ROLLING MEADOWS, Ill.,
May 21, 2019 /PRNewswire/
-- Arthur J. Gallagher & Co. today announced that it has
purchased a minority stake in Edelweiss Insurance Brokers Limited
(EIBL), a wholly owned subsidiary of Edelweiss Group, India's leading diversified financial services
conglomerate. The deal is subject to approval by the Insurance
Regulatory and Development Authority of India.
Headquartered in Mumbai, with
branches in Dehli, Kolkata and
Bangalore, EIBL is a fast-growing
corporate insurance broker offering general insurance solutions to
institutional as well as individual clients across India, and is well-positioned to leverage the
distribution networks of its parent group. India's growing commercial and specialty
market is supported by strong demand for specialist coverages such
as renewable energy, infrastructure and cyber liability, a natural
alignment with Gallagher's core brokerage offerings.
"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," said J.
Patrick Gallagher, Jr., Chairman,
President and CEO. "We are very pleased to partner with EIBL and
broaden our reach in this important market."
"We are delighted to announce a partnership with yet another
marquee global institution like Gallagher that has a similar
philosophy, shared values and complementary
capabilities," said Rashesh
Shah, Chairman and CEO, Edelweiss Group. "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."
Arthur J. Gallagher & Co.
(NYSE:AJG), a global insurance brokerage, risk management and
consulting services firm, is headquartered in Rolling Meadows,
Illinois. The company has operations in 35 countries and
offers client service capabilities in more than 150 countries
around the world through a network of correspondent brokers and
consultants.
Investors: Ray
Iardella
|
Media: Linda J.
Collins
|
VP – Investor
Relations
|
VP – Corporate
Communications
|
630-285-3661/ ray_iardella@ajg.com
|
630-285-4009/ linda_collins@ajg.com
|
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SOURCE Arthur J. Gallagher &
Co.