Arthur J. Gallagher & Co (AJG), a global insurance brokerage and risk management services firm, will acquire a minority stake in Edelweiss Insurance Brokers Ltd (EIBL), a wholly owned subsidiary of Edelweiss Financial Services Ltd. The financials of the deal were not immediately disclosed.

“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,” Rashesh Shah, Chairman and CEO at Edelweiss Group said.

EIBL is a composite insurance broker in India providing general insurance solutions to institutions and individuals and reinsurance solutions to insurance companies.

“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 at AJG.

Illinois-headquartered (USA) AJG is the fourth largest insurance broking company globally with over 30,000 employees. The company has operations in 35 countries and offers client service capabilities in more than 150 countries.

In recent months, the Edelweiss Group has entered into several partnerships with marquee global institutions such as Caisse de dépôt et placement du Québec (North American largest pension funds), Allianz Investment Management (part of Allianz Group) and Bank of Singapore.

rajesh.kurup@thehinduu.co.in

Related Topics
comment COMMENT NOW