From the coastal city of Porbandar, the idea of the J.B.Boda Group became a reality. From Porbandar, the J.B.Boda Group shifted their base to the economic capital of India, Mumbai, which marked the beginning of reinsurance broking in India.
World War II
In the year 1943, tensions and risks were at an all-time high due to World War II. Despite that, the decision of establishing and initiating the J.B.Boda Group was taken.
The reinsurance broking business in Indian territory was virgin and unheard of. The J.B.Boda Group became the pioneers of reinsurance broking in India by insuring the Professional Indemnity (P&I) policy of Engineers on behalf of the Indian Insurance Company.
The humble beginnings of the J.B.Boda Group began in 1943 by the founding brothers, Late Mr. Jagmohandas Bhagwandas Boda and Late Mr. Dhirajlal Bhagwandas Boda, from the coastal city of Porbandar, Gujarat State, India. The company Jagmohandas Bhagwandas Boda & Co. Pvt. Ltd. was incorporated on 21st May, Wednesday, in 1952. This has been marked as the Group’s Foundation Day.
Incorporated on 17th February 1956, this stream of the Group Company has been at the forefront of the Protection & Indemnity Insurance service. It has been an exclusive correspondent for two P&I Clubs—Steamship Mutual for over 70 years and Shipowners Mutual P&I Club for 30+ years in India.
J.B.Boda Insurance Surveyors & Loss Assessors Pvt. Ltd.
It was incorporated in April of 1971, during the Group’s diversification into services beyond reinsurance broking. The J.B.Boda Group wanted to develop Professional Insurance and Marine Survey Services, which also became the objective of the inception of this new company.
The most significant and largest market player in the insurance and reinsurance industry was founded in the year 1686. In 2002, J.B.Boda was authorised as a Broker at Lloyds, pioneering to be the first Indian Broker and perhaps the first amongst the emerging markets as well.
In 2002, according to IRDAI’s guidelines, the J.B.Boda & Co Pvt. Ltd. was divided into two- J.B.Boda Insurance Pvt. Ltd. and J.B.Boda Reinsurance Brokers Pvt. Ltd. In 2017, the companies were merged and incorporated under a single company- J.B.Boda Insurance & Reinsurance Brokers Pvt. Ltd.
J.B.Boda Group, Maker Bhavan 1, Sir V. Thackersey Marg, Mumbai – 400 020
Every licensed insurance broker shall display, in all their correspondences with all stakeholders, their name registered with the Authority, address of the Registered and Corporate Office, IRDA license number, the category for which the insurance broker is licensed, the validity period of the license. Insurance brokers are not permitted to use any other name in their correspondence/literature/letterheads without the prior approval of the Authority.
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