The Edelweiss Group on Monday announced the withdrawal of its largest stake in Edelweiss Gallagher Insurance Brokers Ltd (EGIBL) after approval by the Insurance Regulatory and Development Authority of India (IRDAI).

On the exchange, the Edelweiss Group said that upon receipt of the necessary approvals, the company, in the first tranche, transferred 61 percent of the company’s owned stake in EGIBL to Arthur J Gallagher and Company (AJG) on October 18, 2021. The exchange filing.

“As a result, AJG now owns 91 percent of EGIBL, and as a result EGIBL is no longer a subsidiary of the company,” she added.

Gallagher and Edelweiss announced the deal in July 2021 under which Gallagher, which previously held a 30 percent stake in the company, would buy a 70 percent stake in the company by Edelweiss Group.

“The business will transition to the Gallagher brand in the coming months,” the Edelweiss Group said in a statement, adding that it would focus on growing its life and non-life insurance business, which has been among the fastest growing in the industry. .

Rashish Shah, Chairman of Edelweiss Group, said: “This move brings us the flexibility to reallocate capital, which extends this transaction and strategic partnership into our wealth business, broad. We now have sufficient capital and a stronger balance sheet, and are looking to expand our fast-growing life and non-life insurance business as India turns the corner after the Covid pandemic.”

Source link

By admin

Leave a Reply

Your email address will not be published. Required fields are marked *