Aon, a leading global professional services firm, has signed a definitive agreement, subject to regulatory approval, to acquire Global Insurance Brokers, enhancing its risk capital capability offering in India.
The transaction will expand Aon’s existing capabilities across the commercial risk, health and reinsurance markets and will further position Aon as a leading risk advisor in India, says Aon in a statement.
Founded in 1973, Global Insurance Brokers is a well-respected composite broking firm in India delivering risk management, insurance and reinsurance broking services across 17 offices.
Upon completion of the deal, Global Insurance Brokers will transition to Aon’s brand and operating model, under the leadership of Mr Jonathan Pipe, CEO of Aon India Insurance Brokers, bringing together a combined team of more than 850 colleagues.
Mr 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.”
Mr Pipe added: “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.”
Mr Prabodh Thakker, founder and chairman of Global Insurance Brokers, said, “Global Insurance Brokers shares common values with Aon and by joining together we will be better placed to drive innovation, develop talent and deliver enhanced solutions to help companies in India grow and protect their businesses.”
Aon and Global Insurance Brokers will continue to operate independently until the transaction is completed, which is expected in the coming months.
In 2021, Aon increased its stake in Aon India Insurance Brokers from 49% to 100%, acquiring the remaining share from Catamaran Ventures. Aon acquired the 49% stake in the Indian composite broking firm, Anviti Insurance Brokers, in 2020 from Catamaran Ventures. Anviti was founded by Catamaran in 2016 and subsequently rebranded as Aon India Insurance Brokers in June 2021.
