Edelweiss Group, an Indian financial services firm, has sold its stake of 70% in Edelweiss Gallagher Insurance Brokers (EGIBL) to global insurance brokerage — Gallagher.

The deal, which was announced in July 2021, has been closed following approval from the Insurance Regulatory and Development Authority of India (IRDAI). Its financial terms were not disclosed.

According to Edelweiss Group, the insurance broking business in the coming months will transition to the Gallagher brand.

Edelweiss Group said that it will concentrate on expanding its life and non-life insurance businesses.

Based in Mumbai, Edelweiss Gallagher Insurance Brokers provides general insurance solutions to clients across India. It has branches in Delhi, Bangalore, and Kolkata, and operates across the areas of corporate, reinsurance and global, affinity and association, and digital solutions.

Rashesh Shah — Chairman of Edelweiss Group said: “At Edelweiss, we have always been driven by long-term value creation, seeding, nurturing businesses, forging partnerships at the opportune time to build scale. We have enjoyed an excellent relationship with the Gallagher team and we believe that they will add lot more value to the business and give it a global edge.

“This move also brings to us the flexibility to reallocate capital, which post this transaction and the strategic partnership in our Wealth Business, is ample. We now have adequate capital and a stronger balance sheet and look forward to scaling up our fast-growing life and non-life insurance businesses, as India turns a corner post the pandemic.”

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