EDME Insurance eyes overseas expansion, targets ₹1,600 cr business

EDME Insurance Brokers, formerly Aditya Birla Insurance Brokers Ltd, is eyeing an overseas expansion and aims to double its business to ₹1,600 crore over the next five years.

"We would also like to spread our wings outside India, namely to Dubai, Singapore and London as well. We feel that, in the next one year or so, we will set up offices in both Singapore and Dubai. So, London might come later," EDME Insurance Brokers Chief Executive Officer Sanjay Radhakrishnan told PTI.

Talking about the acquisition of UIB Insurance Brokers (India) Pvt Ltd, he said that with the buy, business has increased to about ₹850 crore.

 

With the deal, he said, EDME Insurance Brokers has become the second largest in the country after Marsh.

For the rapid growth, he said, "We have identified around 14-18 industries that we want to focus on. For example, IT and BFSI, construction, infrastructure, and power. We are also looking at sports, media, and entertainment. Additionally, we are looking at mergers and acquisitions".

With the addition of a new segment, he said, "We want to double the business every three to four years."  Asked about manpower increase, he said, "We see our headcount not growing as significantly as the numbers because we are using a lot of technology to back up our growth plans. We should be sub 1,000 people by the end of the next 3-4 years".

On the merger, he said, "The coming together of EDME and UIB brings complementary strengths under a unified operating framework - combining scale, industry-aligned expertise, global market access, and technology-led advisory".

The integration goes beyond consolidation, positioning the combined organisation to deliver deeper, sector-specific risk and insurance solutions across corporate insurance, reinsurance and specialised risk segments, Radhakrishnan said.

Enhanced capacity, access to international insurance and reinsurance markets, and coordinated cross-border capabilities further reinforce the organisation's ability to support Indian and multinational clients, he added.