Aon Plc, a global professional services firm providing a broad range of risk, retirement and health solution, is set to purchase NFP, a middle market property and casualty broker, benefits consultant, wealth manager and retirement plan advisor.
The purchase comes from funds affiliated with NFP’s main capital sponsor, Madison Dearborn Partners, and funds affiliated with HPS Investment Partners, according to a statement Wednesday.
Chairman and CEO of NFP, Doug Hammond, will continue to lead the business as “an independent but connected platform within Aon,” the companies said in a statement. Hammond will report to president of Aon, Eric Andersen.
Founded in 1999, the privately held firm sees Aon as an ideal partner for growth and serving the dynamic needs of clients.
“Our clients will benefit from Aon’s global resources and distribution, while our people will have more opportunities to accelerate the growth of NFP,” Hammond said in a release. “With aligned values and capabilities across different-sized market segments, we look forward to working with the Aon team to elevate performance and make the transaction successful for everyone involved.”
Greg Case, CEO of Aon, said the purchase of NFP will advance their relevance to clients and further strengthen shared cultural values.
The firm’s Aon United strategy, Aon Business Services operating platform and investments in advanced analytics have driven a long-term track record of results, according to the companies, “and the acquisition will enable the combined firms to efficiently deliver content and capabilities to the middle-market segment.”
Under the terms of agreement, Aon will acquire NFP for a total estimated to be $13.4B at the time of close, which will be funded by $7B of cash and $6.4B of Aon stock.
The deal is expected to close in mid-2024.
To help fund the proposal, the governor and Florida's finance chief are probing municipal finances on a "local government accountability tour" to uncover potential waste.
Edward Jones’ job cuts and overall realignment internally are contributing to higher costs for the company, it said in its recent quarterly report.
Meanwhile, Fifth Third's RIA arm adds a former billion-dollar BNY trio in Boulder, Colorado, while a hybrid RIA opens a new North Carolina location with a former Raymond James-affiliated team.
Analysis highlights swelling out-of-pocket costs and wasted time on paperwork, with an outsized toll on businesses and around crypto transactions.
The appointment to its investment management arm comes roughly a year after the firm first announced plans to launch its own exchange-traded fund platform.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
