Aon acquires Mitsubishi Chemical Group’s in-house insurance agency business

Aon has signed a definitive agreement to acquire the in-house insurance agency business of Mitsubishi Chemical Group (MCG). Financial terms of the transaction remain undisclosed. The business to be acquired provides corporate and personal insurance services and is expected to strengthen Aon’s position in the Japanese market.

The insurance agency operates within Dia Rix, MCG’s in-house business services provider, and is focused on providing insurance solutions to MCG group companies and their employees.

The transaction will enable MCG to focus on its core business areas, while Aon’s global risk management capabilities will be used to enhance MCG’s governance around the world. The transaction is expected to close in early 2025, upon completion of which the existing team will be integrated into Aon’s brand and operating model.

The relocation will be led by Tatsuya Yamamoto, President of Aon Japan, and will involve a team of more than 400 people. The two companies will continue to operate independently until the transaction is completed.

Anne Corona, CEO of Aon Asia Pacific, said: "The existing synergies with Dia Rix in terms of capabilities and culture will enable us to better serve MCG and provide colleagues in the combined company with a wider range of capabilities and development opportunities."

"The current changes in the non-life insurance environment in Japan will create an environment that will enable global companies like MCG to focus on their core business by divesting their in-house insurance agency business, while supporting their operational efficiency strategy and leveraging expert teams like Aon to provide opportunities for more complex global risk management," added Yamamoto.