Global Insurance Brokers, a provider of risk management, insurance, and reinsurance broking services in the Indian subcontinent, announces its acquisition by Aon plc AON. Deal terms not disclosed.
The acquisition, pending regulatory approval, is set to enhance Aon's capabilities in commercial risk, health, and reinsurance markets, and expand its geographical footprint.
Global provides services to over 2000 companies annually across industries through its network of 18 offices. The firm will operate under Aon's brand and business model post-acquisition.
Global will operate under Aon's brand and business model, led by Jon Pipe, CEO of Aon India Insurance Brokers Pvt Ltd. The acquisition brings together a team of over 850 people with domain expertise.
Prabodh Thakker, Chairman of Global Insurance Brokers, believes the synergy and expertise of both organizations will enhance value delivery to customers and contribute to the growth of the Indian insurance sector.
Aon held cash and equivalents of $1.1 billion as of June 30, 2023.
The acquisition is a strategic move for Aon, capitalizing on Global's established presence in seven Indian cities where Aon has not yet ventured. This development not only facilitates Aon's expansion but also strengthens a decade-long successful partnership, heralding new growth prospects in the Indian insurance sector.
Price Action: AON shares traded 0.02% lower at $325.78 on the last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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