Arthur J. Gallagher & Co, the fourth largest international insurance broker, has purchased a minority stake in Edelweiss Insurance Brokers Limited (EIBL), a wholly owned subsidiary of Edelweiss Group, a diversified financial services conglomerate owned by Rashesh Shah. The deal is subject to approval by the Insurance Regulatory and Development Authority of India.
Headquartered in Mumbai, with branches in Dehli, Kolkata and Bangalore, EIBL is a fast-growing corporate insurance broker offering general insurance solutions to institutional as well as individual clients across India, and is well-positioned to leverage the distribution networks of its parent group. India's growing commercial and specialty market is supported by strong demand for specialist coverages such as renewable energy, infrastructure and cyber liability, a natural alignment with Gallagher's core brokerage offerings.
"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. "We are very pleased to partner with EIBL and broaden our reach in this important market."
"We are delighted to announce a partnership with yet another marquee global institution like Gallagher that has a similar philosophy, shared values and complementary capabilities," said Rashesh Shah, Chairman and CEO, Edelweiss Group. "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."
Arthur J. Gallagher & Co., a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois. 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.