US-based insurance brokerage Arthur J. Gallagher & Co. (Gallagher) has announced multiple transactions, acquiring two insurance firms in the US and taking a minority stake in an Indian insurance broker.
In the US, Gallagher acquired RPA Insurance Services and Innovative Coverage Concepts (ICC) for an undisclosed price.
RPA Insurance Services, which is headquartered in Parsippany in New Jersey, offers insurance and risk management services to the restaurant and hospitality industry.
According to Gallagher, RPA is said to have developed loss prevention and claim management techniques to help its clients control total cost of risk and perform better than industry loss averages.
The company has offices across New Jersey, California, Colorado, Florida and Pennsylvania.
ICC is a program manager and managing general agency, which exclusively focuses on developing and delivering specialised insurance programs for all types of restaurants across the US.
Gallagher chairman, president and CEO Patrick Gallagher said: “RPA and ICC are clear leaders in the restaurant insurance space, a focus which fits well with our niche strategy.”
In India, the insurance brokerage acquired a minority stake in Edelweiss Insurance Brokers (EIBL), a subsidiary of Indian financial services conglomerate Edelweiss Group for an undisclosed price.
The Mumbai-based EIBL is a corporate insurance broker that provides general insurance solutions to institutional and individual clients in India. The company has branches in Dehli, Bangalore and Kolkata.
As per Gallagher, the growing commercial and specialty market in India is supported by strong demand for specialist coverages like renewable energy, cyber liability and infrastructure, which it says is a natural alignment with its core brokerage offerings.
Edelweiss Group chairman and CEO Rashesh Shah said: “We are delighted to announce a partnership with yet another marquee global institution like Gallagher that has a similar philosophy, shared values and complementary capabilities.
“This partnership brings to our clients a much broader access to international markets and expertise, and a wider range of insurance products and services, while they continue to receive the same high-quality service.”
The transaction will be subject to approval from the Insurance Regulatory and Development Authority of India.