AON contemplates expansion through acquisitions

AON, the local branch of one of the largest insurance brokers worldwide, is considering expansion through the acquisition of small local brokers. Currently, the broker has four offices in Bucharest, Brasov, Cluj and Timisoara, and does not intend to open new ones this year. “We continue to consider the acquisition of local brokers as a growth opportunity,” says Karina Rosu, CEO of AON Romania, one of the top players on the local insurance brokerage market. AON’s offices outside Bucharest currently generate 10% of the company’s overall business. For 2008, the company set out to preserve the trend of last year, when it reported a 26% revenue increase, to 8.8 million RON (2.6 million euros). Gross underwritten premiums brokered by the company amounted to 92.5 million RON (27.7 million euros) in 2007, 18% more than in 2006.