FSA grant permission for Aon-Benfield merger

by David Masters

Story link: FSA grant permission for Aon-Benfield merger

Insurance broker Aon Corp has been given the go ahead by the UK Financial Services Authority (FSA) to acquire Benfield Group Ltd.

The FSA approved the change in control that will result from the £900 million merger.

After careful consideration, the FSA granted permission for Aon Corporation, Aon Group Inc and certain other Aon group companies to act as controllers of Benfield Limited and Benfield Advisory Limited.

The acquisition is yet to be finalised as completion is subject to a satisfaction or waiver of certain conditions required by Benfield Shareholders as circulated in the 19th September Shareholder Circular.

In a statement Aon Corp said it was ‘pleased’ that the FSA had decided to approve the acquisition.