US-based Arthur J. Gallagher & Co. (Gallagher), one of the world's largest insurance brokerage and risk management services firms, has acquired a minority stake by way of primary equity infusion in Edelweiss Financial Services’ subsidiary -- Edelweiss Insurance Brokers (EIBL), post approval from the Insurance Regulatory and Development Authority of India (IRDAI).
EIBL had announced its partnership with Gallagher in May 2019, which brings together Gallagher’s expertise in global markets and the operational excellence and distribution network of Edelweiss in India.
Edelweiss Financial Services is primarily engaged in the business of rendering merchant banking services. The company operates in two segments - agency business and holding company activities.
