Aon has entered into a definitive agreement for the acquisition of Indian broking firm Global Insurance Brokers for an undisclosed sum.

The acquisition is part of Aon’s strategy to bolster its risk capital capability solutions in the country.

Established in 1973, Global Insurance Brokers provides risk management, insurance and reinsurance broking services from 17 Indian locations.

Aon intends to improve its expertise in the commercial risk, health and reinsurance markets through this deal.

Global Insurance Brokers will adopt the brand and operating model of Aon following the conclusion of the deal. 

The acquired business will be led by Aon India Insurance Brokers CEO Jon Pipe.

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Aon Asia-Pacific region executive chairman Sandeep Malik said: “The Indian insurance market is developing rapidly, and this acquisition reflects our commitment to the Indian market as well as to helping our clients navigate volatility and make better decisions in a fast-changing environment.”

The companies will function as independent entities until the completion of the deal, which is subject to regulatory approval.

Pipe said: “Our clients are facing increasingly complex risks and evolving regulatory requirements. 

“The combined capabilities of Global Insurance Brokers and Aon will allow us to better serve our clients across India in new geographies and industries.”

Aon recently named Jeff Plein as its new chief operating officer for the Asia-Pacific region.