US private equity giant Blackstone has acquired a majority stake in Mumbai-based Ace Insurance Brokers for approximately $400 million.

Founded in 2001 and headquartered in New Delhi, Ace Insurance Brokers holds dual licenses issued by the Insurance Regulatory and Development Authority of India (IRDAI) and the International Financial Services Centres Authority (IFSCA). It is authorized to conduct life insurance, general insurance and reinsurance broking businesses. Its client roster includes major conglomerates such as Adani Group, DLF and Bharti Airtel