AON Benfield to enter Italian shipping market with Ital Brokers acquisition

Insurance giant Aon Benfield appears on the verge of taking over Genoa-based Ital Brokers. Local newspaper IlSecoloXIX reported that a due diligence over the marine business division of the broking house is at an advanced stage and the closing of the deal might be sealed in a few days.

Ital Brokers was founded in 1981 by Franco Lazzarini (who is today the company’s chairman); originally the company was focused on marine insurance products (cargo and hull & machinery) but today, apart from that core business in shipping, the company is also very well positioned in other non-shipping industries (such as infrastructure, energy, power utilities, public entities). Aon instead has a major role in industrial insurance coverage (with many clients among transport companies and port terminals) but did not have a specific presence in marine industry in Italy.

The Aon Benfield – Ital Brokers deal further reaffirms the role of Genoa as the capital for some of the most important insurance brokers in shipping worldwide. Just two months ago USA-based giant Lockton took control of the P&I specialist PL Ferrari while Cambiaso Risso Group recently added ship agency business to its core activity in marine insurance brokerage.