National Financial Partners (NFP)
2024
$13.0B
Why
Landmark acquisition of premier US middle-market commercial broker and wealth manager from Madison Dearborn and HPS.
Outcome
Added $2.2B in revenue and expanded North American distribution.
Aon
Commercial Insurance Broking & Risk Management ConsultingFounded 1982- HQ today: Dublin, Ireland
Reviewed by Swet Parvadiya
Company data updated: November 2026
Acquisitions
Aon Acquisitions
3
Major Deals Covered
$19.6B
Disclosed Deal Value
What are Aon's biggest acquisitions?
Aon's largest disclosed acquisition here is National Financial Partners (NFP) for $13 in 2024. This page covers 3 major deals from 2008 to 2024, each with its price where disclosed and the reason behind it.
- Major deals covered
- 3
- Largest deal
- National Financial Partners (NFP) ($13)
- First deal
- 2008
- Most recent
- 2024
| Company | Year | Price | Purpose |
|---|---|---|---|
| National Financial Partners (NFP) | 2024 | Undisclosed | — |
| Hewitt Associates | 2010 | Undisclosed | — |
| Benfield Group | 2008 | Undisclosed | — |
- What companies has Aon bought?
- Major acquisitions by Aon documented here include National Financial Partners (NFP) (2024), Hewitt Associates (2010) and Benfield Group (2008).
- What is Aon's most recent acquisition?
- The most recent Aon acquisition documented here is National Financial Partners (NFP), in 2024, for $13.
Hewitt Associates
2010
$4.9B
Why
Acquisition of leading global human resources, employee benefits, and retirement consulting firm.
Outcome
Consolidated Aon's leadership in corporate pension and health consulting.
Benfield Group
2008
$1.8B
Why
Acquisition of elite London-based international reinsurance intermediary.
Outcome
Dominates global catastrophe bond structuring and reinsurance treaties.
Aon's Growth & Acquisition Strategy
Aon is pursuing three strategic growth pillars: (1) Integrating its $13.0 billion acquisition of NFP (National Financial Partners), unlocking massive middle-market commercial insurance and wealth management distribution across North America; (2) Expanding proprietary decision analytics and catastrophe modeling within Aon Business Services to capture surging enterprise demand for cyber risk assessment and climate transition finance; and (3) Scaling delegated Outsourced Chief Investment Officer (OCIO) wealth solutions, managing hundreds of billions in corporate retirement assets to capture predictable, basis-point management fees.
How Aon Makes Money
Aon operates a highly profitable, cash-generative professional advisory business model organized into two strategic capital categories: (1) Risk Capital (~60% of revenue), encompassing Commercial Risk Solutions (retail commercial insurance broking, cyber risk, trade credit, and captive management) and Reinsurance Solutions (treaty and facultative reinsurance broking and catastrophe bond structuring); and (2) Human Capital (~40% of revenue), encompassing Health Solutions (corporate employee health and benefits brokerage) and Wealth Solutions (pension actuarial consulting, investment advisory, and delegated OCIO asset management). Aon earns recurring commissions on commercial insurance premiums, transactional brokerage fees on reinsurance placements, and hourly retainer or basis-point advisory fees on health and pension assets. Supported by Aon Business Services (a centralized global technology and operational infrastructure), Aon operates with software-like adjusted operating margins exceeding 30% and incurs zero underwriting balance-sheet risk.
Aon Acquisitions FAQ
Why did Aon acquire NFP in 2024?
Aon completed the $13.4 billion acquisition of National Financial Partners (NFP) in April 2024 to dramatically expand its presence in the large, fast-growing North American mid-market segment across commercial property & casualty brokerage, employee benefits, and executive wealth consulting.
How did the 2010 Hewitt Associates deal shape Aon?
Aon acquired Hewitt Associates in 2010 for $4.9 billion, merging it with Aon Consulting to create Aon Hewitt. This landmark transaction instantly made Aon the worldwide leader in corporate benefits administration, human resource management, and corporate pension actuarial consulting.
What was the strategic importance of the 2008 Benfield Group acquisition?
Acquiring London-based Benfield Group for $1.75 billion in 2008 created Aon Benfield, uniting the industry's two premier reinsurance intermediaries. The acquisition cemented Aon's global dominance in treaty reinsurance placement, capital markets advisory, and catastrophe loss analytics.
How does the $13.0 billion NFP acquisition accelerate Aon's growth?
NFP adds $2.2 billion in revenue and thousands of middle-market commercial and wealth clients across North America, allowing Aon to cross-sell global risk analytics to mid-sized businesses.
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