"We are incredibly excited to have a group of talented reinsurance professionals with distinctive knowledge join the Aon Re Global team. As a result of this transaction, we now will have a significantly larger presence in the U.S. accident, health and life markets, along with enhanced capabilities in the U.K. specialty, casualty and financial institutions business," said Michael D. O'Halleran, executive chairman of Aon Re Global. "Additionally, Gallagher Re has invested significantly in index-based capital markets solutions, which align well with our integrated capital solutions strategy and which will add to our industry-leading Aon Capital Markets team. We will be able to utilize our scale in accounts, analytics, and services to drive innovation and significantly improve margins over a larger base, delivering immediate impact to our clients."
"This acquisition further enhances Aon Re Global's position as the number one reinsurance intermediary and as a premier destination of choice for top talent," said Andrew Appel, chief executive officer of Aon Re Global. "The additional expertise, in the form of highly valued and respected colleagues, strengthens our ability to provide clients with distinctive value through our integrated capital solutions and services."
The definitive agreement includes an initial payment of approximately $30 million in cash and an additional payment for revenues generated in the 12 months following the close of the transaction. The UK portion of the transaction will be finalized when all regulatory requirements are met.