Dec 15 2009
Aon Risk Services (ARS), the risk management and insurance brokerage business of Aon Corporation, today announced that it will acquire FCC Global Insurance Services, the in-house captive brokerage subsidiary of FCC. FCC Global Insurance Services is a subsidiary of Fomento De Construcciones Y Contratas, S.A.
Financial terms of the acquisition were not disclosed. 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.
"This acquisition strengthens the ARS position in both the construction and public services sectors in Europe," said Steve McGill, chairman and chief executive officer of Aon Risk Services. "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."
Rafael Esteban, chief executive officer of Aon Spain, added, "This agreement reinforces Aon Spain's preeminent position as the insurance broker with the largest capacity in providing risk management services to the construction, infrastructure and energy sectors."
FCC is the second largest construction conglomerate in Spain and the 7th largest in Europe, specializing in infrastructure, environmental and related public services. FCC is one of the leading European companies in providing related public services, operating in 54 countries with more than 94,000 colleagues worldwide. FCC specializes in infrastructure, environmental, construction, renewable energy and water managing services.
"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", said Baldomero Falcones, chairman and chief executive officer of FCC.
SOURCE Aon Corporation