Mumbai: The US-based Blackstone Group has acquired a majority stake in Mumbai-based Ace Insurance Brokers for about $400 million, valuing the company at $425-450 million. The deal is the largest foreign investment in India’s insurance broking sector.Founded 24 years ago, Ace is a composite insurance and reinsurance intermediary registered with Irdai. Its clients include Adani group, DLF, Brookfield, GMR, Bharti Airtel, Jindal Steel & Power, and Jaypee Group. The firm has a client retention rate above 98% and has processed over 1,000 claims with payouts exceeding Rs 1,000 crore.Ace holds a composite broking licence, allowing it to operate across life, general, and reinsurance segments. The company is led by promoter directors Anil Arora and Raj Ajmera. Blackstone’s investment is expected to support Ace’s tech upgrades, expand its reinsurance business, and enhance its domestic and global presence. While the companies have not disclosed post-deal shareholding, sources indicate the promoters will retain a significant minority stake and continue to manage operations.