Expected closing date of Aon and NFP deal revealed

Broker Aon has confirmed that its acquisition of NFP is expected to close this week.

Back in December 2023, Aon announced it would acquire NFP for a consideration estimated to reach £10.6bn ($13.4bn).

On completion of the deal, NFP will operate as an independent but connected broking business, going to market as ‘NFP, an Aon company’.

In a securities and exchange commission filing, Aon said it expected the acquisition to be completed on Thursday (25 April).

“Both Aon and NFP expect the closing to occur on or around April 25 2024, subject to the satisfaction of the closing conditions specified in the merger agreement,” the document said.

“Until closing, Aon and NFP will continue to operate independently.”

The deal

After the acquisition was announced, Insuramore stated it was the “largest deal ever announced in the global insurance broking sector”.

The insurance marketing consultancy firm highlighted that Aon’s global market share would move up from 7.6% to 8.8% and that for commercial property and casualty (P&C) retail broking business, its global market share would advance from 8.9% to 9.7%.

As part of the deal, chairman and chief executive of NFP Doug Hammond will continue to lead the business, reporting to Eric Andersen, president of Aon.

Greg Case, chief executive of Aon, said: “The acquisition will advance our relevance to clients, create opportunities for our colleagues and further strengthen our shared cultural values.

“Doug and NFP have built an exceptional team, with a complementary one-firm mindset, and we expect to both learn from their entrepreneurial culture and share with them the depth and breadth of our capabilities to create more value for clients, colleagues and shareholders.”