Aon Corporation has received regulatory approvals to complete its acquisition of Benfield Group Ltd., the company announced on Wednesday.

Leading global insurance broker Aon agreed to buy Benfield in August of this year for $1.6 billion after previously settling a legal dispute with the London-based reinsurance broker, which also had a presence in Bermuda.

Having now met antitrust and competition conditions, Aon said it expects the purchase deal will be effective as of next Friday (November 28).

Aon Benfield (Bermuda) will be an indirect wholly-owned subsidiary of Aon following amalgamation under the Bermuda Companies Act.

Yesterday a spokesman for Aon told The Royal Gazette that the company is unable to comment on the details of what the Benfield acquisition will mean for the Bermuda office in terms of headcount and operations at this time.

"What I can tell you is that we are acquiring a firm that will bring complementary business to Aon, which I think will result in increased overall business activity," the company's vice-president of global public relations, David Prosperi, told The Royal Gazette.

"Together, Aon Re and Benfield will provide distinctive client service to all major global and regional carriers in every geography and every major reinsurance market," the company said in a presentation to investors in August. "The combined team will offer clients an integrated set of risk management products and services, including treaty and facultative reinsurance, innovative risk capital management and related advisory services."