Aon has agreed to acquire UK-based insurance broking firm Henderson Insurance Broking Group, which is focused on general insurance, health and benefits and trade credit insurance.

The companies did not disclose the financial terms of the transaction, which is expected to complete in December this year.

Henderson employs more than 400 people across 16 offices.

Aon said the acquisition supports its plans to expand its UK retail business by increasing its footprint in the mid-market and specialist sectors.

Henderson Insurance will be part of Aon Risk Solutions UK (ARS UK), which delivers risk and insurance solutions and services.

ARS UK CEO Julie Page said: “Henderson Insurance Broking Group’s success and the esteem in which it is held, both by clients and the market, is a real indication of the passion it puts into finding the best solutions for its clients.

"Its underlying ethos of putting clients at the heart of its business aligns perfectly with Aon’s approach, and I’m looking forward to working with the leadership team at Henderson Insurance Broking Group to empower results for clients of both firms.”

Aon has recently reported results for the three months ended 30 September 2017. Net income attributable to Aon shareholders was $185m, or $0.72 per share, compared to $319m or $1.18 per share, in the prior year period.

Total revenue in the third quarter increased 6% to $2.3bn compared to the prior year period driven primarily by a 3% increase related to acquisitions.

Aon recently agreed to acquire the Townsend Group, a real estate and investment management firm, and Unirobe Meeùs Groep in the Netherlands.

Restructuring expenses for the quarter amounted to $102m, mainly driven by layoffs, IT rationalization and other separation costs.

Aon president and CEO Greg Case said: "Our results for the quarter reflect strong organic revenue growth in our reinsurance business, 170 basis points of adjusted operating margin improvement, and 18% adjusted earnings per share growth, highlighting increased operating leverage in our Aon United operating model and effective capital management with the repurchase of $750 million of shares in the quarter." 

Image: In November 2013, Henderson Insurance Brokers achieved a significant milestone, reaching £10m a year in insurance deals from its Teesside office. Photo: Courtesy of Henderson Insurance Broking Group.