Aon completes sale of businesses in six sub-Sahara African countries
Correspondent relationship brings continuity and vast global network to Africa-based clients
Aon plc (NYSE: AON), the leading global professional services firm providing a broad range of risk, retirement and health solutions, has completed the sale of its shareholding in its employee benefit, insurance and reinsurance brokerage operations in Kenya, Lesotho, Malawi, Namibia, Uganda and Zambia. The sale of Aon’s shareholding of its businesses in Angola, Mozambique, Swaziland and Tanzania is still awaiting regulatory approval and expected to conclude in early 2018.
The buyer, Capitalworks, a leading independent 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 operates successfully through correspondent arrangements in a number of countries globally, and in other African markets such as Ghana, Nigeria and Zimbabwe.
This transaction gives Aon one of the most comprehensive correspondent networks on the continent, backed by an African-owned company. The new entity will have the benefit of consistency in leadership and staffing, with Joe Onsando, currently CEO of Aon sub-Saharan Africa, leading the new business supported by his existing teams in all countries.
“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. Aon brings our expansive global network, deep industry insights and analytics and together, we’re able to empower results for our clients by delivering global capabilities, locally,” said Terence Williams, CEO of Aon South Africa
“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,” adds Williams.