US-based Arthur J. Gallagher & Co. (AJG), one of the world's largest insurance brokerage and risk management services firms, on May 21 said that it will acquire a minority stake in Edelweiss Insurance Brokers (EIBL).
EIBL is a wholly owned subsidiary of Edelweiss Financial Services. The transaction is subject to requisite regulatory approvals.
Edelweiss Insurance Brokers is a composite insurance broker in India providing general insurance solutions to institutions and individuals. It also provides reinsurance solutions to insurance companies.
Rashesh Shah, Chairman and CEO, Edelweiss Group said “This partnership brings to our clients a 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."
Founded in 1927 and headquartered in Illinois, USA, Arthur J Gallagher & Co. is one of the leading insurance brokerage, risk management, and human capital consultant companies in the world. It is the fourth largest insurance broking company globally with over 30,000 employees worldwide.
The company has operations in 35 countries and offers client service capabilities in more than 150 countries around the world through a network of correspondent brokers and consultants.
“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.
In recent months, the Edelweiss Group has cemented several partnerships with global institutions across market leading platforms such as its NBFC, ECL Finance, its private debt and wealth management business. The partnerships include Caisse de dépôt et placement du Québec (one of North America’s largest pension funds), Allianz Investment Management (part of Allianz Group, one of the world’s largest insurers) and Bank of Singapore.
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