Aon buys KaRo

Aon, world”s number two insurance broker has completely acquired KaRo Servicii de Asigurari (KaRo Insurance Services) at the end of last year, the second insurance broker on the domestic market after Marsh Romania. The value of the deal was not revealed. “We have been working with Aon since 1996, as our correspondent broker, therefore the takeover was a natural development,” Karina Rosu, KaRo”s general manager told ZIARUL FINANCIAR. “We were perfectly integrated with their network in terms of services, anyway. The insurance market has grown and has become more interesting for those abroad,” she added. Aon has no intention of making any management changes after the acquisition. “They rely on the expertise of the local management,” says KaRo”s general manager. KaRo Servicii de Asigurari was established by Karina Rosu”s family in 1991, who sold it to Aon, and has more than 13,600 euros (50,000 RON) in capital. KaRo brokered contracts worth 12.5 million euros last year, an increase of 50% on 2004.

The fees collected in 2005 amount to some 1.35 million euros, 35% higher than in the previous year. ZF