Arthur J. Gallagher & Co. has announced that it has acquired an India-based brokerage.
Gallagher has purchased the remaining shares of Edelweiss Gallagher Insurance Brokers Limited from Edelweiss Financial Services Limited, following a minority investment in 2019. Terms of the transaction were not disclosed and the deal is subject to approval by the Insurance Regulatory and Development Authority of India.
Edelweiss Gallagher Insurance Brokers is headquartered in Mumbai and has branches in Delhi, Kolkata and Bangalore.
The firm is an insurance and reinsurance broker offering general insurance to clients across India across four business lines - corporate, affinity and association, reinsurance and global, and digital solutions. The firm focuses on several niche areas including cement, retail, pharmaceuticals and life sciences, jewelry, financial services, property, construction and infrastructure.
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“Our partnership with Edelweiss has delivered strong results, and this new step provides an exciting opportunity to establish a broader Gallagher footprint in India,” said J. Patrick Gallagher Jr., chairman, president and CEO of Gallagher. “We are very pleased to welcome Edelweiss Gallagher Insurance Brokers Limited as a fully-fledged part of Gallagher and to increase our reach in this important market.”