Aon Risk Services said that it has agreed to acquire FCC Global Insurance Services, the in-house captive brokerage subsidiary of FCC. FCC Global Insurance Services is a subsidiary of Fomento De Construcciones Y Contratas, S.A. of Spain.
Financial terms of the acquisition were not disclosed. The transaction is expected to close by the end of the year. As a result, ARS will become the exclusive global insurance broker for FCC for a term of 10 years.
FCC is the second largest construction conglomerate in Spain and the seventh largest in Europe, specializing in infrastructure, environmental and related public services. FCC is also a leading European provider of related public services, operating in 54 countries with more than 94,000 employees worldwide. FCC specializes in infrastructure, environmental, construction, renewable energy and water managing services.
“This acquisition strengthens the ARS position in both the construction and public services sectors in Europe,” said Steve McGill, chairman and chief executive officer of Aon Risk Services. He said ARS will manage FCC’s risk portfolio, as well help FCC monetize its internal captive business.
Rafael Esteban, chief executive officer of Aon Spain, added, the agreement reinforces Aon Spain’s position as the insurance broker with the largest capacity in providing risk management services to the construction, infrastructure and energy sectors.
Baldomero Falcones, chairman and chief executive officer of FCC, said that FCC Group’s fast worldwide expansion over the last five years means that half of FCC’s revenues come from overseas. He said increasing premiums, risk complexity and difficulty to locally provide adequate service helped FCC decide to partner with ARS.
The FCC announcement comes just a few weeks after ARS reported that it is buying Allied North America, one of the largest independent surety and construction insurance brokerage firms in the U.S.
Topics Mergers & Acquisitions Agencies Europe Construction Aon
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