Global insurance broker Gallagher is bullish about growth prospects in India, having completed the acquisition of Edelweiss’s insurance brokerage business.

Gallagher had acquired 30 per cent of Edelweiss Insurance Brokers in 2019 and subsequently, in July 2021, the firm fully acquired the Indian insurance broker.

The company on Monday announced its rebranded entity in India — Gallagher Insurance Brokers Private Limited.

“The initial thought was for Gallagher to acquire a majority stake in a phased manner. However, the synergies worked well in the first year itself and dialogue around acquisition was initiated,” said Vinay Sohani, MD & CEO, Gallagher Insurance Brokers.

“We are placing a premium in excess of Rs 1,200 crore and are targeting to cross the Rs 2,000 crore mark this year,” said Sohani.

He said that the company’s primary offerings include risk modelling, claim advocacy, benefit consulting and technology for client servicing. The brokerage has a significant presence in aviation and aerospace insurance globally and has already onboarded seven leading airlines in India.

“We will continue to maintain our organic growth of 40 per cent and keenly look at M&A opportunities.

“The Indian broking market has over 400 players, which is an interesting market to be in from the M&A point of view. Gallagher will also expand its domestic footprints across India,” said Sohani.

Arthur J. Gallagher & Co is the fourth largest insurance broker globally after Marsh & McLennan, Aon PLC and Willis Towers Watson PLC.

Sohani further said that its clients in India will benefit from Gallagher’s global consulting practice, especially in sectors such as aviation, chemicals, energy, BFSI, IT, telecom, sports, entertainment and construction.

“This marks the first time the standalone Gallagher brand has been used in India and is a significant step as we continue to expand our footprint globally,” said Vyvienne Wade, chairperson of global broking in Europe, Middle East, & Asia, Gallagher.