Aon to buy middle-market insurance broker NFP for $13.4bn

Management consulting group Aon said on Wednesday that it has agreed to buy middle-market insurance broker NFP for around $13.4bn in cash and stock.

Aon said the acquisition expands its presence in the large and fast-growing middle-market segment, with capabilities across risk, benefits, wealth and retirement plan advisory.

Doug Hammond, chairman and chief executive of NFP, will continue to lead the business as an independent but connected platform within Aon, reporting to Eric Andersen, president of Aon.

Aon CEO Greg Case said: "We have continually evolved our leading capabilities to better serve our clients' growing needs amidst increasing volatility across the marketplace.

"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."