Aon has signed an agreement to acquire the in-house insurance agency business of Mitsubishi Chemical Group (MCG), expanding its risk and health capabilities in Japan.
The company says upon closing the deal expected in early 2025, the insurance agency team will integrate into Aon’s operations under the leadership of Tatsuya Yamamoto, head of Aon Japan, creating a combined workforce of over 400.
The agency operates under Dia Rix, a business services arm of MCG, providing corporate and personal insurance to MCG’s companies and employees in the country.
According to the firm, this divestiture allows MCG to refocus resources on its core operations while benefiting from Aon’s global risk management expertise to enhance its governance practices.
Anne Corona, CEO of Aon in Asia Pacific, remarks: “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.”
Yamamoto adds: "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.”