Edme eyes global insurance broking business after Birla company buy

MUMBAI: Samara Capital, along with investors including Norwest Venture Partners, Creador, and industry veteran Sanjay Radhakrishnan have acquired a 100% stake in Aditya Birla Insurance Brokers at an enterprise valuation of Rs 455 crore. The company has been renamed Edme Insurance Brokers, with the new promoters aiming to establish it as India's first multinational insurance broker.

Edme will focus on retail, corporate, and reinsurance segments, with its retail interface operating entirely online. The company is upgrading its technology stack, incorporating AI to structure data more effectively. The new system will enable seamless integration with corporate clients' platforms.

Speaking to TOI, Sanjay Radhakrishnan said that the company with a composite brokerage will look at business in London, Dubai and Singapore.

"Structurally, most insurance brokers are built on the lines of insurance companies while having specialty lines," said Radhakrishnan . "We aim to develop specializations based on industries rather than just lines of business." Radhakrishnan formerly built mnc brokerage JLTs insurance business in India before it was acquired by Marsh.

The firm's retail engagement will primarily follow a B2B2C model, working with corporate employees. Radhakrishnan highlighted the importance of targeting SMEs, which employ small teams but are significant employers. He said Edme aims to increase penetration in this segment.