The transaction was completed after it received approval from the Insurance Regulatory and Development Authority of India (IRDIA).
Edelweiss Insurance Brokers is a subsidiary of Indian diversified financial services conglomerate Edelweiss Group.
The acquired firm offers general insurance solutions to institutions and individuals and reinsurance solutions to insurance companies.
Edelweiss Insurance Brokers, which started operations in 2005, also has branches in Delhi, Kolkata and Bangalore.
The stake sale part of Edelweiss’ strategy to partner with foreign firm to expand its financial services businesses.
In March, Canadian pension fund CDPQ agreed to invest nearly $250m in ECL Finance, the non-banking financial arm of Edelweiss Group.
In February, it announced that that Allianz Investment Management invested $200m in its private debt platform.
At the time of announcing the deal in May this year, Arthur J. Gallagher chairman, president and CEO J. Patrick Gallagher, Jr. said: “EIBL presents an exciting opportunity to expand Gallagher’s commercial insurance footprint in India, in keeping with our growth strategy to invest in market-leading businesses that broaden our specialist capabilities and diversify our geographic presence.
“We are very pleased to partner with EIBL and broaden our reach in this important market.”
Gallagher currently has operations in 48 countries, It offers client service capabilities in more than 150 nations through a network of brokers and consultants.