OUR
PRACTICE
At the forefront of M&A activity in India, including insurance, AZB has been involved in more than 75% of private insurance joint ventures since the sector opened up in 2000. Our insight into regulatory views and our interactions in shaping them sets us apart. Our clients have returned to us consistently and long term relationships, coupled with a full service offering, enables us to provide crisp, specific advice, whether the client is a bank, a regional or global insurance player, a private equity fund or a strategic investor.
Our advice is tailored towards risk–assessed solutions in a given legal framework. Since the sector has the potential to be litigious, our specialists have prior experience in not just M&A or regulatory advice, but also in contentious insurance and contractual litigations, which enhances the purpose–driven advice we provide.
GET IN TOUCH
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Rajendra Barot
Senior Partner
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Anil Kasturi
Senior Partner
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Kashish Bhatia
Senior Partner
An established insurance practice that is known for assisting international insurance and reinsurance companies. Possesses a strong track record of advising global entities on M&A and joint venture transactions in India. Capable of advising clients on fund-raising issues, including IPOs. Also sought out as an adviser on insurance regulations and related audits.
Chambers & Partners Asia–Pacific (2025) on our Insurance practiceWHAT
WE DO
Both senior and junior partners are closely involved in framing, structuring and negotiating a deal. Our approach is hands–on because we often execute market–first or trendsetting M&A. In such circumstances, “hands–on” doesn’t only require reassuring the client, it also means making the counter–party and the regulator comfortable, which takes time, focus and effort.
Our specialists understand that a client’s goals and requirements are paramount. Our training and mentoring enhances their legal knowledge and grasp, which is crucial in sector specialisation. They also have the added awareness that clear, context–led communication and the roles played by each member of the team contribute greatly to a successful, agile practice. We remain available 24/7 without losing sight of these goals and this accessibility is highly appreciated.
RECENT WORK HIGHLIGHTS
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On its life insurance joint venture with Religare Enterprises and Bennett Coleman & Co, and its purchase of 23% from Bennett Coleman
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On its acquisition (i) In Royal Sundaram General Insurance (ii) Of IDBI Federal Life Insurance Company from IDBI Bank
-
On its acquisition of up to 19% of Max Life Insurance Company
-
On multiple stake sales in SBI Life, including its USD 10 billion IPO
-
On multiple stake sales (i) In ICICI Lombard General Insurance as part of an IPO (ii) To private equity funds in a pre–IPO placement
-
On the sale of 23% of HDFC ERGO to Munich Re, acquisition & merger of Apollo Munich into HDFC ERGO
-
On its joint venture with State Bank of India to undertake general insurance in India, and its investment in SBI General Insurance
-
On its acquisition of the general insurance business of Bharti AXA GI via a scheme of demerger
-
On (i) Its sale of 51% of Max Bupa Health Insurance to True North Fund Managers (ii) The purchase of Mitsui Sumitomo’s stake in Max Life Insurance Company
-
On its joint venture with the Aditya Birla Group to undertake health insurance in India, and its investment in Aditya Birla Health Insurance
-
On its affiliate's 23% acquisition of Apollo Munich Health Insurance
-
On the 14% sale of Cholamandalam MS General Insurance to Mitsui Sumitomo Insurance
-
In relation to the sale of its stake in Kotak Old Mutual Life Insurance to Kotak Mahindra Bank
-
On its investment in Universal Sompo General Insurance Company, and acquisition of 6% of the company from Karnataka Bank
-
On (i) Its life insurance joint venture with AIA International (ii) Its sale of 23% in Tata AIA Life Insurance Company to AIA International
-
Including (i) New India Assurance on its USD 1.3 billion IPO (ii) HDFC Life on its USD 1.2 billion IPO
-
On its life insurance joint venture with Religare Enterprises and Bennett Coleman & Co, and its purchase of 23% from Bennett Coleman
-
On its acquisition (i) In Royal Sundaram General Insurance (ii) Of IDBI Federal Life Insurance Company from IDBI Bank
-
On its acquisition of up to 19% of Max Life Insurance Company
-
On multiple stake sales in SBI Life, including its USD 10 billion IPO
-
On multiple stake sales (i) In ICICI Lombard General Insurance as part of an IPO (ii) To private equity funds in a pre–IPO placement
-
On the sale of 23% of HDFC ERGO to Munich Re, acquisition & merger of Apollo Munich into HDFC ERGO
-
On its joint venture with State Bank of India to undertake general insurance in India, and its investment in SBI General Insurance
-
On its acquisition of the general insurance business of Bharti AXA GI via a scheme of demerger
-
On (i) Its sale of 51% of Max Bupa Health Insurance to True North Fund Managers (ii) The purchase of Mitsui Sumitomo’s stake in Max Life Insurance Company
-
On its joint venture with the Aditya Birla Group to undertake health insurance in India, and its investment in Aditya Birla Health Insurance
-
On its affiliate's 23% acquisition of Apollo Munich Health Insurance
-
On the 14% sale of Cholamandalam MS General Insurance to Mitsui Sumitomo Insurance
-
In relation to the sale of its stake in Kotak Old Mutual Life Insurance to Kotak Mahindra Bank
-
On its investment in Universal Sompo General Insurance Company, and acquisition of 6% of the company from Karnataka Bank
-
On (i) Its life insurance joint venture with AIA International (ii) Its sale of 23% in Tata AIA Life Insurance Company to AIA International
-
Including (i) New India Assurance on its USD 1.3 billion IPO (ii) HDFC Life on its USD 1.2 billion IPO
-
On its life insurance joint venture with Religare Enterprises and Bennett Coleman & Co, and its purchase of 23% from Bennett Coleman
-
On its acquisition (i) In Royal Sundaram General Insurance (ii) Of IDBI Federal Life Insurance Company from IDBI Bank
-
On its acquisition of up to 19% of Max Life Insurance Company
-
On multiple stake sales in SBI Life, including its USD 10 billion IPO
-
On multiple stake sales (i) In ICICI Lombard General Insurance as part of an IPO (ii) To private equity funds in a pre–IPO placement
-
On the sale of 23% of HDFC ERGO to Munich Re, acquisition & merger of Apollo Munich into HDFC ERGO
-
On its joint venture with State Bank of India to undertake general insurance in India, and its investment in SBI General Insurance
-
On its acquisition of the general insurance business of Bharti AXA GI via a scheme of demerger
-
On (i) Its sale of 51% of Max Bupa Health Insurance to True North Fund Managers (ii) The purchase of Mitsui Sumitomo’s stake in Max Life Insurance Company
-
On its joint venture with the Aditya Birla Group to undertake health insurance in India, and its investment in Aditya Birla Health Insurance
-
On its affiliate's 23% acquisition of Apollo Munich Health Insurance
-
On the 14% sale of Cholamandalam MS General Insurance to Mitsui Sumitomo Insurance
-
In relation to the sale of its stake in Kotak Old Mutual Life Insurance to Kotak Mahindra Bank
-
On its investment in Universal Sompo General Insurance Company, and acquisition of 6% of the company from Karnataka Bank
-
On (i) Its life insurance joint venture with AIA International (ii) Its sale of 23% in Tata AIA Life Insurance Company to AIA International
-
Including (i) New India Assurance on its USD 1.3 billion IPO (ii) HDFC Life on its USD 1.2 billion IPO
-
On its life insurance joint venture with Religare Enterprises and Bennett Coleman & Co, and its purchase of 23% from Bennett Coleman
-
On its acquisition (i) In Royal Sundaram General Insurance (ii) Of IDBI Federal Life Insurance Company from IDBI Bank
-
On its acquisition of up to 19% of Max Life Insurance Company
-
On multiple stake sales in SBI Life, including its USD 10 billion IPO
-
On multiple stake sales (i) In ICICI Lombard General Insurance as part of an IPO (ii) To private equity funds in a pre–IPO placement
-
On the sale of 23% of HDFC ERGO to Munich Re, acquisition & merger of Apollo Munich into HDFC ERGO
-
On its joint venture with State Bank of India to undertake general insurance in India, and its investment in SBI General Insurance
-
On its acquisition of the general insurance business of Bharti AXA GI via a scheme of demerger
-
On (i) Its sale of 51% of Max Bupa Health Insurance to True North Fund Managers (ii) The purchase of Mitsui Sumitomo’s stake in Max Life Insurance Company
-
On its joint venture with the Aditya Birla Group to undertake health insurance in India, and its investment in Aditya Birla Health Insurance
-
On its affiliate's 23% acquisition of Apollo Munich Health Insurance
-
On the 14% sale of Cholamandalam MS General Insurance to Mitsui Sumitomo Insurance
-
In relation to the sale of its stake in Kotak Old Mutual Life Insurance to Kotak Mahindra Bank
-
On its investment in Universal Sompo General Insurance Company, and acquisition of 6% of the company from Karnataka Bank
-
On (i) Its life insurance joint venture with AIA International (ii) Its sale of 23% in Tata AIA Life Insurance Company to AIA International
-
Including (i) New India Assurance on its USD 1.3 billion IPO (ii) HDFC Life on its USD 1.2 billion IPO
-
On its life insurance joint venture with Religare Enterprises and Bennett Coleman & Co, and its purchase of 23% from Bennett Coleman
-
On its acquisition (i) In Royal Sundaram General Insurance (ii) Of IDBI Federal Life Insurance Company from IDBI Bank
-
On its acquisition of up to 19% of Max Life Insurance Company
-
On multiple stake sales in SBI Life, including its USD 10 billion IPO
-
On multiple stake sales (i) In ICICI Lombard General Insurance as part of an IPO (ii) To private equity funds in a pre–IPO placement
-
On the sale of 23% of HDFC ERGO to Munich Re, acquisition & merger of Apollo Munich into HDFC ERGO
-
On its joint venture with State Bank of India to undertake general insurance in India, and its investment in SBI General Insurance
-
On its acquisition of the general insurance business of Bharti AXA GI via a scheme of demerger
-
On (i) Its sale of 51% of Max Bupa Health Insurance to True North Fund Managers (ii) The purchase of Mitsui Sumitomo’s stake in Max Life Insurance Company
-
On its joint venture with the Aditya Birla Group to undertake health insurance in India, and its investment in Aditya Birla Health Insurance
-
On its affiliate's 23% acquisition of Apollo Munich Health Insurance
-
On the 14% sale of Cholamandalam MS General Insurance to Mitsui Sumitomo Insurance
-
In relation to the sale of its stake in Kotak Old Mutual Life Insurance to Kotak Mahindra Bank
-
On its investment in Universal Sompo General Insurance Company, and acquisition of 6% of the company from Karnataka Bank
-
On (i) Its life insurance joint venture with AIA International (ii) Its sale of 23% in Tata AIA Life Insurance Company to AIA International
-
Including (i) New India Assurance on its USD 1.3 billion IPO (ii) HDFC Life on its USD 1.2 billion IPO
-
On its life insurance joint venture with Religare Enterprises and Bennett Coleman & Co, and its purchase of 23% from Bennett Coleman
-
On its acquisition (i) In Royal Sundaram General Insurance (ii) Of IDBI Federal Life Insurance Company from IDBI Bank
-
On its acquisition of up to 19% of Max Life Insurance Company
-
On multiple stake sales in SBI Life, including its USD 10 billion IPO
-
On multiple stake sales (i) In ICICI Lombard General Insurance as part of an IPO (ii) To private equity funds in a pre–IPO placement
-
On the sale of 23% of HDFC ERGO to Munich Re, acquisition & merger of Apollo Munich into HDFC ERGO
-
On its joint venture with State Bank of India to undertake general insurance in India, and its investment in SBI General Insurance
-
On its acquisition of the general insurance business of Bharti AXA GI via a scheme of demerger
-
On (i) Its sale of 51% of Max Bupa Health Insurance to True North Fund Managers (ii) The purchase of Mitsui Sumitomo’s stake in Max Life Insurance Company
-
On its joint venture with the Aditya Birla Group to undertake health insurance in India, and its investment in Aditya Birla Health Insurance
-
On its affiliate's 23% acquisition of Apollo Munich Health Insurance
-
On the 14% sale of Cholamandalam MS General Insurance to Mitsui Sumitomo Insurance
-
In relation to the sale of its stake in Kotak Old Mutual Life Insurance to Kotak Mahindra Bank
-
On its investment in Universal Sompo General Insurance Company, and acquisition of 6% of the company from Karnataka Bank
-
On (i) Its life insurance joint venture with AIA International (ii) Its sale of 23% in Tata AIA Life Insurance Company to AIA International
-
Including (i) New India Assurance on its USD 1.3 billion IPO (ii) HDFC Life on its USD 1.2 billion IPO
-
On its life insurance joint venture with Religare Enterprises and Bennett Coleman & Co, and its purchase of 23% from Bennett Coleman
-
On its acquisition (i) In Royal Sundaram General Insurance (ii) Of IDBI Federal Life Insurance Company from IDBI Bank
-
On its acquisition of up to 19% of Max Life Insurance Company
-
On multiple stake sales in SBI Life, including its USD 10 billion IPO
-
On multiple stake sales (i) In ICICI Lombard General Insurance as part of an IPO (ii) To private equity funds in a pre–IPO placement
-
On the sale of 23% of HDFC ERGO to Munich Re, acquisition & merger of Apollo Munich into HDFC ERGO
-
On its joint venture with State Bank of India to undertake general insurance in India, and its investment in SBI General Insurance
-
On its acquisition of the general insurance business of Bharti AXA GI via a scheme of demerger
-
On (i) Its sale of 51% of Max Bupa Health Insurance to True North Fund Managers (ii) The purchase of Mitsui Sumitomo’s stake in Max Life Insurance Company
-
On its joint venture with the Aditya Birla Group to undertake health insurance in India, and its investment in Aditya Birla Health Insurance
-
On its affiliate's 23% acquisition of Apollo Munich Health Insurance
-
On the 14% sale of Cholamandalam MS General Insurance to Mitsui Sumitomo Insurance
-
In relation to the sale of its stake in Kotak Old Mutual Life Insurance to Kotak Mahindra Bank
-
On its investment in Universal Sompo General Insurance Company, and acquisition of 6% of the company from Karnataka Bank
-
On (i) Its life insurance joint venture with AIA International (ii) Its sale of 23% in Tata AIA Life Insurance Company to AIA International
-
Including (i) New India Assurance on its USD 1.3 billion IPO (ii) HDFC Life on its USD 1.2 billion IPO
-
On its life insurance joint venture with Religare Enterprises and Bennett Coleman & Co, and its purchase of 23% from Bennett Coleman
-
On its acquisition (i) In Royal Sundaram General Insurance (ii) Of IDBI Federal Life Insurance Company from IDBI Bank
-
On its acquisition of up to 19% of Max Life Insurance Company
-
On multiple stake sales in SBI Life, including its USD 10 billion IPO
-
On multiple stake sales (i) In ICICI Lombard General Insurance as part of an IPO (ii) To private equity funds in a pre–IPO placement
-
On the sale of 23% of HDFC ERGO to Munich Re, acquisition & merger of Apollo Munich into HDFC ERGO
-
On its joint venture with State Bank of India to undertake general insurance in India, and its investment in SBI General Insurance
-
On its acquisition of the general insurance business of Bharti AXA GI via a scheme of demerger
-
On (i) Its sale of 51% of Max Bupa Health Insurance to True North Fund Managers (ii) The purchase of Mitsui Sumitomo’s stake in Max Life Insurance Company
-
On its joint venture with the Aditya Birla Group to undertake health insurance in India, and its investment in Aditya Birla Health Insurance
-
On its affiliate's 23% acquisition of Apollo Munich Health Insurance
-
On the 14% sale of Cholamandalam MS General Insurance to Mitsui Sumitomo Insurance
-
In relation to the sale of its stake in Kotak Old Mutual Life Insurance to Kotak Mahindra Bank
-
On its investment in Universal Sompo General Insurance Company, and acquisition of 6% of the company from Karnataka Bank
-
On (i) Its life insurance joint venture with AIA International (ii) Its sale of 23% in Tata AIA Life Insurance Company to AIA International
-
Including (i) New India Assurance on its USD 1.3 billion IPO (ii) HDFC Life on its USD 1.2 billion IPO
-
On its life insurance joint venture with Religare Enterprises and Bennett Coleman & Co, and its purchase of 23% from Bennett Coleman
-
On its acquisition (i) In Royal Sundaram General Insurance (ii) Of IDBI Federal Life Insurance Company from IDBI Bank
-
On its acquisition of up to 19% of Max Life Insurance Company
-
On multiple stake sales in SBI Life, including its USD 10 billion IPO
-
On multiple stake sales (i) In ICICI Lombard General Insurance as part of an IPO (ii) To private equity funds in a pre–IPO placement
-
On the sale of 23% of HDFC ERGO to Munich Re, acquisition & merger of Apollo Munich into HDFC ERGO
-
On its joint venture with State Bank of India to undertake general insurance in India, and its investment in SBI General Insurance
-
On its acquisition of the general insurance business of Bharti AXA GI via a scheme of demerger
-
On (i) Its sale of 51% of Max Bupa Health Insurance to True North Fund Managers (ii) The purchase of Mitsui Sumitomo’s stake in Max Life Insurance Company
-
On its joint venture with the Aditya Birla Group to undertake health insurance in India, and its investment in Aditya Birla Health Insurance
-
On its affiliate's 23% acquisition of Apollo Munich Health Insurance
-
On the 14% sale of Cholamandalam MS General Insurance to Mitsui Sumitomo Insurance
-
In relation to the sale of its stake in Kotak Old Mutual Life Insurance to Kotak Mahindra Bank
-
On its investment in Universal Sompo General Insurance Company, and acquisition of 6% of the company from Karnataka Bank
-
On (i) Its life insurance joint venture with AIA International (ii) Its sale of 23% in Tata AIA Life Insurance Company to AIA International
-
Including (i) New India Assurance on its USD 1.3 billion IPO (ii) HDFC Life on its USD 1.2 billion IPO
-
On its life insurance joint venture with Religare Enterprises and Bennett Coleman & Co, and its purchase of 23% from Bennett Coleman
-
On its acquisition (i) In Royal Sundaram General Insurance (ii) Of IDBI Federal Life Insurance Company from IDBI Bank
-
On its acquisition of up to 19% of Max Life Insurance Company
-
On multiple stake sales in SBI Life, including its USD 10 billion IPO
-
On multiple stake sales (i) In ICICI Lombard General Insurance as part of an IPO (ii) To private equity funds in a pre–IPO placement
-
On the sale of 23% of HDFC ERGO to Munich Re, acquisition & merger of Apollo Munich into HDFC ERGO
-
On its joint venture with State Bank of India to undertake general insurance in India, and its investment in SBI General Insurance
-
On its acquisition of the general insurance business of Bharti AXA GI via a scheme of demerger
-
On (i) Its sale of 51% of Max Bupa Health Insurance to True North Fund Managers (ii) The purchase of Mitsui Sumitomo’s stake in Max Life Insurance Company
-
On its joint venture with the Aditya Birla Group to undertake health insurance in India, and its investment in Aditya Birla Health Insurance
-
On its affiliate's 23% acquisition of Apollo Munich Health Insurance
-
On the 14% sale of Cholamandalam MS General Insurance to Mitsui Sumitomo Insurance
-
In relation to the sale of its stake in Kotak Old Mutual Life Insurance to Kotak Mahindra Bank
-
On its investment in Universal Sompo General Insurance Company, and acquisition of 6% of the company from Karnataka Bank
-
On (i) Its life insurance joint venture with AIA International (ii) Its sale of 23% in Tata AIA Life Insurance Company to AIA International
-
Including (i) New India Assurance on its USD 1.3 billion IPO (ii) HDFC Life on its USD 1.2 billion IPO
