Global Insurance Brokers, a major provider of risk management, insurance, and reinsurance broking services in the Indian subcontinent, announced its acquisition by Aon plc.
Financial details of the deal, which is subject to regulatory approval, were not disclosed. Aon and Global Insurance Brokers (Global) will continue to operate independently until the deal closes.
Global provides services to more than 2000 companies annually across industries through its network of 18 offices. 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 will operate under Aon’s brand and business model, led by Jon Pipe, chief executive officer of Aon India Insurance Brokers Pvt Ltd. The acquisition brings together a formidable team of over 850 talented people with domain expertise. The senior management teams of Aon and Global will work together for a smooth transition.
“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,” commented Prabodh Thakker, chairman, Global Insurance Brokers.
“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,” he 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,” said Pipe. “This acquisition will reinforce our commitment to helping our clients navigate volatility and make better decisions in today’s environment.”
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. Global and Aon have had a track record of successful joint venture association for more than a decade and the acquisition will further unlock the potential of both organisations, contributing significantly to the growth of the overall Indian insurance industry.
About Global Insurance Brokers
Established in 1973, Global Insurance Brokers is a composite broker that provides risk management, insurance, and reinsurance broking services in India. Specializing in aviation, sports, counterterrorism, and crisis management, Global is also a leader in employee benefits, liability, property, construction, and the energy sectors. With over US$3 billion in insurance premiums placed, Global serves globally more than 2000 clients annually and employs 350-plus people in 18 offices.
Source: Global Insurance Brokers
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