Global insurance and reinsurance broker Aon has completed the acquisition of Global Insurance Brokers (GIB) in India, a move that significantly expands the firm’s existing capabilities in the country.
GIB, a composite re/insurance brokerage offering services across 17 offices, 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, expected later this year.
Until then, GIB will operate independently as an Aon company. Following the finalisation of the merger process, GIB will transition to Aon’s brand.
It will be led by Rishi Mehra, head of Aon for India, who will join the GIB board as its chairman subject to customary approvals. He will work closely with Jon Pipe, CEO and principal officer of AIIB as well as with GIB’s existing executive leadership team.
“This is an exciting milestone in Aon’s journey in India and reflects our commitment to the Indian market,” said Mehra. “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.”
This transaction, previously announce in October 2023, expands Aon’s existing capabilities across commercial risk, health, and reinsurance markets, and further positions the firm as a leading risk advisor in the country.
CEO Jon Pipe commented: “India presents significant opportunities for growth and innovation. GIB and Aon share common values and a firm commitment to client excellence. We are excited to come together to help clients face today’s 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.”
