Aon to sell its German retirement and investment business ahead of Willis combination

Lane Clark & Peacock (LCP) will acquire  Aon’s pensions consulting, pension insurance broking, pensions administration and investment consulting business in Germany.

LCP has signed a definitive agreement with Aon in a deal that is contingent on the completion of Aon’s impending combination with Willis Towers Watson combination.

The business in Germany will be rebranded as LCP upon completion.

The German pensions consulting market is the third largest in the world, after the US and the UK. Aon’s retirement and investment business in Germany employs 350 people across five offices.

LCP posted a record income of £126.5 million during the financial year 2019/20, an increase of 10.1 percent, with growth seen across sectors including pensions, investments, insurance, energy and health.

Aaron Punwani, chief executive officer (CEO) at LCP, highlighted the strong blue-chip client base it is acquiring, which he said complements LCP’s existing business in the UK and Ireland, as it diversifies into new markets with strong growth potential.

“The German pensions consulting market is extremely well-placed for innovation and growth as businesses review their pensions strategy with a greater focus on funded and insured solutions,” he said. “It is ripe for a technological transformation of the type that LCP has delivered for its clients in the UK and Ireland in recent years.”

Greg Case, Aon’s CEO, added: “This agreement demonstrates further momentum on the path to close our proposed combination with Willis Towers Watson. We recognise the significant contributions these colleagues have made on behalf of our clients during their time with Aon. LCP shares with us a culture of innovation and excellence and we know these colleagues have a positive future at LCP.”

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