The terms of the transaction were not disclosed. The deal is subject to approval by the IRDAI.
Headquartered in Mumbai, with branches in Delhi, Kolkata and Bangalore, Edelweiss Gallagher Insurance Brokers is an insurance/reinsurance broker offering general insurance solutions to clients across India within four business lines – corporate, affinity & association, reinsurance & global, and digital solutions.
In 2019, Arthur J Gallagher bought a 30% minority stake in Edelweiss Insurance Brokers (since renamed Edelweiss Gallagher Insurance).
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ROLLING MEADOWS, Ill., July 1, 2021 /PRNewswire/ Arthur J. Gallagher & Co. today announced that it has purchased the remaining shares of Edelweiss Gallagher Insurance Brokers Limited from Edelweiss Financial Services Limited, following a minority investment in 2019. Terms of the transaction were not disclosed. The deal is subject to approval by the Insurance Regulatory and Development Authority of India.
Headquartered in Mumbai, with branches in Delhi, Kolkata and Bangalore, Edelweiss Gallagher Insurance Brokers Limited is an insurance/reinsurance broker offering general insurance solutions to clients across India within four business lines – corporate, affinity & association, reinsurance & global, and digital solutions. Key industry niches include cement, retail, pharmaceuticals & life sciences, jewellery, financial services, property, construction and infrastructure.
Edelweiss Financial Services to sell its 70 pc stake in insurance broking JV for Rs 307 60 cr indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.
Gallagher to acquire balance 70% stake in Edelweiss Gallagher Insurance BrokersEdelweiss 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
Edelweiss Financial Services on Friday said it will exit the insurance broking business by selling its 70 per cent stake in Edelweiss Gallagher Insurance Brokers Ltd for Rs 307.60 crore. The company has entered into an agreement. to divest its entire shareholding (currently 70 per cent) in Edelweiss Gallagher Insurance Brokers Ltd, a subsidiary, engaged in the business of insurance broking to Arthur J Gallagher & Co., Edelweiss Financial Services said in a regulatory filing. Gallagher, who previously held 30 per cent in the business, will now be acquiring all the remaining shares, taking its stake to 100 per cent, the filing added. The company said, as per the agreement 37,00,000 equity shares of Rs 10 each representing 70 per cent of the paid up share capital of Edelweiss Gallagher Insurance Brokers held by the company to be sold for a consideration of Rs 307.60 crore, in one or more tranches, in the manner as set out in the agreement.