Global insurance brokerage Arthur J. Gallagher & Co. has completed its purchase of a minority stake in Edelweiss Insurance Brokers Limited (EIBL), the broking unit of Indian financial services conglomerate Edelweiss Group.
EIBL provides a range of both insurance and reinsurance solutions, and benefits from the distribution network of its parent group.
“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 of Arthur J. Gallagher.
“We are very pleased to partner with EIBL and broaden our reach in this important market.” he added.
Rashesh Shah, Chairman and CEO of Edelweiss Group, also commented: “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.”
“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.”
Headquartered in Rolling Meadows, Illinois, Arthur J. Gallagher currently has operations in 48 countries and offers client services capabilities in more than 150 countries.