Aon and Benfield - Deals could signify mass consolidation
Two of the major international players in the broking sector have signed big cheques: Willis have taken out Hilb Rogal and Hobbs, while Aon is set to buy Benfield, writes Andrew Tjaardstra
Both transactions are expected to be completed by the end of the year and mark a significant shift in the consolidation spectrum. HRH is the eighth-largest broker in the United States and is around number 30 in the UK rankings, according to IMAS, having taken over Glencairn in January 2007. The deal was concluded for £1.1bn.
Benfield is the seventh largest broker in the UK and the bulk of its book is reinsurance. Benfield, bought for £935m, including £91m of debt, has grown rapidly under the
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