Aon remains open to the prospect of acquisition opportunities following its purchase of Mark Kelly Insurance and Financial Services last week.
Speaking to
Insurance Business,
Lambros Lambrou, CEO of Aon Risk Solutions in Australia, said that the firm will continue to seek acquisition opportunities both in Australia and in the wider Pacific region.
“It has probably been a bit of a rarity in the context of Aon in Australia but it is not a rarity in the Aon world globally - we have been on the acquisition trial for quite some time,” Lambrou said. “Here in Australia we have really been on the lookout for possible acquisitions and it is fair to say that our lead on acquisitions is very much through the strategic and cultural fit.
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“There have been plenty of opportunities out there for us to buy and, for whatever reason, whether it has been the price or lack of strategic or cultural fit, it hasn’t been right for us but with Mark Kelly Insurance and Financial Services it works for us in a number of dimensions.”
Lambrou said the firm remains “inquisitive” for acquisitions in the region as the firm is committed to growing its footprint in regional areas.
“We are very committed to our regional business with a substantial regional footprint in Queensland and New South Wales and from that perspective we really liked the strategic fit,” Lambrou continued.
He added that Mark Kelly will remain involved with the business as Aon looks for a “seamless transition.” As the deal sees Aon add and strengthen offices in Townsville, Ayr and Ingham, Lambrou said that the firm is well equipped to help clients deal with the challenges facing the North Queensland region.
“North Queensland has some very specific, nuanced risk issues which are complex and challenging. We look at that as really being in our sweet spot,” Lambrou continued. “Challenging environments where we can work with strategic carrier partners, where we can use our leverage and investment in data and analytics to help to provide insights that mean that we can continue to innovate and also help to solve some of the challenges associated with businesses that are in high risk natural catastrophe areas.
“It is the type of thing we absolutely want to invest in because we think we can bring great capability and unique insights to help solve those clients’ problems.”
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