Aon plc – a leading global professional services firm – announced the signing of 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.
This in-house insurance agency operates as part of Dia Rix, an in-house business services provider to MCG. And Aon will buy the insurance agency business which provides corporate and personal lines insurance to MCG group companies and employees in Japan. This divestiture will enable MCG to divert resources and investment to its core business while leveraging the global risk management capabilities of Aon to strengthen its global governance.
Following the closing of the deal, 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 over 400 colleagues.
The firms will continue operating independently until the transaction is completed, which is expected in early 2025.
KEY QUOTES:
“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.”
– Anne Corona, CEO for Aon in Asia Pacific
“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. 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.”
– Tatsuya Yamamoto
