Consultancy Insuramore, which publishes insurance rankings, has examined what Aon’s swoop for NFP will mean for the broking giant.
In an emailed release, Insuramore noted: “Using the data collected for 2022, the acquisition of NFP has the following impacts on Aon’s positioning in the insurance broking sector: for total broking activity, its global market share would move up from 7.6% to 8.8%, and it would remain in second place behind Marsh McLennan; for commercial property & casualty retail broking business, its global market share would advance from 8.9% to 9.7%, and it would also remain in second place behind Marsh McLennan in this field; for private P&C retail broking business, its global market share would surge from 1.0% to 1.7%, and it would rise from 22nd to ninth position in a comparatively fragmented segment; for employee benefits activity plus life and health insurance retail broking, its global market share would increase from 6.4% to 8.5%, and it would remain in third place behind WTW and Marsh McLennan; for reinsurance broking business, it would continue to be ranked first worldwide with a global market share edging up from an already dominant 30.8% to 31.8%.”
As previously announced, Aon is acquiring NFP for around US$13.4 billion. The transaction is expected to be completed in the middle of next year.
“The acquisition will advance our relevance to clients, create opportunities for our colleagues, and further strengthen our shared cultural values,” Aon chief executive Greg Case said earlier this week.
Meanwhile Insuramore added: “In its core segments, the deal will keep Aon comfortably ahead of a chasing pack of fast-growing competitors.”
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