Aon has signed a definitive agreement to acquire the in-house insurance agency business of Mitsubishi Chemical Group (MCG).
Financial terms of the deal remain undisclosed.
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The business to be acquired offers corporate and personal lines insurance services and is expected to bolster Aon’s presence in the Japanese market.
The insurance agency operates within Dia Rix, an in-house business services provider for MCG, and focuses on delivering insurance solutions to MCG group companies and their employees.
It will enable MCG to concentrate on its core business areas, while Aon’s global risk management capabilities will be leveraged to enhance MCG’s governance on a worldwide scale.
Upon completion of the deal, which is scheduled for early 2025, the current team will integrate into Aon’s brand and operating model.
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By GlobalDataThis move will be led by Tatsuya Yamamoto, Aon’s Japan head, involving a combined team of more than 400 people.
Until the transaction is finalised, both companies will continue to operate independently.
Aon Asia-Pacific CEO Anne Corona said: “The existing synergies we share with Dia Rix in terms of capability and culture will allow us to better serve MCG as well as strengthen broader capability and development opportunities for colleagues at the combined firm.”
Yamamoto added: “The current changes in the non-life insurance environment in Japan will foster an environment in which global companies like the MCG can focus on their core business by divesting their in-house insurance agency operations, while at the same time supporting their operational efficiency strategies and leveraging a group of experts like Aon to provide an opportunity for more sophisticated global risk management.”
Earlier this month, Aon introduced the cyber risk analyser, a digital application to help risk managers make informed decisions to mitigate cyber risk exposure.
