Aon has agreed to acquire Lorica Employee Benefits, subject to regulatory confirmation.
The aim of the acqusition is that, by joining forces, Aon and Lorica Employee Benefits will deliver significant employee benefits experience to organisations across the UK.
Aon’s benefits solutions business currently employs around 240 people in seven locations in the UK, while Lorica Employee Benefits has more than 150 employees in four locations.
Alistair Connell, chief executive officer, UK and international health and benefits at Aon, said: “We see this as a significant moment for our UK business.
“The deal will strengthen our current offering to [employer] clients and enable the joint team to bring vast expertise and innovative products to the market.”
Jim Herbert, chief executive officer of Aon Risk Solutions UK, added: “We are delighted to welcome Lorica Employee Benefits into the Aon group.
“This is part of our ongoing strategy to develop and grow our offering in the UK, and this new partnership will enable us to provide bespoke health and benefits solutions to our [employer] clients and future [employer] clients.”
David Battle, chief executive officer of Lorica Employee Benefits, said: “We’ve been on a five-year programme to ensure Lorica Employee Benefits is a leading provider of employee benefits.
“Joining with Aon is a continuation of our ambition to grow both the range of services we offer and the number of [employer] customers we work with.
“By combining two of the most respected players in the market, we strengthen our offerings and enable the new joint team to bring more experience, intellectual property and unique products to national and international [employer] clients.”