Edelweiss to sell insurance broking unit

Edelweiss Financial Services has said that it will be exiting the insurance broking business by selling its 70 per cent stake in Edelweiss Gallagher Insurance Brokers for Rs 307.60 crore. “The company has entered into an agreement...to divest its entire shareholding (currently 70 per cent) in Edelweiss Gallagher to Arthur J Gallagher & Co...,” Edelweiss Financial Services has said in a regulatory filing. Edelweiss Group Chairman Rashesh Shah has said that the sale will provide the company “with the flexibility to reallocate capital and invest in scaling up our fast-growing life and non-life insurance businesses.”