J. B. Boda Group

What J. B. Boda Group does

J. B. Boda Group is a family-owned, Mumbai-headquartered insurance and reinsurance broking conglomerate founded in 1943 by Jagmohandas Bhagwandas Boda and his brother Dhirajlal Bhagwandas Boda. The group operates through five wholly-owned private limited subsidiaries covering reinsurance broking, insurance broking, marine surveying and loss assessment, average adjusting, and audit and advisory services. Its core lines span reinsurance (treaty and facultative, both life and non-life), direct insurance broking across fire, marine, engineering, motor, healthcare, aviation, agriculture, energy, and financial and professional indemnity, as well as Protection and Indemnity insurance where it represents two major maritime mutual clubs (SMUA and SOP). The firm employs 1,250+ professionals including Master Mariners, Naval Architects, Licensed Surveyors, Chartered Accountants, and Valuers, and serves Indian insurance companies, large corporate enterprises, maritime operators, and multinational corporations through 23 offices across India and five overseas offices in Singapore, London, Dubai, Kenya, and Nepal.

The underlying technology is a domain-specialized broking platform rather than a software product; the primary assets are the firm's catalogue of market access relationships with over 300 companies across 80 countries, its Lloyd's Broker accreditation (secured in December 2002 as the first Indian broker), and the credentialed technical workforce that handles surveys, valuations, and loss assessment. The group maintains dedicated divisions for catastrophe modelling and analytical services, ISO 9001 and ISO 27001 certifications, and a partnership with Assurex Global for Asia-Pacific referral flows. Revenue is generated primarily through commission-based brokerage on reinsurance and insurance placements, supplemented by professional services fees for surveying, loss assessment, asset valuation, and employee benefit administration. Customer segments are enterprise B2B across insurance companies, corporate enterprises, maritime operators, and shipping and logistics firms, with go-to-market executed through direct field sales and the physical office network rather than digital channels.

Name

J. B. Boda Group

Legal name

J. B. Boda Group

Website

https://jbboda.net

Company type

Private

Founded year

1943

Operating status

Operating

Short description

J. B. Boda Group is a family-owned Indian insurance and reinsurance broker, founded in 1943, providing treaty and facultative broking, marine surveying, P&I, and employee benefit services to insurers, corporates, and maritime operators across 23 Indian and 5 overseas offices.

Ownership category

akta.pro rank

Product category

Insurance & Reinsurance Broking Services

NAICS

Insurance Agencies and Brokerages (524210)

SIC

Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Governance & Board Effectiveness Advisory (BPAHAFAC)

Keywords

• Reinsurance broking
• Insurance broking
• Marine survey services
• Protection indemnity insurance
• Employee benefit administration

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices8 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Reinsurance Broking: Commission-based reinsurance broking services for both life and non-life insurance, placing reinsurance contracts with global reinsurers across 80+ countries
2. Insurance Broking: Insurance broking services placing coverage for corporate clients in non-life and life insurance segments including fire, marine, engineering, motor, healthcare, aviation, and agriculture
3. Protection & Indemnity Insurance: P&I insurance services representing major maritime clubs for vessel owners and operators
4. Inspection & Survey Services: Marine and cargo survey, certification, loss assessment, and valuation services
5. Employee Benefit Services: Administration of provident fund, pensions, gratuity, leave encashment, and salary packaging for corporate clients
6. Employee Benefit Insurance: Group insurance products including GTL, GMC, GPA, and workmen's compensation coverage

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

J. B. Boda Group is a multinational insurance and reinsurance broking enterprise providing non-life and life insurance and reinsurance placement, Protection & Indemnity (P&I) insurance through major maritime mutual clubs, inspection/survey/certification/valuation services, average adjusting for marine claims, and employee benefit administration and insurance for corporate clients. The group serves insurance companies, large corporations, and maritime operators across India, Singapore, the UK, the UAE, Kenya, and Nepal through its network of 28+ offices and 1,250+ professionals.

Product overview

J. B. Boda Group operates as a comprehensive insurance and reinsurance broking conglomerate with a multi-product, multi-subsidiary platform. The core offerings include Reinsurance Broking (Non-Life & Life) providing treaty, facultative, and specialized sector coverage; Insurance Broking (Non-Life & Life) covering fire, engineering, marine, healthcare, motor, and aviation lines; Protection & Indemnity Insurance representing major P&I clubs; Inspection, Survey, Certification & Loss Assessment services; Employee Benefit Services for provident fund, pensions, and gratuity administration; and Employee Benefit Insurance including GTL, GMC, GPA, and Workmen's Compensation. The Group also operates Average Adjusting Services for marine claims. Five main subsidiaries (J. B. Boda Reinsurance Brokers, J. B. Boda Insurance Brokers, Crowe Boda & Co., J. B. Boda Insurance Surveyors & Loss Assessors, and J. B. Boda & Co.) deliver these services across India and internationally.

Differentiator

Problem solved

Functional benefit

Products and services

• Reinsurance Broking (Non-Life & Life) Core reinsurance broking services for both non-life and life insurance segments, including treaty, facultative, and specialized sector coverage (aviation, oil & energy, space, port, agriculture, engineering, financial/professional indemnity, credit). Pools Indian and developing-market cedants with over 300 reinsurers across 80 countries.
• Insurance Broking (Non-Life & Life) Comprehensive insurance broking services covering fire, engineering, marine cargo, marine hull, healthcare, motor, aviation, financial/professional indemnity, credit, and agricultural insurance for corporate clients and individuals, plus dedicated MNC Services for multinational clients.
• Protection & Indemnity Insurance P&I insurance services representing major maritime mutual clubs including SMUA (Shipowners Mutual Underwriting Association) and SOP (Standard Club P&I), providing vessel owners and operators with ancillary support, liability coverage, and related services.
• Inspection, Survey, Certification & Loss Assessment, Valuation, Testing Technical offshore/on-shore surveys, certification, asset valuation, and testing services for marine and non-marine insurance, including marine cargo surveys, hull surveys, container surveys, oil and related surveys, and fixed asset valuation by chartered accountants and valuers.
• Employee Benefit Services Legal and administrative services for corporate clients covering provident fund, pensions, gratuity, leave encashment, and salary packaging, including a learning & development (J.B. Academy) component.
• Employee Benefit Insurance Group insurance products for corporate clients including GTL (Group Term Life), GTL in lieu of EDLI, GMC (Group Mediclaim), GPA (Group Personal Accident), and Workmen's Compensation coverage, plus a wellness programme.
• Average Adjusting Services Marine claims consultancy and loss adjustment services by qualified adjusters for marine and non-marine claims, provided under Crowe Boda & Co. Pvt. Ltd.

Named customers2 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Five partnerships are on record, tiered flagship and core.

• Lloyd's of LondonflagshipStrategic or Co-development Partner · 1 December 2002J. B. Boda & Co. (U.K.) Ltd. was accredited by Lloyd's in December 2002 - the First Indian Broker to achieve this recognition. This Lloyd's Broker status allows the group to place business directly at Lloyd's insurance market.
• Assurex GlobalcoreGTM or Marketing PartnerJ. B. Boda Group represents the Asia-Pacific region for Assurex Global, an international insurance brokerage network. This partnership provides global reach and referral capabilities for serving multinational clients across different markets.
• SMUA (Shipowners Mutual Underwriting Association)coreChannel Partner/ Reseller/ DistributorProtection and Indemnity Correspondents representing SMUA, a major maritime mutual insurance club, providing P&I coverage services for vessel owners and operators.
• SOP (Standard Club P&I)coreChannel Partner/ Reseller/ DistributorProtection and Indemnity Correspondents representing SOP, a major maritime mutual insurance club, providing P&I coverage services for vessel owners and operators.
• Global Reinsurance Network (300+ companies in 80 countries)coreOthersThe group has established relationships with over 300 reinsurance and insurance companies across 80 countries worldwide, providing extensive market access for placing reinsurance business.

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Marsh: World's largest insurance broker with Marsh India operations and Marsh Reinsurance. Competes head-to-head with J. B. Boda on corporate insurance placement, reinsurance broking, and risk advisory for Indian and multinational clients.
• Howden: Global insurance and reinsurance brokerage group with growing Asia-Pacific and emerging-market presence. Competes with J. B. Boda in specialty reinsurance, treaty placement, and corporate insurance broking.
• Guy Carpenter: Dedicated global reinsurance broker (a Marsh McLennan business). Direct head-to-head competitor with J. B. Boda's reinsurance broking practice for treaty and facultative placements across India and developing markets.
• Aon: Global insurance and reinsurance broker with extensive India presence (Aon India) and a dedicated Aon Reinsurance Solutions practice. Directly comparable to J. B. Boda in reinsurance broking and risk advisory services, including Lloyd's market access.
• Willis Towers Watson (WTW): Global insurance, reinsurance, and risk advisory broker with India operations. Comparable to J. B. Boda across reinsurance placement, employee benefits administration, and specialty lines.
• Arthur J. Gallagher: Global insurance brokerage and risk management firm with established India presence. Overlaps with J. B. Boda across insurance broking, reinsurance placement, and risk consulting for mid-to-large enterprises.
• Lockton: Largest privately held insurance broker globally, with expanding India operations. Comparable in size and family/private positioning, and competes for corporate insurance and reinsurance placements in India and overseas.

Emerging players

• Acrisure: Rapidly-growing global insurance brokerage and FinTech firm expanding through aggressive M&A. Provides a useful comparison point on broker consolidation velocity and digital acquisition strategies.

Regional players

• Mahindra Insurance Brokers: Domestic Indian insurance broker offering corporate and personal lines. Smaller and more India-focused than J. B. Boda, but serves the same mid-market enterprise segment with non-life broking services in India.
• Tata AIG General Insurance: Large Indian general insurance carrier rather than broker, but interacts with J. B. Boda as a client for reinsurance cessions and corporate insurance solutions, making it a relevant regional comparable for India insurance market dynamics.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/jbboda
• LinkedInlinkedin.com/company/jb-boda

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

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