Mumbai (Maharashtra) [India], July 2 (ANI): Diversified financial services firm Edelweiss on Friday announced divestment of its stake in Edelweiss Gallagher Insurance Brokers Ltd (EGIBL).
Gallagher which previously held 30 per cent in the business will now be acquiring all the remaining shares, taking its stake to 100 per cent. The transaction is subject to approvals by the Insurance Regulatory and Development Authority of India.
Headquartered in Mumbai, with branches in Delhi, Kolkata and Bengaluru, EGIBL offers general insurance solutions to clients across India. The business operates across four areas; corporate, affinity and association, reinsurance, and global and digital solutions.
Gallagher and Edelweiss entered into a partnership in May 2019 with Gallagher acquiring a minority shareholding in the insurance broking business to give it wider access to international markets and global expertise.
The partnership marked Gallagher’s maiden presence in India and gave the company a footprint in the growing insurance market. The acquisition of the remaining shares of EGIBL will help enable a deeper integration with Gallagher’s global operations, helping scale up the business significantly.
It will also give clients access to a larger suite of insurance products and services. The business will rebrand to Gallagher in the coming months. Edelweiss Group will focus on growing its life and non-life insurance businesses which have been among the fastest-growing in the industry, it said in a statement. (ANI)
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