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Aon plc said late Thursday that it has completed its $13 billion acquisition of middle-market P/C broker NFP.

The purchase price will be funded by $7 billion in cash and $6 billion of Aon stock. Closing was earlier than originally expected. When the deal was first announced, the closing date was mid-2024.

NFP chief executive Doug Hammond will continue to lead NFP, a leader in benefits consulting, wealth management and retirement plan advisory for middle-market clients, as an independent but connected platform within Aon under the brand “NFP, an Aon company.” Hammond will report to Eric Andersen, president of Aon.

“It is a historic day for our firm as we welcome NFP to Aon and work together to help clients address increasing volatility across risk and people issues,” said Greg Case, CEO of Aon. “With high performing teams and leading content and capability – further enabled by our Aon Business Services operating platform – we will create more value for our clients, while also enhancing long-term shareholder value creation for investors.”

“Doug and his team have built an exceptional client-centered business and we are focused on using our Aon Business Services platform to scale delivery of new capabilities to small and middle market clients across Aon and NFP,” added Anderson.

Related: Aon-NFP Merger a Win-Win for Middle Market Segment, Aon Says

NFP has used M&A to grow, with more than 200 completed transactions since 2018. According to its website, New York-based NFP in 2022 had P/C revenue of $738 million as well as $1.1 billion in revenue from benefits and life, and $362 million in revenue from its wealth and retirement business. About 88% of revenue comes from the U.S. NFP ranked No. 10 in Å˽ðÁ«´«Ã½Ó³»­ Journal‘s 2023 Top 100 P/C Agencies list based on P/C revenue.

Aon’s last attempt in 2020 to buy a competitor hit a wall when the U.S. Department of Justice said a proposed deal to purchase WTW was anticompetitive. The deal was abandoned in July 2021,with Aon ultimately paying approximately $1.4 billion to pull the plug on the deal.

“We look forward to the positive impact that our complementary expertise and capabilities will have on all stakeholders. Aon’s diverse resources and global reach enhance our ability to serve the dynamic risk, workforce, wealth management and retirement needs of our clients,” said NFP’s Hammond.

According to London-based insurance consultancy, Insuramore, Aon will continue to be ranked the second largest broker globally behind Marsh— and comfortably ahead of a pack that includes Acrisure, Alliant, Gallagher, HUB and Lockton.

Topics Mergers & Acquisitions Agencies Commercial Lines Business Å˽ðÁ«´«Ã½Ó³»­ Aon