NU Online News Service, Feb. 27, 11:17 a.m. EST
Insurance broker Aon says it has acquired a provider of member services for the rent-to-own market to join its consumer, association and group program business, while Willis Group Holdings says a subsidiary of Credicorp Ltd. has acquired close to 50 percent interest in Willis Peru.
Aon says its subsidiary, Aon Affinity, the consumer, association and group program business of Aon Risk Solutions, the risk management business group of Chicago-based Aon Corp. has acquired Access Plans for more than $70 million cash.
Aon says Access Plans is the nation's largest membership plan provider in the specialty rent-to-own market space. The company bundles a broad range of non-insurance products and services--from discounted medical, dental, vision and pharmacy services to groceries, restaurant meals and hotel rooms. These plans are sold to consumers primarily through more than 300 retail and rent-to-own businesses.
Access Plans recently divested its insurance marketing division, says Aon.
Aon says that the acquisition is expected to add approximately $18 million to firm’s financials.
The executive team and administrative staff of Access Plans will remain in their Norman, Okla., and Irving, Texas, locations. Access Plans will operate as a business unit of Aon Affinity, which is based in Hatboro, Penn.
The transaction is expected to close during the second quarter of 2012 and is subject to various closing conditions.
Willis Group says Grupo Credito, a subsidiary of the Peruvian financial services group Credicorp Ltd., has acquired a 49.9 percent interest in Willis Peru, a wholly-owned subsidiary of Willis.
Terms of the transaction were not released, but Willis says Credicorp’s investment is less than 1 percent of Credicorp’s capital. Credicorp is a major financial services holding company in Peru with total assets of more than $30 billion.
The firm operates four principal subsidiaries, Banco de Credito del Peru, Atlantic Security Holding Corp., El Pacífico-Peruano Suiza Compañía de Seguros y Reaseguros and Grupo Credito (which includes Prima AFP).
Willis says that Credicorp’s strategy is to expand its financial business in Peru, specifically its insurance business. Willis has entered into a commercial agreement to market affinity insurance services to certain affiliates of Credicorp.
Willis says it will continue to deliver brokerage services to client’s in Peru where it has operated for over 40 years and has a staff of more than 90 employees.
Carlos Miguel Vidal Buckley has been named chief executive officer of Willis Peru, subject to regulatory clearance. Buckley joins Willis from the Credicorp group of companies where he held a number of strategic and operational senior management positions. Overall, he has over 18 years of experience in the insurance industry and commercial insurance broking market in Peru.
Jaime Herrera, the CEO of Willis Peru since 2005, has been named non-executive president of Willis Peru.