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Edelweiss Group announced the divestment of its stake in Edelweiss Gallagher Insurance Brokers (EGIBL). Gallagher, who previously held
30% in the business, will now be acquiring all the remaining shares, taking its stake to 100%. 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.
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