Global professional services company Aon has closed the acquisition of Global Insurance Brokers (GIB), enhancing its footprint in the Indian market.
The deal, agreed in October 2023, is expected to bolster Aon’s broking and advisory services in the commercial risk, health and reinsurance sectors.
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GIB is now a wholly owned subsidiary of Aon and will begin formal integration with Aon India Insurance Brokers (AIIB) after the National Company Law Tribunal merger process concludes, which is expected later this year.
Until then, GIB will operate independently within Aon.
As part of the transaction, Rishi Mehra, the newly appointed head of Aon for India, is set to become the chairman of the GIB board, although the move is contingent on customary approvals.
In addition, Jon Pipe, CEO and principal officer of AIIB, alongside GIB’s current executive leadership, will collaborate with Mehra to support clients in protecting and growing their businesses.
With the addition of GIB, Aon’s integrated team size in India will grow to more than 1,100, furthering the company’s Aon United strategy.
After the merger process is finalised, GIB will adopt the Aon brand.
GIB outgoing chairman Prabodh Thakker added: “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.”
Established in 1973, GIB is a broking company in India with 17 offices. The company offers an array of services including risk consulting, insurance placement, risk management and claims management.
