Aon and protection and indemnity (P&I) insurer PL Ferrari have formed a joint venture which they claim creates one of the biggest P&I brokers in the world.

Aon has acquired 50% of PL Ferrari which handles insurance cover for ships of more than 20 million tonnes. The joint venture will trade under the Ferrari name.

They say that PL Ferrari's specialist know-how and tradition of innovation combined with Aon's global presence and service capabilities should result in significant benefits to their clients.