To strengthen its position in both construction and public services sectors in Europe
Aon Risk Services (ARS), a risk management and insurance brokerage business of Aon Corporation, has revealed that it will acquire FCC Global Insurance Services, an in-house captive brokerage subsidiary of FCC.
FCC Global Insurance Services is a subsidiary of Fomento De Construcciones Y Contratas, SA.
The transaction is expected to close by the end of the year. As a result, ARS will become the exclusive global insurance broker for FCC for a term of 10 years.
Steve McGill, chairman and chief executive officer of Aon Risk Services, said: This acquisition strengthens the ARS position in both the construction and public services sectors in Europe. FCC is a large diversified international company with a substantial and complex risk profile.
“Aon Risk Services is pleased to be selected as the long-term partner of FCC for the management of their risk portfolio, as well as in our ability to quickly help FCC monetize their internal captive business. Aon Risk Services is truly the partner of choice for any multinational organization with similar strategic objectives.
Baldomero Falcones, chairman and chief executive officer of FCC, said: The fast worldwide expansion of FCC Group over the last five years means that half of FCC’s revenues come from overseas. Increasing premiums, risk complexity and difficulty to locally provide adequate service helped us to decide to become partners with a leading specialist such as Aon. FCC is very satisfied with this agreement and we think it is with no doubt the best option for a multinational organization like ours.”