Investment - Articles - Aon completes sale of businesses in sub-Saharan Africa

Aon confirmed it 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 buyer, Capitalworks, a leading independent alternative asset manager concentrating on sub-Sahara Africa will rename the firm ‘Minet Group’ and will become Aon’s exclusive global network correspondent in these countries.

 Completion of the sale of Aon’s shareholding in Angola, Mozambique, Swaziland and Tanzania to Capitalworks is still subject to local regulatory approval.

 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 will give Aon one of the most comprehensive correspondent networks on the continent, backed by an African-based company.

 The new entity will have the benefit of consistency in leadership and staffing, with Joe Onsando, currently CEO of Aon sub-Sahara Africa, leading the business supported by his existing teams in the impacted countries.  

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