Edelweiss Group to divest entire stake in Edelweiss Gallagher Insurance Brokers Ltd

Edelweiss Group, a leading investment & financial services company (headquartered in Mumbai) announced today, the sale of its complete stake in Edelweiss Gallagher Insurance Brokers Ltd (EGIBL) to Gallagher, a US-based insurance brokerage and risk management services firm. 

Gallagher owned a 30 per cent stake in EGIBL but with this development, it will now increase to 100 per cent.   

EGIBL operates across four areas- corporate, affinity & association, reinsurance & global as well as digital solutions. It offers general insurance solutions to clients across India and has branches in New Delhi, Kolkata and Bengaluru.  

The two companies, Gallagher and Edelweiss had entered into a partnership in May 2019 with the former holding a minority stake in EGIBL. This partnership marked Gallagher’s entry into the growing Indian insurance market. This acquisition will enable deeper integration with the company’s global operations and aid in scaling up the business significantly. Along with this, it will also provide access to a larger suite of insurance products & services to its clients.  

At 11.47 am, the share price of Edelweiss Financial Services Ltd was trading at Rs 74.25, an increase of 2.698 per cent over its previous day’s closing price of Rs 72.10 on BSE.