Aon Sub-Sahara Africa, a business unit of Aon plc (NYSE:AON) today announced that it will divest of its entire shareholding in Aon Zimbabwe.
Following the suspension of Aon Zimbabwe’s licence and in response to statutory instrument 243 of 2006 and 59 of 2005 of the Zimbabwe Insurance act, and in order for the business to comply with all local legislation, Aon plc has made a decision to sell its entire shareholding to a local entity which has also agreed to set up an employee share trust simultaneous to the sale process,” explains Anton Roux, CEO of Aon South Africa and Sub-Sahara Africa.
Aon Zimbabwe (Private) Limited has been operating in Zimbabwe since 1947 and is the global brokerage’s oldest operation in Sub-Sahara Africa.
“We have reached final agreement with the local entity. Subject to the necessary regulatory approvals for the sale, we will jointly make an announcement with regard to the identity of the shareholder and the structure of the new business.
“Aon will however retain a presence in Zimbabwe through an exclusive correspondent arrangement with the new entity to ensure that our global clients that are domiciled in Zimbabwe will continue to get the service they are accustomed to. Aon will also assist the new entity with technical expertise and resources to ensure that the business will continue and that both the local and global client risks are addressed with best practice,” explains Roux.
Aon remains committed to investing and growing its client service capabilities on the African continent. On the Africa continent, Aon operates in 12 countries and employs more than 2,000 people. It is the only fully diversified global broker and risk advisory on the continent with clients ranging from the individuals to top-end multinational businesses.
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