(Reuters) -Insurance broker Aon is nearing a sale of its NFP wealth business back to U.S. private equity group Madison Dearborn for nearly $3 billion as part of a broader deal, Financial Times reported on Wednesday, citing two people briefed on the matter.
Aon acquired middle-market insurance broker NFP in late 2023 in a deal valued at about $13.4 billion.
Aon has decided to shed non-core assets, the newspaper said, while it would retain its legacy wealth consulting business in which it advises large institutions on investment allocations.
Madison Dearborn will pay about $2.7 billion for the NFP wealth businesses, which includes private wealth groups Wealthspire Advisors, Fiducient Advisors and Newport Private Wealth, the report said.
Reuters could not immediately confirm the report. Aon, NFP and Madison Dearborn did not immediately respond to Reuters’ request for comment.
Founded in 1999, NFP is a property and casualty brokerage, which offers benefits consulting, wealth management and retirement plan consulting for clients.
Insurance brokers serve as a bridge between an insurer and its customers, helping clients find a policy that best suits their needs.
(Reporting by Ananya Palyekar in Bengaluru; Editing by Harikrishnan Nair)
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