Aon has announced its acquisition of Global Insurance Brokers, a leading provider of risk management, insurance, and reinsurance broking services in the Indian subcontinent.
The acquisition, pending regulatory approval, marks a strategic move to bolster Aon’s capabilities in the commercial risk, health, and reinsurance sectors.
While the deal’s financial value is yet to be disclosed, the acquisition will see Global Insurance Brokers operating under the Aon brand, guided by Mr. Jon Pipe, Chief Executive Officer of Aon India Insurance Brokers Pvt Ltd. The move brings together more than 850 skilled professionals with deep industry knowledge from both Aon and Global, facilitating a seamless transition.
Internationally renowned professional services firm Aon aims to utilise the deal to enhance its foothold in the Indian insurance market, which is experiencing rapid development amid evolving regulatory requirements.
The combined capabilities of Aon and Global Insurance Brokers will enable better service delivery to clients across India, covering new geographical areas and industries.
Global Insurance Brokers Pvt Ltd is a licensed composite broker by IRDAI. It has been providing leading risk management, insurance, and reinsurance broking services in India for nearly five decades. The company caters to a wide range of clients, offering services such as risk consulting, insurance placement, claims management, and more. Notably, Global specialises in areas like aviation, sports, counterterrorism, crisis management, and employee benefits, among others.
The firm has a presence in seven Indian cities where Aon does not currently operate, making it an exciting opportunity for Aon to expand its brand and leverage its expertise in these regions. Moreover, the acquisition builds upon a successful joint venture association between Global and Aon that has lasted for more than a decade.
Commenting on the development, Mr. 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.”
Mr. 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.”
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