Insurance broker Aon plc announced it has signed a definitive agreement to acquire the in-house insurance agency business of Mitsubishi Chemical Group (MCG), enhancing Aon’s risk and health capability offering in Japan.
Financial details of the deal were not disclosed.
The in-house insurance agency operates as part of Dia Rix, an in-house business services provider to MCG. Aon will acquire the insurance agency business which provides corporate and personal lines insurance to MCG group companies and employees in Japan.
The divestiture will allow MCG to divert resources and investment to its core business while leveraging the global risk management capabilities of Aon to strengthen its global governance, Aon explained.
Following the close of the transaction, the team will transition to Aon’s brand and operating model, under the leadership of Tatsuya Yamamoto, head of Aon in Japan, bringing together a combined team of more than 400 colleagues.
“This acquisition reinforces our investment in Japan as an important market for Aon. The existing synergies we share with Dia Rix in terms of capability and culture will allow us to better serve MCG as well as strengthen broader capability and development opportunities for colleagues at the combined firm,” commented Anne Corona, CEO for Aon in Asia Pacific, in a statement.
“The current changes in the non-life insurance environment in Japan will foster an environment in which global companies like the MCG can focus on their core business by divesting their in-house insurance agency operations, while at the same time supporting their operational efficiency strategies and leveraging a group of experts like Aon to provide an opportunity for more sophisticated global risk management,” said Yamamoto. “We are well situated to take this business forward building on our existing capabilities and growth momentum and continue to provide optimal solutions for all our clients in Japan.”
The firms will continue to operate independently until the transaction is completed, which is expected in early 2025.
Source: Aon
Topics
Aon
Chemicals
Japan
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