Edelweiss Group, India’s leading diversified financial services firm today announced the divestment of its majority stake in Edelweiss Gallagher Insurance Brokers Ltd (EGIBL), post-approval from the Insurance Regulatory and Development Authority of India (IRDAI). The business will transition to the Gallagher brand in the coming months. Edelweiss Group will focus on growing its life and non-life insurance businesses, which have been among the fastest-growing in the industry.
Speaking on the development, Rashesh Shah, Chairman, 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 a lot more value to the business and give it a global edge.”