J.B. BODA Group

What J.B. BODA Group does

J.B. Boda Group is a privately-held, family-owned insurance and reinsurance broking conglomerate headquartered in Mumbai, India, founded in 1943 and currently led by the fourth generation of the Boda family. The Group operates through five wholly-owned subsidiaries covering reinsurance broking, direct insurance broking, professional surveying and loss assessment, Protection & Indemnity services, and consultancy. Its core services span non-life and life reinsurance placement, direct corporate insurance broking, marine and non-marine surveys, asset valuation, risk inspection, actuarial services, employee benefits administration, and P&I correspondent services for maritime clients.

The Group serves enterprise clients across India and internationally through 27 PAN-India offices and 11 global offices (Singapore, UK, Dubai, Nepal, Bangladesh, Kenya, Indonesia, Egypt, Nigeria), with working relationships in 90+ countries and 525+ insurer/reinsurer partnerships. The Group is the pioneer of reinsurance broking in India and the first Indian firm authorized as a Lloyd's Broker (2002). Its technology stack includes PROTECT, an in-house (re)insurance software platform for managing reinsurance operations, and Walnnut, an online insurance platform; BODA LABS provides analytical and laboratory testing services across four Indian cities. The Group is ISO 9001:2008 certified for survey operations.

J.B. Boda generates revenue primarily through transaction fees on insurance and reinsurance placements (both treaty and facultative) and professional services fees for surveying, loss assessment, valuation, actuarial work, and risk inspection. Pricing is bespoke and quote-based; services are distributed through direct enterprise sales supported by an international broker network and exclusive correspondent relationships with Steamship Mutual (since 1956) and Shipowners Mutual P&I Club (since 1984). The Group holds IRDAI composite broker licenses, a Lloyd's Broker authorization, and senior leadership positions at Assurex Global, providing distribution reach into multinational client programs.

Name

J.B. BODA Group

Legal name

J.B. Boda Group

Website

https://jbbodagroup.com

Company type

Private

Founded year

1943

Operating status

Operating

Headcount range

501–1,000 employees

Short description

J.B. Boda Group is a family-owned, Mumbai-headquartered insurance and reinsurance broking conglomerate founded in 1943, operating through five subsidiaries across direct broking, reinsurance placement, surveying, P&I services, and consultancy for corporate, maritime, and insurance-company clients in 90+ countries.

Ownership category

akta.pro rank

Product category

Insurance and Reinsurance Broking

NAICS

Insurance Agencies and Brokerages (524210)

SIC

Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Captive Insurance Advisory & Management (FSAEADAF)

Keywords

• Reinsurance broking services
• Insurance broking services
• Protection and indemnity
• Marine and non-marine survey
• Asset valuation services

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices10 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Infrastructure, Technology or R&D, Others

Revenue model

1. Reinsurance Broking (Non Life & Life): Facilitating reinsurance arrangements for insurance companies, placing treaty and facultative reinsurance in international markets, arranging life retrocession programs
2. Insurance Broking (Non Life & Life): Direct insurance placement services for corporate clients including property, engineering, marine, financial lines, employee benefits, and health insurance
3. Insurance Survey & Loss Assessment: Professional insurance and marine survey services including loss adjustment, tank calibration, asset valuation, and analytical laboratory services (BODA LABS)
4. Protection & Indemnity Services: P&I insurance services through exclusive correspondent relationships with Steamship Mutual and Shipowners Mutual P&I Clubs for maritime industry clients
5. Actuarial Services: Facilitating life and non-life actuarial services including product design, IBNR calculation, valuation, and regulatory reporting
6. Risk Inspection & Asset Valuation: Risk inspection services during construction and operational phases, asset valuation for land, building, plant, machinery, furniture and fixtures
7. Employee Benefit Schemes: Facilitating employee benefit schemes including group superannuation, group gratuity, leave encashment schemes, and wellness programs

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

J.B. Boda Group operates as an insurance and reinsurance broker facilitating risk transfer between insurers, cedents, and end clients across non-life and life classes. Its offerings extend to Protection & Indemnity insurance through exclusive P&I Club correspondents, professional marine and non-marine surveying with loss assessment, asset valuation by registered valuers, risk inspection during construction and operations, and facilitation of actuarial services and employee benefit schemes.

Product overview

J.B. BODA Group is an insurance and reinsurance broking conglomerate offering a comprehensive suite of services through its five subsidiary companies: J.B.Boda & Co. Pvt. Ltd. (reinsurance and actuarial services), J.B.Boda Insurance & Reinsurance Brokers Pvt. Ltd. (direct broking), J.B.Boda Insurance Surveyors & Loss Assessors Pvt. Ltd. (survey and loss assessment), Crowe Boda & Co. Pvt. Ltd. (Protection & Indemnity), and Atrium Consultancy Services. The Group provides reinsurance and insurance broking for non-life and life classes, marine and non-marine surveys, risk inspection, asset valuation, and training services. Key offerings include the Walnnut online platform and PROTECT in-house insurance software. The Group serves clients across 95+ countries through 27 pan-India offices and 11 global offices.

Differentiator

Problem solved

Functional benefit

Products and services

• Reinsurance Broking (Non Life & Life) Core reinsurance broking service facilitating placement of treaty and facultative reinsurance in international markets for both non-life and life classes, arranging life retrocession programs, and advising insurance companies on capacity and structure. Served to insurance companies across India and emerging markets.
• Insurance Broking (Non Life & Life) Direct insurance broking service for corporate clients across both non-life and life classes, including property, engineering, marine, financial lines, employee benefits, health insurance, Lender's Insurance Advisory, Claims Consultancy, Foreign Interest in India, and Indian Interest Abroad. Targeted at large corporations and MNCs operating in India.
• Protection & Indemnity Services Protection & Indemnity insurance and correspondent services through exclusive relationships with Steamship Mutual Underwriting Association and Shipowners Mutual P&I Club, both members of the International Group of P&I Clubs. Served to ship owners, charterers, and maritime operators requiring P&I, hull, and maritime liability coverage.
• Marine & Non-Marine Survey and Loss Assessment Professional insurance and marine surveying services including fire surveys, marine cargo surveys, hull surveys, pre-shipment inspections, loss adjustment, and tank calibration. Provided to insurance companies (panel surveyor to all four state-owned insurers and all private sector insurers in India) and maritime operators across 25 offices in major ports and inland cities. ISO 9001:2008 certified across Mumbai, Chennai, and Kolkata.
• Risk Inspection Risk inspection services carried out during construction and operational phases of industrial and infrastructure projects to identify and evaluate risk factors and provide recommendations for risk minimization. Provided to corporate clients, insurers, and project owners.
• Asset Valuation Valuation of land, buildings, plant and machinery, furniture, fixtures, and fittings conducted by registered valuers. Provided to corporate clients, lenders, and insurers for collateral, balance sheet, and insurance purposes.
• Walnnut Online Insurance Platform Online insurance platform providing digital insurance services, accessed via www.walnnut.com. Targeted at clients seeking digital insurance solutions through the Group's brokerage.
• BODA LABS Analytics & Lab Services Analytical and laboratory testing services operating per B.I.S, B.S.S, A.O.C.S., and A.S.T.M. standards with labs located in Chennai, Indore, Kandla, and Visakhapatnam. Provides analytical testing to support insurance claims, marine cargo loss assessment, and quality evaluation.
• Training & Seminars Professional development and industry training programs for insurance professionals, delivered via J.B. Boda Academy and in collaboration with the Institute of Risk Management. Includes risk management certification and ongoing internal/external training seminars.
• Actuarial Services Facilitation of life and non-life actuarial services covering product design, IBNR (Incurred But Not Reported) calculation, valuation, and regulatory reporting. Provided to insurance companies and corporate clients requiring actuarial expertise.
• Employee Benefit Schemes Administration Facilitation of employee benefit schemes for corporate clients including group superannuation, group gratuity, leave encashment schemes, and wellness programs. Supports employee retention, statutory compliance, and corporate welfare objectives.

Quantifiable outcome

• Associated with 525+ insurance/reinsurance companies in 90+ countries
• +2 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Eight partnerships are on record, tiered core and minor.

• Shipowners Mutual Protection & Indemnity Association (Luxembourg)coreStrategic or Co-development Partner · 1 January 1984Exclusive correspondent for Shipowners Mutual P&I Club for 30+ years. SOP is a member of International Group of P&I Clubs, rated 'A Stable' by S&P, specializes in P&I insurance for medium, small and specialised vessels insuring around 35,000 vessels worldwide.
• Steamship Mutual Underwriting Association Limited, LondoncoreStrategic or Co-development Partner · 1 January 1956Exclusive correspondent for Steamship Mutual Underwriting Association Limited for over 70 years. SMUA is a member of International Group of P&I Clubs, rated 'A Stable' by S&P, and regarded as market leader in India for P&I services.
• All four state-owned insurers in IndiacoreOthersOn panel of surveyors to all four state-owned insurers and all private sector insurers in India.
• All private sector insurers in IndiacoreOthersOn panel of surveyors to all private sector insurers in India with 25 offices across major ports and inland cities.
• Assurex GlobalcoreStrategic or Co-development PartnerBoard of Director position held by Mr. Gautam B. Boda for the largest independent Insurance Broker Network. Provides international reach for servicing multinational clients.
• International Benefits NetworkminorStrategic or Co-development PartnerMr. Gautam B. Boda invited to Board of Managing Partners for International Benefits Network, expanding global employee benefits servicing capabilities.
• International Brokers (Global Network)coreChannel Partner/ Reseller/ DistributorPartnered with International Brokers across the globe for MNC exposure in India. Associated with 525+ insurance/reinsurance companies in 90+ countries.
• Institute of Risk ManagementminorStrategic or Co-development PartnerCollaboration with Institute of Risk Management for risk management education and professional development.

Scale indicators12 records

Recent moves12 records

Expansion highlights6 records

Direct peers

• Guy Carpenter: Marsh McLennan-owned global reinsurance broker. The most direct reinsurance-broker peer of J.B. Boda, competing for treaty and facultative placements from Indian and emerging-market cedants.
• Willis Towers Watson (WTW) India: Global advisory, broking, and solutions firm with a meaningful India presence across risk, reinsurance, and employee benefits. Competes head-to-head with J.B. Boda for large corporate risk and reinsurance placements in India.
• Marsh India: Indian arm of Marsh & McLennan, providing direct insurance broking, risk advisory, and reinsurance placement to large corporate clients. Directly competes with J.B. Boda in direct broking, risk management consulting, and large-account placement across India.
• Lockton: Largest privately-held independent insurance broker globally, with operations across Asia. Directly comparable to J.B. Boda in being a privately-held, relationship-driven broker focused on complex corporate risks and reinsurance.
• Aon India: Indian operations of Aon plc, offering commercial risk, reinsurance, and health/benefits brokerage. Directly overlaps with J.B. Boda across direct insurance broking, reinsurance placement, and employee benefits advisory for Indian corporates.
• Arthur J. Gallagher (AJG): Global insurance brokerage and risk management firm expanding in India. Competes with J.B. Boda on direct insurance placement, reinsurance broking, and risk advisory for mid-to-large Indian corporates.
• Howden Group: Global independent insurance broker group with growing India and emerging-market presence. Overlaps with J.B. Boda in reinsurance broking, specialty lines, and emerging-market risk placement.
• Mahindra Insurance Brokers: IRDAI-licensed Indian direct insurance broker, part of the Mahindra Group, offering insurance and reinsurance broking to corporate and retail clients. A direct Indian competitor with comparable direct-broking and reinsurance capabilities.

Broad incumbents

• Aon Reinsurance Solutions: Aon's global reinsurance brokerage arm, competing with J.B. Boda for both Indian cedant relationships and inbound Asian/African reinsurance placements. Larger scale and broader market access, but with less India-specific focus than J.B. Boda.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/jbbodagroup
• LinkedInlinkedin.com/company/jbboda-group

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about J.B. BODA Group