US-based insurance broker Gallagher to buy minority stake in Edelweiss subsidiary

Diversified financial group Edelweiss Tuesday said Arthur J Gallagher & Co. will acquire minority stake in its subsidiary Edelweiss Insurance Brokers.

Edelweiss, however, did not provide details about the quantum of stake sale and price.

The US-based Arthur J. Gallagher & Co. - one of the world's largest insurance brokerage and risk management services firms - will acquire a minority stake in Edelweiss Insurance Brokers Limited (EIBL), Edelweiss Group said in a release.

The transaction is subject to requisite regulatory approvals, it said.

"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," Edelweiss Group Chairman and CEO Rashesh Shah said.

The fourth largest insurance broking company globally, Gallagher was founded in 1927 in the US. It has over 30,000 headcount globally and has operations in 35 countries and offers client service in more than 150 countries.

"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," Arthur J Gallagher & Co. Chairman, President and CEO J Patrick Gallagher Jr. said.