Edelweiss Group to exit from Edelweiss Gallagher Insurance Brokers Ltd, Gallagher to acquire 100% stake
Mumbai: Financial services form Edelweiss Group on Friday said that it’ll exit from Edelweiss Gallagher Insurance Brokers Ltd (EGIBL). Following this, Gallagher will raise its stake in EGIBL from the existing 30 percent to 100 percent. The transaction is subject to approvals by the Insurance Regulatory and Development Authority of India.
Headquartered in Mumbai, with branches in Dehli, Kolkata and Bangalore, EGIBL offers general insurance solutions to clients across India. The business operates across four areas; corporate, affinity & association, reinsurance & 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. This partnership marked Gallagher’s maiden presence in India and gave the company a footprint in the growing Indian insurance market. This 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.
“..We have had a successful association with Gallagher, and we believe that they will add lot more value to the business for the long run. We believe in doing what is right for the business and the customer and integrating the business with Gallagher will give it a global edge and achieve our objectives. It also provides us with the flexibility to reallocate capital and invest in scaling up our fast-growing life and non-life insurance businesses, making this a win-win for both of us” Rashesh Shah, Chairman, Edelweiss Group said.