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Leading global reinsurance broker Aon plc announced on Wednesday that it has successfully completed the transaction to acquire Global Insurance Brokers (GIB) and will become a part of the firm after the finalization of the National Company Law Tribunal merger process.
The process is expected to be completed later this year. In the meantime, Global Insurance Brokers will operate independently as an Aon company.
Rishi Mehra, Head of Aon for India, will join the GIB board as its chairman subject to customary approvals. Jon Pipe, CEO and principal officer of Aon India Insurance Brokers and GIB’s existing executive leadership team, will work closely with Mehra to help clients make better decisions to protect and grow their business.
Mehra said, “This is an exciting milestone in Aon’s journey in India and reflects our commitment to the Indian market. The exceptional talent and breadth of capabilities across our two firms will create opportunities for our colleagues and expand our ability to better serve the growing needs of our clients.”
The acquisition is expected to bolster Aon’s existing broking and advisory capabilities across the commercial risk, health, and reinsurance markets. Combined with the company’s team of over 1,100 colleagues across India, it will aid in accelerating its strategy.
Prabodh Thakker, outgoing chairman of GIB, said, “The objective of GIB has always been to bring world-class business practices to India and to create value for its clients and colleagues. The Indian insurance market has evolved significantly during my time as GIB’s leader, and Aon’s ability to deliver capabilities in Risk Capital and Human Capital makes them well-placed to take the business forward. GIB clients will benefit from Aon’s global resources and advanced capabilities, while GIB colleagues will have exciting new opportunities to deliver client value in a dynamic market.”
Earlier in October, GIB had announced the acquisition by Aon Insurance Brokers.
