Aon has successfully completed the transaction to acquire Global Insurance Brokers (GIB) extending its presence in India.
The acquisition aims to strengthen Aon’s existing broking and advisory capabilities across the commercial risk, health and reinsurance markets.
And combined with Aon’s talent consulting business, the acquisition creates an integrated team of more than 1,100 colleagues across Aon in India .
Following the finalisation of the merger process, GIB will transition to Aon’s brand.
GIB is now wholly owned by Aon and will formally integrate with Aon India Insurance Brokers (AIIB) following the finalisation of the National Company Law Tribunal merger process which is expected later this year.
In the interim, GIB 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.
Aon appointed Mehra as head of India, earlier this month.
Jon Pipe, CEO and principal officer of AIIB and GIB’s existing executive leadership team, will work with Mehra to help clients make better decisions to protect and grow their business.
Established in the year 1973, GIB has more than 450 employees spread across 15 locations in India.
Aon said: “The transaction significantly expands Aon’s existing capabilities in India to help clients navigate volatility and make better decisions.”
Mehra said in a statement: “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.”
“India presents significant opportunities for growth and innovation,” said Pipe.
“GIB and Aon share common values and a firm commitment to client excellence. We are excited to come together to help clients face today rapidly changing and increasingly complex and interconnected challenges.”
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.”