Aon remains on the lookout for further buys

By Simon Challis

MONTE CARLO, Sept 7 (Reuters) – Aon Corp (AOC.N: Quote, Profile, Research, Stock Buzz) sees no threat of a counterbid following its agreed 844 million pound ($1.48 billion) bid for reinsurance broker Benfield (BFD.L: Quote, Profile, Research, Stock Buzz) and remains on the lookout for further acquisitions, senior executives from the firm said on Sunday.

Asked at a press conference at an industry meeting in Monaco whether he feared rivals would seek to trump its all-cash bid for the UK-based Benfield, Aon Re Global Chief Executive Andrew Appel said, “No, I’m not worried.”

Rival Marsh & McLennan Cos Inc (MMC.N: Quote, Profile, Research, Stock Buzz) ruled out making a bid for Benfield.

Appel said it was too early to say whether any jobs may be lost as part of the takeover, which cement Aon’s role as the world’s largest reinsurance broker, by swallowing its third-placed rival.

Aon Re, the re-insurance arm of Aon Corp and Benfield each have large offices in London, the center of the European insurance risk market, and a substantial number of employees.

Aon also said it would continue to make more acquisitions if it found attractive targets, having already bought the reinsurance operations of U.S. rival Arthur J Gallagher (AJG.N: Quote, Profile, Research, Stock Buzz) in February for an upfront fee of $30 million.

“If it makes sense to acquire companies that fit our strategy then we would absolutely take a look at them,” said Mike O’Halleran, executive chairman of Aon Re Global.

see original

You may also like

Legislative panel approves medical malpractice bill
Read more
Urgent-care centers: Illinois numbers grow as time-pressed families seek low-cost option to ERs
Read more
Global Center for Medical Innovation launches
Read more

Recent Posts

California Healthcare Providers, Trial Attorneys, Legislators Reach Deal to Increase MICRA Cap

Corporate Acquisitions Accelerating Surge in Employed Physicians

AM Best Maintains Negative Outlook for MPL Segment in 2022, Cites Rising Loss Costs, Increasing Severity, Diminished Reserves

Popular Posts

PIAA 2017: Current Trends & Future Concerns

2022 Medical Malpractice Insurance Rates: What the data tells us

Global Center for Medical Innovation launches

Start Your Custom Quote Process™

Request a free quote