British insurance major Aon has acquired Connecticut-based The Farmington Company that provides enrollment solutions and voluntary benefits.
Founded in 1980, The Farmington Company has more than 110 employees.
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The company currently serves more than 700 employers by providing them with personalised benefit communication services and insurance products along with employer-sponsored medical coverage.
The takeover is said to expand Aon’s service suite including voluntary benefits, consolidated billing as well as lifestyle products.
It also offers additional human capital enrolment solutions to the company.
Aon Voluntary Benefits & Enrollment Solutions US practice leader Gregory Morano said: “As part of the Aon United growth strategy, The Farmington Company will strengthen our firm’s growing Voluntary Benefits and Enrollment Solutions (VBES) business, which has fueled growth by delivering new sources of value to clients.
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By GlobalData“The Farmington Company’s lifestyle products, premium reconciliation and total voluntary benefit management and customer service models are complementary strengths that fill a need within VBES and position Aon to be highly competitive in the market.”
The Farmington Company CEO Doug Mantz said: “We are excited to combine Aon’s scale and expertise in voluntary benefits and enrolment solutions with The Farmington Company’s business model to create new sources of value for clients. Together we can strengthen and expand the client experience.”
Last month, Aon entered into a definitive agreement with Willis Towers Watson to combine operations in an all-stock transaction.
The resulting firm is expected to have a combined equity value of approximately $80bn.
In February, Aon acquired Canadian cybersecurity firm Cytelligence for an undisclosed amount.
