Insurance broker Aon’s bid for Benfield Group will make it the world’s largest reinsurance broker.

On Friday the companies announced their boards have agreed to a £844 million ($1.8 billion) takeover deal.

Benfield, a leading independent reinsurance intermediary, specialises in risks from earthquakes and hurricanes to shipping.

Aon intends to integrate the Benfield business with its existing reinsurance operations Aon Re Global and operate the division globally under the brand Aon Benfield Re.

The deal is expected to close by the end of the year.