Business / Companies
Aon plc sells its Zimbabwe business
04 Oct 2013 at 04:05hrs | Views
Global insurance provider, AON Plc, has sold its 69 percent shareholding in local unit AON Zimbabwe to firms linked to local businessman, Mr Shingi Mutasa.
The disposal was meant to comply with the country's Insurance Act which stipulates that no shareholder should own more than 40 percent equity in any insurance company.
According to the new ownership structure, TA Holdings now owns 29,25 percent shareholding, FMI Holdings 39,75 percent and Masawara Plc has 26 percent. The other five percent was sold to employees.
AON Zimbabwe has since been re-branded to Minerva Risk Advisors to reflect the new ownership structure.
In an interview with the Herald Business yesterday, Minerva Risk Advisors managing director Mrs Lydia Tanyanyiwa said her organisation had managed to comply with the law.
"We are proud that Minerva is (now) 100 percent locally owned and this is part of our efforts to support empowerment of locals," she said.
"Today, AON Zimbabwe has been re-branded to become Minerva Risk Advisors, an exclusive correspondent office of Aon Plc."
Mrs Tanyanyiwa said the re-branding of Aon to become Minerva has an advantage in the sense that Minerva will have access to the vast knowledge base and the best practice guidelines of Aon Plc, while being afforded the flexibility of self governing.
This allows Minerva to move quickly in line with market movements and introduce products that are specifically tailored to local conditions.
She also said the shareholding allocated to the employees was going to cater for all workers regardless of professional levels.
Minerva Risk Solutions has been operating in Zimbabwe for 66 years, first as Minet in 1947, then as Aon Minet in 1997 when Aon bought Minet worldwide, and later as Aon Zimbabwe in 2001.
The disposal was meant to comply with the country's Insurance Act which stipulates that no shareholder should own more than 40 percent equity in any insurance company.
According to the new ownership structure, TA Holdings now owns 29,25 percent shareholding, FMI Holdings 39,75 percent and Masawara Plc has 26 percent. The other five percent was sold to employees.
AON Zimbabwe has since been re-branded to Minerva Risk Advisors to reflect the new ownership structure.
In an interview with the Herald Business yesterday, Minerva Risk Advisors managing director Mrs Lydia Tanyanyiwa said her organisation had managed to comply with the law.
"We are proud that Minerva is (now) 100 percent locally owned and this is part of our efforts to support empowerment of locals," she said.
"Today, AON Zimbabwe has been re-branded to become Minerva Risk Advisors, an exclusive correspondent office of Aon Plc."
Mrs Tanyanyiwa said the re-branding of Aon to become Minerva has an advantage in the sense that Minerva will have access to the vast knowledge base and the best practice guidelines of Aon Plc, while being afforded the flexibility of self governing.
This allows Minerva to move quickly in line with market movements and introduce products that are specifically tailored to local conditions.
She also said the shareholding allocated to the employees was going to cater for all workers regardless of professional levels.
Minerva Risk Solutions has been operating in Zimbabwe for 66 years, first as Minet in 1947, then as Aon Minet in 1997 when Aon bought Minet worldwide, and later as Aon Zimbabwe in 2001.
Source - herald
