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Aon said combining Benfield, a leading independent reinsurance intermediary, with its existing reinsurance operations would create a global, diverse franchise. Under the deal, Aon will pay $6.55 per share in cash for each Benfield share, a 29 percent premium over Benfield's closing price Thursday.
Aon will also assume $170 million of Benfield net debt in the deal, boosting the overall value of the transaction to about $1.75 billion.
Aon said it will fund the acquisition with existing cash resources. Shares of Aon rose $1.22, or 2.6 percent, to close at $47.92 Friday.
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