Indranath Bishnu

Indranath’s work is focussed on the Insurance industry where he specializes in mergers and acquisitions and joint ventures. Since 2007, he has advised multiple corporations, both Indian and foreign, in relation investments in the insurance sector as well as establishment, operation, management and control of insurance companies in India. Indranath also regularly advises corporate brokers and agents in relation to the development and distribution of insurance products with Indian insurers

Indranath also advises various government bodies on reforms in the insurance sector. He currently serves as a member on 2 committees constituted by the Insurance Regulatory and Development Authority of India (IRDAI) to study and recommend capital requirements for Insurance entities as well as the impact of Digital Personal Data Protection Act, 2023 on Insurance Sector. He is also leading the team from Cyril Amarchand Mangaldas engaged to advise the Regulation Review Committee constituted by the General Insurance Council and the Life Insurance Council in relation to overhauling and consolidating the regulatory framework issued by the IRDAI. Further, he is leading the team from Cyril Amarchand Mangaldas engaged to advise on the Bima Sugam project, which is the flagship initiative for establishing a digital platform, involving the IRDAI and the entire insurance industry.

Along with the focus in the Insurance sector, he has advised on transactions in other financial services sector such as payments banks, credit information companies, banking, mutual funds, credit cards, and payment and settlement systems. His other notable M&A experience has been in the sectors such as civil aviation, retail, goods and services, and real estate.

Insurance M&A:

• Advised Zurich Insurance Company Ltd in relation to its proposed acquisition of up to 70% of the paid up equity share capital of Kotak Mahindra General Insurance Company Limited, through a combination of primary and secondary acquisition.
• Advised V-Sciences Investments Pte. Ltd. (a Temasek group entity) in relation to the proposed subscription of 2.63% of the paid up equity share capital of Niva Bupa Health Insurance Company Limited.
• Advised Aditya Birla Health Insurance Company Limited and its Indian promoter Aditya Birla Capital Limited in relation to a capital infusion by Abu Dhabi Investment Authority (one of the major sovereign wealth funds in the world).
• Advised Marsh International Holdings Inc in relation to acquisition of a majority stake in Marsh India Insurance Brokers Private Limited and advising on several contentious issues from a regulatory perspective (including foreign exchange regulations); drafting the application to the IRDAI to procure prior approval for the transaction; and drafting transaction documents and other ancillary documents pertaining to the transaction.
• West Street Global, an investment arm of Goldman Sachs group in their equity investment in Girnar Insurance Brokers Pvt. Ltd. (InsuranceDekho) of INR 153.3 crore as part of the INR 300 crore round.
• Axis Bank Limited in their equity investment in Go Digit Life Insurance Limited to acquire a stake of 9.9%.
• Axis Bank Limited in their proposed acquisition of additional stake in Max Life Insurance Company Limited to dial-up their shareholding to 16.23%.
• Dai-ichi Life Holdings Inc. in their INR 300 crore (approx.) investment in D2C Consulting Services Private Limited (RenewBuy).
• Advised Canada Pension Plan Investment Board (CPPIB) which has invested in the Series D funding round of Acko Technologies and Services Private Limited (Acko), the holding company of Acko General Insurance Limited. General Atlantic and Lightspeed Ventures have also participated in this round. Acko has become a unicorn with this funding round. The deal closing is subject to IRDAI approval.
• Advised Leapfrog Investments in their equity investment of $250 million as a part of its Series E fundraising at a valuation of approximately $1.2 billion in Girnar Software Private Limited (GSPL), under the brand Cardekho (online portal for new and used cars). We provided regulatory advice on insurance industry practices followed by GSPL’s insurance broker subsidiary namely Girnar Insurance Brokers Private Limited.
• Advised Bessemer Venture Partners (BVP) and Susquehanna International Group, LLP (SIG) in relation to their investment in Novabenefits Private Limited (Novabenefits), a company engaged in providing employee benefits related services with human resource process automations. The subsidiary of Novabenefits has also obtained a direct insurance broking license from the IRDAI, which will allow the subsidiary to provide the clients of Novabenefits with various combinations of insurers and insurance coverages.
• Advised Life Insurance Corporation of India in relation to its Initial Public Offering closed in FY 2022.
• Advised Star Health and Allied Insurance Company Limited in relation to its Initial Public Offering in December 2021.
• Advised the Book Running Lead Managers in respect of the Initial Public Offering of GoDigit General Insurance Limited in August 2022 as well as the Initial Public Offering of PB Fintech Limited (the parent entity of Policybazaar (India’s largest digital insurance marketplace) and Paisabazaar) in November 2021
• Advised the Book Running Lead Managers in respect of the Initial Public Offering of PB Fintech Limited (the parent entity of Policybazaar (India’s largest digital insurance marketplace) and Paisabazaar) in November 2021
• Advised Axis Bank Limited, in relation to its proposal to acquire 29% stake in Max Life Insurance Company Limited from Max Financial Services Limited. The transaction is pending consummation subject to inter alia receipt of various regulatory approvals from Reserve Bank of India, IRDAI and the Competition Commission of India.
• Advised Marsh & McLennan Companies, Inc, Marsh India Insurance Brokers Private Limited, JLT Asia Holdings B.V. in relation to the acquisition of 51% of the paid-up equity share capital by JLT Asia Holdings B.V. (an indirect subsidiary of MMC), of JLT Independent Insurance Brokers Private Limited, a registered composite insurance broker, from Sunidhi Securities & Finance Limited. Further, JLT Independent and Marsh India also entered into a transfer agreement for transfer of JLT Independent’s existing insurance broking, risk management and consultancy business to Marsh India
• Advised Navi Technologies Private Limited, in relation to acquisition of 100% equity share capital of DHFL General Insurance Limited (now Navi General Insurance Limited) from Wadhawan Global Capital Limited (whose shares in the insurance company at the time of sale was subject to IRDAI promoter lock-in). The IRDAI approval for the aforesaid transaction factored in a specific exemption for the same.
• Advised ICICI Lombard General Insurance Company Limited, in relation to acquisition of the web-based customer relationship management business of Unbox Technologies Private Limited, commonly known as ‘AutoNinja’, in a slump sale completed pursuant to a business transfer agreement. This transaction holds value for being one of the very few (if not the only) non-insurance business acquisition completed by an Indian insurance company
• Marsh & McLennan Companies, Inc (MMC) and Marsh International Holdings, Inc., a Marsh and McLennan group company, in relation to its acquisition of an additional 26% stake in Marsh India Insurance Brokers Private Limited (“Marsh India”) from the existing shareholders of Marsh India.
• Advised Legal & General Group plc in connection with sale of its entire equity stake of 26% in IndiaFirst Life Insurance Company Limited to an entity controlled by Warburg Pincus LLC.
• Advised Standard Chartered Bank in relation to its global arrangements for distribution of insurance products with its international insurer partner Allianz, and advising the bank’s India branch on the promotion and sale of the products of Bajaj Allianz General Insurance Company Limited.
• Advised Warburg Pincus in relation its acquisition of a non-promoter stake in ICICI Lombard General Insurance Company Limited.
• Advised The State Bank of India in relation to its life insurance joint venture with Cardiff Insurance, being SBI Life Insurance Company.
• Advised Dai-ichi Mutual Life Insurance Company in relation to the acquisition of 18% stake from existing shareholders in its joint venture in India, being Star Union Dai-ichi Life Insurance Company. Continues to advise the clients in relation to management and control of and the Company.
• Advised The State Bank of India in relation to management and control of its general insurance joint venture in India, being SBI General Insurance Company
• Advised SBI Life Insurance Company in relation to compliance with social sector obligations under the relevant regulations issued by the IRDAI.
• Advised Allahabad Bank, Karnataka Bank, Indian Overseas Bank and Dabur Investments Corp, in relation to management and control of its general insurance joint venture in India, being Universal Sompo General Insurance Company Limited.
• Advised Allianz SE in relation to management and control of its joint ventures in India, being Bajaj Allianz Life Insurance Company and Bajaj Allianz General Insurance Company.
• Advised Marsh Inc in relation to management and control of its joint venture in India, being Marsh Insurance Brokers (India) Private Limited.
• Advised Marsh Inc in relation to management and control of its joint venture in India, being Marsh Insurance Brokers (India) Private Limited.

• Ranked as ‘Up & Coming’ for Insurance in Chambers & Partners, 2024-2023
• Ranked as ‘Key Lawyer’ for Insurance in Legal 500, 2024
• Ranked as ‘Recommended Lawyer’ for Insurance in Legal 500, 2023

• Bar Council of Delhi, India