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, said Jon Pipe, chief executive officer, Aon India Insurance Brokers
Aon plc, the second largest international re/insurance broker, announced on Wednesday its decision to acquire 50-year old Global Insurance Brokers (Global), one of the large re/insurance broking and risk management groups in India.
The arrangement is subject to regulatory approval from the IRDAI and Aon and Global Insurance Brokers will continue to operate independently until then.
However, both the companies have not disclosed any financial details of the deal.
Global will operate under Aon’s brand and business model, led by Jon Pipe, chief executive officer of Aon India Insurance Brokers.
Global and Aon earlier were partners to a broking joint venture(Aon Global Insurance Brokers) in the country but had parted ways after almost 15-years of collaboration.
Aon then had acquired a 49 per cent stake in Anviti Insurance Brokers, owned by former Infosys chairman Narayana Murthy’s institutional investment firm Catamaran Ventures and subsequently had bought out the entire stake of Catamaran after the government allowed 100 per cent FDI in insurance broking.
Its former partner is its first acquisition in India.
Jon Pipe, chief executive officer, Aon India Insurance Brokers added, “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.”
Prabodh Thakker, chairman, Global Insurance Brokers said, “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.”
Sandeep Malik, executive chairman for Aon’s Asia-Pacific region, commented: “The Indian insurance market is developing rapidly, and this acquisition reflects our commitment to the Indian market as well as to helping our clients navigate volatility and make better decisions in a fast-changing environment.”
The acquisition brings together a formidable team of over 850 talented people with domain expertise. senior management team of Aon and Global will work together for a smooth transition.
With a strong legacy, Global provides services to over 2000 companies annually across industries through its network of 18 offices. Keeping up with time, Global has invested heavily in leading-edge technology and has developed a proprietary technology-led platform that distinguishes it.The acquisition will augment Aon’s existing capabilities in the commercial risk, health, and reinsurance markets.
Global is also a leading aviation and cyber insurance brokers and known for handling Air India account and Jet Airways (when it was it was fully functional). It also arranges for cyber covers for many leading financial institutions.
Notably, Global has a presence in seven Indian cities where Aon does not currently operate, presenting the company with a unique opportunity to expand its brand using its expertise and support.