The finalized acquisition of Benfield came in $320 million less than the $1.75 billion estimated in August, thanks to a stronger U.S. dollar, Aon said.

Chicago-based Aon says combining Benfield, an independent reinsurance intermediary, with its existing reinsurance operations will create a global, diverse franchise. The new company, Aon Benfield, will launch Dec. 1.

Job cuts, lease consolidation and other costs associated with the purchase will cost $185 million over three years, Aon said.

Most of 500 to 700 jobs being cut do not deal directly with clients, Aon said. David Prosperi, a company spokesman, could not specify where the jobs reductions would be, but said resources were being moved to client-facing positions.