Global broking giant Aon is selling its personal lines business in the Netherlands to independent private equity firm BlackFin Capital Partners for an undisclosed sum.
In a release, Aon noted that the unit to be offloaded spans insurance brokerage (Affinity) and managing general agents (MGA), with no impact on the group’s global Affinity business.
The definitive agreement between BlackFin and Aon will see the latter stop serving client groups for private insurance in the Netherlands. There will be certain exceptions, however, such as expat and international student cover.
Leonique van Houwelingen, Netherlands chief executive at Aon, said: “We recognise the strength and significant contributions of our personal lines colleagues and know that they, along with the clients they serve, have a positive future at BlackFin.
“Our focus remains on building on Aon’s leading risk capital and human capital capabilities and leveraging advanced analytics to deliver insights and solutions that help our clients make better decisions.”
Meanwhile it was announced that Aon chief MGA Ron Gardenier is joining BlackFin to take the helm at the acquired operations.
“We are looking forward to working with the management team and staff of Aon’s personal lines business in the next phase of its development,” BlackFin founding partner Laurent Bouyoux said.
“As a partner, we will support them to become the undisputed leader in personal lines insurance distribution in the Netherlands through an ambitious growth plan driven by an enhanced service model and selective acquisitions.
“In the coming weeks, we will closely collaborate with Aon to finalise this transaction.”
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