Aon has signed a definitive agreement to acquire NFP for US$13.4 billion to bolster its middle-market presence. The deal is expected to close mid-2024.
Based in New York, NFP is a property and casualty broker, benefits consultant, wealth manager and retirement plan advisor.
Subject to regulatory approvals, Aon will acquire the company from funds affiliated with NFP’s main capital sponsor, Madison Dearborn Partners (MDP), and funds affiliated with HPS Investment Partners.
Doug Hammond, chairman and CEO of NFP, will continue to lead the business as an independent but connected platform within Aon, named ‘NFP, an Aon company’. He will report to Eric Andersen, president of Aon.
Greg Case, CEO of Aon, comments: “The acquisition will advance our relevance to clients, create opportunities for our colleagues and further strengthen our shared cultural values. Doug and NFP have built an exceptional team, with a complementary ‘one-firm mindset’, and we expect to both learn from their entrepreneurial culture.”
Hammond says: “This is an exciting milestone in NFP’s evolution that reflects the quality of the business we’ve built and the exceptional people who drive our success. Our clients will benefit from Aon’s global resources and distribution, while our people will have more opportunities to accelerate the growth of NFP.”
