Aon acquires health and benefits broker in Latin America

Re/insurance broker Aon has entered into agreement to acquire Admix, a health and benefits brokerage and solutions firm based in Brazil.

Aon believes this acquisition will strengthen its consulting and brokerage capabilities in a key emerging market.

"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," said John Zern, CEO of Aon Health & Benefits.

"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 has over 1.4 million beneficiaries across approximately 6,700 companies and places approximately R$2 billion ($584 million) in health & benefits premiums each year.

Cesar Antunes, founder and owner of Admix, commented: "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 & 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."

Fernando Pereira, CEO of Aon Risk Solutions Latin America, added: "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."

Financial terms were not disclosed and the acquisition is subject to customary closing conditions and regulatory approval.