Benzinga | Jul 2, 2021 05:40AM EDT

Arthur J. Gallagher Acquired Edelweiss Gallagher Insurance Brokers Limited; Terms Were Not Disclosed

Arthur J. Gallagher & Co. (NYSE:AJG) 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.

"Our partnership with Edelweiss has delivered strong results and this new step provides an exciting opportunity to establish a broader Gallagher footprint in India," said J. Patrick Gallagher, Jr., Chairman, President and CEO. "We are very pleased to welcome Edelweiss Gallagher Insurance Brokers Limited as a fully-fledged part of Gallagher and to increase our reach in this important market."

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 56 countries and offers client service capabilities in more than 150 countries around the world through a network of correspondent brokers and consultants.