AON eyes continental tech, innovation growth after rebrand
Leading insurance firm Minet, which rebranded from Aon plc after being taken over by Capitalworks, is now eyeing to expand in the continent through advancement in technology and innovations.
This is after Aon fulfilled various conditions that saw its shareholding across certain sub-Saharan countries transferred to Capitalworks with effect from 3 November 2017.
The move spans 10 countries and regulatory approvals have hence been obtained in Kenya, Lesotho, Malawi, Namibia, Uganda and Zambia, with those for the remaining states expected in the first quarter of 2018.
The new group will now trade as Minet and will become Aon’s largest Global Network Correspondent, with its employees and senior leadership set to be absorbed by Capitalworks.
The conclusion of this transaction marks a historic milestone for Africa. Our industry finally has its own Pan-African player with a diverse African footprint, owned and led by Africans,” said Joe Onsando, CEO for Minet Group.
“The time has come for our African team to take the business through a new growth trajectory. This is the beginning of yet another exciting chapter in our business,” Mr Onsando added.
John Cullen, CEO of Aon Risk Solutions in EMEA said: “With Capitalworks we’ve chosen to partner with an investor with a sound understanding of local market conditions, strong governance and operational experience.
The combination of Capitalworks’ track record in the region, backed by Aon’s global expertise, leverage and economies of scale will bring clear benefits for our clients.”
Minet Group’s Chairman, and Principal at Capitalworks, Garth Willis, said the rebranded firm will be working alongside the management to build on the Aon heritage and footprint in the continent.
The Aon acquisition by Capitalworks is targeting Africa’s fast growing population that has surpassed 1.2 billion, with The African Economic Outlook, co-authored by the African Development Bank, the OECD and the UNDP, expecting the continent’s economy to grow by 3.4 percent in 2017 and 4.3 percent in 2018, up from an estimated 2.2 percent in 2016; growth mainly buoyed by a sustained recovery in commodity prices, a recovering global economy and the return of risk appetite among global investors.
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