter.”
In 2024, Edme Insurance Brokers acquired Aditya Birla Insurance Brokers. Following this acquisition, Edme expanded its range of products and solutions to align with the evolving global insurance market.