Aon Benfield launches specialist Swiss branch
Aon Benfield, the reinsurance intermediary and capital advisor of Aon, has acquired the entire portfolio of in-force business of re/insurance broker Sipex.
Based in Switzerland, Sipex is a specialist in Continental European marine hull business.
The in-force portfolio will continue to be managed and administered by the Sipex team led by Sipex president, Giorgio Mitolo. The team will transfer to the new Swiss branch of Aon Benfield Italy, which has been specifically constituted for this purpose.
Under the terms of the agreement, the run-off portfolio of Sipex, which does not form part of the acquisition, will be administered by Aon Benfield Italy for and on behalf of Sipex.
Gianluca Venturini, chairman of Aon Benfield Italy, said: “The acquired book of Sipex business will be highly complementary and accretive to Aon Benfield Italy’s existing marine portfolio. In addition, the combination of the two entities, headed by Alberto Marcon and Giorgio Mitolo, will create significant new business opportunities for Aon Benfield and empower results for its valued business partners.
“The acquisition of the in-force portfolio, together with the creation of the Swiss branch, will provide Aon Benfield Italy in particular, and the wider Aon group, with an exciting new platform in the increasingly important specialist marine business segment from which to launch strategic growth initiatives in the principal continental marine markets.”
