Arthur J. Gallagher has announced that it will acquire a minority stake in Edelweiss Insurance Brokers Ltd (EIBL), a composite reinsurance brokerage in India.
The transaction is subject to regulatory approvals, and the value of the deal has yet to be disclosed, the Hindu Business Line reported.
EIBL is a wholly owned subsidiary of Mumbai-headquartered Edelweiss Financial Services, a leading financial group in India. The brokerage provides general insurance products to individual and corporate clients, as well as reinsurance solutions to primary insurers.
“EIBL presents an exciting opportunity to expand Gallagher’s commercial insurance footprint in India, in keeping with our growth strategy to invest in market-leading businesses that broaden our specialist capabilities and diversify our geographic presence,” said J. Patrick Gallagher, Jr, chairman, president and CEO of the international broking and advisory giant.
“This partnership brings to our clients much broader access to international markets and expertise, and a wider range of insurance products and services, while they continue to receive the same high-quality service,” added Rashesh Shah, chairman and CEO of Edelweiss Group.
Over the past few months, the Edelweiss Group has partnered with several global financial institutions such as Caisse de dépôt et placement du Québec, one of North America’s largest pension funds, Allianz Investment Management, and Bank of Singapore.