Insuramore, a consultancy specializing in insurance rankings, has analyzed the implications of Aon’s acquisition of NFP for the prominent broking giant.
In a recently released email, Insuramore stated, “Utilizing the data gathered for 2022, the NFP acquisition brings about the following impacts on Aon’s position in the insurance broking sector: for total broking activity, its global market share would increase from 7.6% to 8.8%, maintaining its second-place standing behind Marsh McLennan; for commercial property & casualty retail broking business, its global market share would rise from 8.9% to 9.7%, still holding the second position behind Marsh McLennan in this domain; for private P&C retail broking business, its global market share would surge from 1.0% to 1.7%, elevating its ranking from 22nd to ninth position in a comparatively fragmented segment; for employee benefits activity plus life and health insurance retail broking, its global market share would grow from 6.4% to 8.5%, securing the third place behind WTW and Marsh McLennan; for reinsurance broking business, it would maintain its top global ranking with a market share increasing from an already dominant 30.8% to 31.8%.”
As previously disclosed, Aon is set to acquire NFP for approximately US$13.4 billion, with the transaction anticipated to conclude in the middle of the next year.
“The acquisition will enhance our relevance to clients, create opportunities for our colleagues, and further reinforce our shared cultural values,” said Aon Chief Executive Greg Case earlier this week.
Meanwhile, Insuramore added, “Within its core segments, the deal will solidify Aon’s lead over a pursuing group of rapidly growing competitors.”
