AON changes structure in 10 African Markets
Global Insurer, Aon has changed its ownership structure of its operations across several sub-Saharan countries.
The transaction spans across 10 countries and regulatory approvals have thus far been obtained in Kenya, Lesotho, Malawi, Namibia, Uganda and Zambia, with the approvals for the remaining countries expected in 2018.
The new group will trade as Minet, a well-known and trusted brand across Africa, and will become Aon’s largest Global Network Correspondent.
Aon employees in these countries as well as key senior leadership, who have extensive industry experience and knowledge of our clients’ operations, will remain part of the operations that Capitalworks is acquiring, ensuring leadership, continuity and stability for clients and colleagues alike.
With a growing consumer market and a population that has surpassed 1.2 billion, Africa is now one of the fastest growing regions in the world. The African Economic Outlook, co-authored by the African Development Bank, the OECD and the United Nations Development Programme, expects 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 last year. The growth will be buoyed by a sustained recovery in commodity prices, a recovering global economy and the return of risk appetite among global investors.
Joe Onsando, CEO for Aon sub-Sahara Africa, now Minet Group, said that Minet is poised to benefit from Africa’s growth and that the company would embrace new technology and innovation to expand its footprint in Africa.
Minet Group’s Chairman, and Principal at Capitalworks, Garth Willis, says: “We are excited about investing in a world-class operation which is one of the leading players in Africa. We will be working alongside management to build on the Aon heritage as a trusted partner to clients in protecting the future of their people and assets in Africa.
“We are specifically looking to take advantage of opportunities to find solutions for the various local market needs and securing Africa’s growing middle class. Capitalworks is looking forward to partnering with the Minet management team that has grown the Group to be the largest risk and human capital advisory network on the continent.’’ he said