Aon Plc said on Friday that it had agreed to acquire Global Insurance Brokers, a leading provider of risk management, insurance and reinsurance broking services in the Indian subcontinent.
The deal is subject to regulatory approval.
Global Insurance Brokers will operate under Aon’s brand and business model under the direction of Jon Pipe, Chief Executive Officer of Aon India Insurance Brokers Pvt Ltd.
The acquisition is expected to bring together a team of more than 850 people with domain expertise.
Global Insurance Brokers provides services to more than 2000 companies annually via its network of 18 offices. It has a presence in 7 Indian cities where Aon Plc does not currently have a footprint.
“Having operated in the Indian insurance broking space for nearly five decades, Global not only comprehends the industry well but has a deep understanding of the nuances of the Indian markets. Our aim is to combine synergy and expertise of the two organisations to enhance delivery and value to our existing customers and prospects. This acquisition will empower the Indian market to access best practices followed internationally and contribute to the overall growth of the Indian insurance sector,” Prabodh Thakker, Chairman of Global Insurance Brokers, said in a press release.
“The Indian insurance market is developing rapidly, and the changing landscape means our clients are facing increasingly complex risks and evolving regulatory requirements. The combined capabilities of Global Insurance Brokers and Aon will allow us to better serve our clients across India in new geographies and industries. This acquisition will reinforce our commitment to helping our clients navigate volatility and make better decisions in today’s environment,” Jon Pipe, Chief Executive Officer of Aon India Insurance Brokers, commented.