Aon has agreed to acquire Brazilian health and benefits brokerage and solutions firm Admix.
Financial terms were not disclosed and the acquisition is subject to customary closing conditions and regulatory approval.
Aon Health & Benefits CEO John Zern said: “The private health insurance market in Brazil has shown steady growth in recent years despite challenging macroeconomic conditions. We expect growth in this sector to accelerate as economic conditions improve and employers continue to look for ways to attract and retain key talent.
“Admix complements Aon’s existing industry-leading capabilities, more than doubles our presence in Brazil and also expands our ability to serve clients in Latin America, and around the world.”
Admix is a recognized pioneer and innovator in health and benefits brokerage and solutions in Brazil that has been serving clients for more than 25 years. The company has more than 1.4 million beneficiaries across approximately 6,700 companies of all industries and sizes and places approximately BRL2bn ($580m) in health and benefits premiums each year.
Admix founder and owner Cesar Antunes said: “Aon’s breadth and depth of experience, strong carrier relationships, and world-class capabilities will enhance our ability to create and execute health solutions.
“Admix’s broker partners and clients will continue to realize financial and operational benefits from a scaled operating platform as well as enhanced data and analytics capabilities. We are excited about Aon’s vision for the future of health and benefits in Brazil as evidenced by this investment to create a combined firm with the highest quality people and solutions in the industry.”
Aon Risk Solutions Latin America CEO Fernando Pereira said: “We have been exploring opportunities to enhance our capabilities in Brazil and the Latin America region, and the acquisition of Admix provides us with expanded offerings in a sector that is of growing importance to employers, the country’s economy and consumers in Brazil.
“We are enthusiastic about the opportunities that our union with Admix will deliver to our clients, broker partners and colleagues.”