Global professional services firm, Aon plc (NYSE: AON), announced its intention to acquire the prominent Indian company, Global Insurance Brokers.
The acquisition, which is pending regulatory approval, is expected to amplify Aon’s risk capital capability in the burgeoning Indian market.
Global Insurance Brokers, established in 1973, boasts a reputable legacy in India. As a composite broking firm, it provides risk management, insurance, and reinsurance broking services and operates through a wide network of 17 offices across the country.
This acquisition promises to augment Aon’s pre-existing proficiencies in the commercial risk, health, and reinsurance sectors. Consequently, Aon is set to solidify its stature as a premier risk advisor in the Indian domain.
Upon the deal’s conclusion, Global Insurance Brokers will undergo a rebranding to assimilate into Aon’s brand and operational model. The merged entity will function under the guidance of Jon Pipe, the CEO of Aon India Insurance Brokers Pvt Ltd. Notably, the union will culminate in a formidable conglomerate comprising more than 850 professionals.
Sharing his insights, Sandeep Malik, the executive chairman for Aon’s Asia-Pacific region, said, “With the Indian insurance sector evolving at an accelerated pace, this acquisition underscores our unwavering dedication to the Indian market. Our prime objective remains to assist our clientele in adeptly navigating the oscillating market dynamics.”
Echoing Malik’s sentiment, Jon Pipe said, “In the face of intricate risks and shifting regulatory landscapes, this amalgamation will empower us to more efficiently cater to our clients throughout diverse Indian regions and sectors.”
Prabodh Thakker, the visionary founder and chairman of Global Insurance Brokers, expressed his enthusiasm: “This merger is a harmonious blend of shared ethos and aspirations. By synergizing, we are in an optimal position to fuel innovation, nurture talent, and proffer enhanced solutions, ensuring the prosperity and safeguarding of Indian businesses.”
In the interim, both Aon and Global Insurance Brokers will retain their autonomous operations until the finalization of the transaction, anticipated in the upcoming months.
InsuranceNewsAsia
