Mumbai:
Aon plc,which has a 49 percent stake in the Indian composite broking firm Anviti Insurance Brokers Private Limited, today, announced that it will operate its insurance and reinsurance broking business under the Aon brand name in India effective immediately.
Effectively, Anviti Insurance Brokers Private Limited stands renamed Aon India Insurance Brokers Private Limited and has over 250 colleagues across nine locations in India. .
Aon acquired a 49 percent stake in the Indian composite broking firm, Anviti Insurance Brokers Private Limited, set up by Catamaran, a proprietary investment firm of Infosys founder Narayan Murthy Murthy and his wife Sudha Murty.
With the required regulatory approvals now complete, Anviti will be rebranded and the firm will operate as Aon India Insurance Brokers Private Limited.
Jonathan Pipe, CEO, Aon India Insurance Brokers Private Limited, said, “We are glad to have completed the transition of Anviti to Aon. We will continue to be trusted advisors to our clients in India and look forward to helping them mitigate the impact of the COVID-19 pandemic and protect their business and people.”
Sandeep Malik, CEO, Asia Pacific, Aon, said, “Aon’s team will strongly support Indian businesses in moving forward with confidence and certainty during these challenging times. Through our expertise, we will innovate new sources of value for our clients and create new opportunities for our colleagues.”
Aon plc, world's second largest re/insurnace broker had re-entered the Indian insurance intermediary market by acquiring 49 per cent equity stake in Anviti Insurance Brokers Pvt.
Industry analysts point out that Aon globally is in the process of acquiring Willis Towers Watson, which already has a joint venture in India.
Willis Towers Watson has a 49 per cent stake in Almondz Insurance Brokers in India.
Indian regulations don't permit two licenses to one group or promoters for the similar business.
“So going forward, after the full intergration of Wills Tower Watson into Aon globally, there will be further changes on how Aon will operate in the Indian market, if it decides to operate through partnership,'' said sources.
Though, Indian regulatiions now allow international insurace brokers to have 100 per cent stake in their Indian operations, Aon for the time being has preferred to pick-up 49 per cent in Anviti Insurance Brokers.
The Anviti team will form the core of the joint venture and its growth plans in India, supported by Aon's global resources and state-of-the-art technology and operations infrastructure., said Aon.
Narayan Murthy has also stakes in Coverfox, a e-insurance broking company and Acko General Insurance, a non-life company which promises to focus on digital platform to do insurance business in India.