Aon sells its business in six African countries

Aon sells its business in six African countries

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Aon plc has sold its share of its employee benefit, insurance and reinsurance brokerage operations in Kenya, Lesotho, Malawi, Namibia, Uganda and Zambia.
The brokerage said the sale of Aon’s shareholding of its businesses in Angola, Mozambique, Swaziland and Tanzania is still awaiting regulatory approval and is expected to conclude in early 2018.
The buyer, Capitalworks, an alternative asset manager concentrating on Sub Saharan Africa, will rename the firm Minet and will become Aon’s exclusive global network correspondent in these countries.
Aon explained it operates successfully through correspondent arrangements in a number of countries globally and in other African markets such as Ghana, Nigeria and Zimbabwe.

It claimed the transaction gives Aon one of the most comprehensive correspondent networks on the continent, backed by an African-owned company.

The new entity will be led by Joe Onsando, currently CEO of Aon Sub Saharan Africa, supported by his existing teams in all countries.

Terence Williams, CEO of Aon South Africa, said: “Aon is delighted to partner with Minet as our global network correspondent on the continent. Capitalworks brings a sound understanding of local market conditions, strong governance and a solid track record in the Africa region.

“This transaction affirms Aon’s commitment to help clients reduce volatility and find opportunities to improve performance using insights derived from data and analytics. We combine this with optimal broking strategies, collaborating with correspondents, carriers and suppliers, both locally and internationally,” Mr added Williams.  

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