Gallagher taps stake in Indian brokerMay 23 2019 by Andrew Tjaardstra
Edelweiss Financial Services is selling an undisclosed minority stake in wholly owned subsidiary Edelweiss Insurance Brokers to Arthur J Gallagher.
Mumbai-headquartered Edelweiss is a commercial insurance and reinsurance broker.
Rashesh Shah, chairman and chief executive of Edelweiss Group, 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.”
Patrick Gallagher, chairman, president and chief executive of Gallagher, which has operations across 35 countries, commented: “[Edelweiss Insurance Brokers] 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.”
The Indian market is a growing opportunity for insurance as the market reforms and looks to support one of the fastest growing economies in the world.
In recent months, the Edelweiss Group has cemented several partnerships with global institutions including Caisse de dépôt et placement du Québec (one of the world’s largest pension funds), Allianz Investment Management and the Bank of Singapore.
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