Global professional services firm Aon has acquired New York-based NFP Corp., a leading middle-market property and casualty insurance broker, benefits consultant, wealth manager and retirement plan advisor.

Aon will acquire NFP for an estimated $13.4 billion at the time of close. Under the deal’s terms, the transaction will be funded by $7 billion in cash and $6.4 billion in Aon stock.

Following the merger, NFP will operate as an independent company. NFP chairman and CEO Doug Hammond will continue to lead the business as an independent but connected platform. He will report to Aon president Eric Andersen.

In June 2022, NFP acquired Newport Private Wealth Inc., a Toronto-based private wealth management firm that at the time had about $4.3 billion in assets under management and additional offices in Ontario, Alberta and B.C.

The Aon transaction is expected to occur in mid-2024, subject to regulatory approval. Until the closing date, Aon and NFP will continue to operate independently.

Neither Aon or NFP were able to provide any specifics regarding how the merger would affect Canadian operations at press time.