Arthur J. Gallagher & Co., the Rolling Meadow, Ill.-based broker, announced it has completed its acquisition of Mumbai, India-based Edelweiss Gallagher Insurance Brokers Ltd.
Financial details of the transaction, which was first announced in July, will not be disclosed. Gallagher previously held 30% in the business and is now acquiring all the remaining shares.
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 its 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.
Gallagher said 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.
Arthur J. Gallagher & Co., the Rolling Meadows, Ill.-based insurance broker, has operations in 57 countries and offers client service capabilities in more than 150 countries around the world through a network of correspondent brokers and consultants.
Source: Arthur J. Gallagher
Topics Mergers & Acquisitions Agencies India
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