Aon Corporation has completed acquisition of the remaining minority share of the Grieg Group in Norway's insurance broker Aon Grieg.
Aon acquired Grieg Insurance in 1998, and formed Aon Grieg. After the transaction, the Grieg Group retained a minority share of 30% of Aon Grieg and remained an important part of the company, contributing knowledge and experience from the Norwegian insurance market.
Grieg Group reduced its ownership share to 20% in 2003.
Prior to the transaction, Grieg had been a member of the board of directors of Aon Grieg. With Aon Grieg now being wholly owned by Aon, Grieg will join a newly created advisory board to the insurance broker.
Aon Grieg CEO Espen Husstad said relations between Aon and the Grieg Group have been good and close, and they will continue to work together. Aon will also continue as the Grieg Group’s insurance broker.
"Aon will be able to use the company name Aon Grieg for a period of 12 months in order to ensure a smooth transition," Husstad added.