Aon has completed the acquisition of NFP, a middle-market property and casualty broker, benefits consultant, wealth manager and retirement plan advisor.
As an Aon company, NFP will operate as an “independent and connected” platform, delivering risk capital and human capital capabilities across Aon, and will continue to be led by NFP CEO Doug Hammond, reporting to Aon president Eric Andersen.
The purchase came from Aon’s funds affiliated with NFP’s main capital sponsor Madison Dearborn Partners and with HPS Investment Partners for US$13 billion, including US$7 billion in cash and assumed liabilities, as well as US$6 billion in equity in the form of 19 million Aon shares.
Greg Case, Aon CEO, states: “It is a historic day for our firm as we welcome NFP to Aon and work together to help clients address increasing volatility across risk and people issues.
“This acquisition is another example of how we are going further, faster with our 3×3 plan to accelerate our Aon United strategy and further enhance our relevance to clients.”
Andersen adds: “The idea of being ‘independent and connected’ is key to how we will collaborate and create more options for clients across our risk capital and human capital capabilities.
“Doug and his team have built an exceptional client-centred business, and we are focused on using our Aon Business Services platform to scale the delivery of new capabilities to small and middle market clients across Aon and NFP.”
Hammond says: “Aon’s diverse resources and global reach enhance our ability to serve the dynamic risk, workforce, wealth management and retirement needs of our clients.”
