Broking giant Aon has agreed to divest its personal lines business in the Netherlands to independent private equity firm BlackFin Capital Partners.
Under the agreement, BlackFin will acquire Aon’s personal lines business, comprising both insurance brokerage (Affinity) and MGAs.
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Financial terms of the deal were not disclosed by the companies. The deal is subject to regulatory approval.
The sale forms part of Aon’s FutureForward strategy in the Netherlands to align its business under its Risk Capital and Human Capital capabilities. It plans to focus on the business-to-business market.
Aon Netherlands CEO Leonique van Houwelingen said: “Our focus remains on building on Aon’s leading Risk Capital and Human Capital capabilities and leveraging advanced analytics to deliver insights and solutions that help our clients make better decisions.”
Upon completion of the deal, Aon will not serve client groups for private insurance in the Netherlands, except expat and international student insurance.
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By GlobalDataThrough this deal, BlackFin intends to strengthen its business in the personal lines insurance segment in the Netherlands.
Upon completion of the deal, current Aon MGA chief Ron Gardenier will be named as CEO of the new entity.
BlackFin founding partner Laurent Bouyoux said: “As a partner, we will support them to become the undisputed leader in personal lines insurance distribution in the Netherlands through an ambitious growth plan driven by an enhanced service model and selective acquisitions. In the coming weeks, we will closely collaborate with Aon to finalise this transaction.”
Recently, Aon partnered with the African Development Bank and Kenyan artificial intelligence start-up Amini to expand the availability of crop insurance in Africa.
The partners also aim to bolster the resilience of smallholder farmers and speed up the adoption of environmentally friendly practices.
