The combination of Aon’s insurance broking business with the MAC Group will result in a market leading local broker of a scale that will be of long-term benefit to all clients.
The sale of the business to MAC Group was completed on 31 January 2023. All former staff working for Aon have moved to the MAC Group, which will ensure that the existing levels and continuity of service will be maintained.
Commenting on the sale Aon said:
“The transaction will give the combined businesses a scale and opportunity for synergy that will enable it to better advocate on behalf of clients and ultimately provide incremental customer value. We are confident that the combination of the two businesses will provide the Isle of Man market with an unrivalled commercial insurance broker.”
The MAC Group was established in 2004 by Jon McGowan as a management buy-out from Aon and, with Jon having originally worked for Aon since 1991, the connection between the two businesses stretches back over 30 years.
MAC has recently employed Phil Tompsett, former Head of Broking at Aon as MAC’s Head of Broking providing additional expertise and continuity for clients and staff.
MAC’s success is based on a clear focus on client outcomes supported by outstanding long-term professional service. Through this ethos, MAC has built a reputation for delivering a trusted, reliable and creative service founded on the highest level of integrity and knowledge.
MAC are based in the heart of the island’s financial sector at 65 Athol Street in Douglas and with the planned addition of the Aon team, employ over 40 people across the Group.
Commenting on the acquisition, Jon McGowan, MAC Group CEO, said:
“At MAC, we are constantly assessing strategic opportunities to grow our successful insurance and financial services businesses.
“The acquisition of Aon’s business in the Isle of Man is a significant development both for MAC and our clients. I am delighted to welcome the former Aon clients and staff into the MAC Family.”
Financial Planning in Volatile Times
Every day seems to bring more news about challenges in the economy with negative impacts on financial markets. What does this mean for your pensions and investments and what should you do about it? What's happening? Markets are currently reacting...
Do you have an old pension that needs some attention?
If you have worked for more than one employer who offered a workplace pension over your working years, then it’s possible that you have a workplace pension which you no longer contribute to. We refer to this as a frozen pension. If you are...
The Russia-Ukraine War and the Financial Institutions insurance market
Gallagher Update: Global insurance losses from the Russia-Ukraine war could range from USD 16 billion to USD 35 billion, with reinsurers expected to assume 50% of those claims, according to a report published by S&P Global Ratings1. There are...
Vanguard LifeStrategy Funds
Quarterly Newsletter, March 2022 This quarterly newsletter is designed to give Vanguard LifeStrategy investors an insight into how the funds are constructed, how they’re performing and what’s been happening in the global economy and world markets....
MAC Group Response to the Ukraine Crisis
MAC Group Investment Update
Financial Institutions Risk Bulleting from AJG
An update from Gallagher, our global risk management and insurance partner.The ‘Pandora Papers’: another massive, high profile data leak The financial transactions of various world leaders has recently been leaked to certain news organisations, in...
MAC Group announce Senior Promotions
MAC Group have announced the exciting promotion of Ciaran Broad and Tom Wilson to Senior Independent Financial Adviser’s to further strengthen the MAC Financial senior team. Jon McGowan, Group CEO explained “We are incredibly pleased to announce...
MAC Group appoints new Associate Directors
MAC Group, the Island’s largest employee benefits firm, is pleased to announce the appointment of three Associate Directors; Rebecca Netten and Ed Walter for MAC Financial, as well as Peter O’Donnell for MAC Commercial. These appointments reflect...