Gallagher buys small stake in Edelweiss arm

MUMBAI: US-based Arthur J Gallagher & Co. (Gallagher) has acquired minority stake by way of primary equity infusion in Edelweiss Insurance Brokers. Edelweiss had announced its partnership with Gallagher in May 2019. “This is in sync with Gallagher’s growth strategy of investing in businesses that broaden our specialist capabilities and diversify our geographic presence,” said J Patrick Gallagher, Jr, chairman, president and CEO of Gallagher. Edelweiss Group had recently sold its stake in wealth management business to Kora Management. NBFCs are facing tight liquidity conditions and are raising funds by selling stake in subsidiaries. Edelweiss Insurance Brokers started operations as a direct broker in March 2005 and now acting as a composite broker since May 2016.