Aon plc has declared its acquisition of NFP a middle market entity casualty brokering, wealth management, retirement planning.
Aon told it project the deal to create more than $2.8 billion in prior tax gains, which does not include about $400 million in integration costs and transactions.
This evolutionary step align with Aon commitment to progressing ability to meet client requirement and establish their cultural values. The move will empower Aons in the burgeoning middle market segment offering huge array of danger, wealth, management , benefits and retirement advisory services.
Greg Case Aon CEO express the strategic importance of the acquisition, stresses its role in client services and market volatility.Citi is advising it on the deal financing. UBS investment Bank was the financial advisor to Aon on the transaction.
Demand for insurance product has remained in an uncertain economy and the segment is thought to be recession proof as various policies are guaranteed by employers while few are mandated by the government. NFP CEO Doug Hammond will continue to lead the business and report to Aon President Eric Andersen.
NFP is a casualty and property brokerage with more than 7,700 employees. The New York company reported annual income of $738 million in the casualty and property segment in 2022. Annual revenue at its life business and benefits was $1.11 billion.
Insurance broker serve as a bridge between customers and insurer assisting customers assisting consumer which best suit their requirement.
In October the organization reported a third quarter profit that defeat analysts estimates assisted by progress at commercial risk solution business.