Aon, a global professional services firm, has announced the signing of a definitive agreement to acquire the in-house insurance agency business of Mitsubishi Chemical Group (MCG), further strengthening the re/insurance broker’s risk and health offerings in Japan.
The insurance agency, currently operating as part of Dia Rix, MCG’s internal business services provider, delivers corporate and personal insurance solutions to MCG’s group companies and employees in Japan.
This move allows MCG to reallocate resources and investments to its core operations while benefiting from Aon’s global risk management expertise to enhance its international governance.
Once the transaction is complete, the team will integrate into Aon’s brand and operating structure, under the leadership of Tatsuya Yamamoto, head of Aon Japan. The transition will unite more than 400 employees into Aon’s workforce.
Anne Corona, CEO for Aon in Asia Pacific, commented: “This acquisition reinforces our investment in Japan as an important market for Aon. 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.
“We are well situated to take this business forward building on our existing capabilities and growth momentum and continue to provide optimal solutions for all our clients in Japan.”
The companies will remain independent until the transaction is finalised, which is anticipated to occur in early 2025.
