Aon has announced the completion of its strategic move to acquire Global Insurance Brokers (GIB), marking a significant stride in enhancing its service offerings in India.
This acquisition aims to fortify Aon's ability to support its clientele amid unpredictable market conditions, broadening its scope in advisory and brokerage services.
With the acquisition, GIB becomes a wholly-owned subsidiary of Aon and is slated for integration with Aon India Insurance Brokers (AIIB) upon the closure of the merger proceedings overseen by the National Company Law Tribunal, anticipated to conclude within the year.
In the transitional phase, GIB will maintain its operational autonomy under the Aon umbrella.
Rishi Mehra, the newly appointed head for the Indian market, is set to chair GIB's board, with the appointment awaiting standard regulatory nods.
Jon Pipe, CEO and principal officer at AIIB, alongside GIB's leadership team, will collaborate with Mehra to drive client-centric solutions aimed at business protection and growth.
“This is an exciting milestone in Aon's journey in India and reflects our commitment to the Indian market,” Mehra said. “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.”
Aon's consolidation of its brokerage and advisory services, particularly in the commercial risk, health, and reinsurance segments, together with its talent consulting arm, forms a cohesive unit of over 1,100 professionals across India.
This unified force is geared towards advancing Aon's “Aon United” strategy, post-merger, with GIB transitioning to the Aon branding.
“India presents significant opportunities for growth and innovation,” Pipe said. “GIB and Aon share common values and a firm commitment to client excellence. We are excited to come together to help clients face today's rapidly changing and increasingly complex and interconnected challenges.”
Prabodh Thakker, outgoing chairman of GIB, emphasised the merger's role in introducing global business practices to the Indian market.
“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,” he said. “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.”
