SINGAPORE/Mumbai, Sept 02:
After receiving approval from the regulator IRDAI, USA based re/insurance broker Aon plc today, announced that it has increased its stake in Aon India Insurance Brokers from 49 percent to 100 percent, acquiring the remaining share from Catamaran Ventures,I.
However, the second largest global re/insurance broker hasn't disclosed any financial details of Indian deal.
Aon is the second international broker, after another USA based Galligher, that has now a fully owned company in India after the government allowed 100 per cent FDI in the domestic insurance intermediaries sector two years back.
US based fourth largest international re/insurance broker Gallagher was the first global broker to set up a 100 per cent operation in India by buying out 70 per cent stake in its Indian joint venture, Edelweiss Gallagher Insurance Brokers Ltd, for Rs 307.60 crore.
Though, there has been a market buzz that world's largest re/insurance broker Marsh will also increase its stake 100 per cent in its Indian outfit where it currently has 49 per cent, nothing has happened on this front so far.
Aon acquired a 49 percent stake from Catamaran Ventures in the Indian composite broking firm, Anviti Insurance Brokers Private Limited, in 2020.
Anviti was founded by Catamaran in 2016 and subsequently rebranded as Aon India Insurance Brokers Private Limited in June 2021.
Jonathan Pipe, CEO, Aon India Insurance Brokers Private Limited, said, “We have strong local capabilities and have nurtured trusted advisory relationships in India. We are committed to addressing unmet client needs and look forward to continuing to bring the best of Aon to a dynamic market.”
Sandeep Malik, executive chairman, Asia Pacific, Aon, said, “We are delighted to reach this milestone following our initial investment last year. This step reaffirms Aon’s commitment to the Indian market and further enables us to create new sources of value for our clients, accelerate innovation and deliver a unique colleague experience. We are happy to have worked with Catamaran, which built the foundation to deliver immense client value with utmost integrity.”
M.D. Ranganath, president, Catamaran Ventures, said: “Catamaran’s objective has always been to bring world-class business practices to India by partnering with global companies and to create value and jobs in India. In a short period of time, Aon India Insurance Brokers has established itself as a leading, well-respected corporate insurance broking firm in India. We would like to thank Aon for the successful collaboration over the years and wish them a rewarding journey ahead.”
Aon India Insurance Brokers Private Limited has over 300 colleagues across nine locations in India.
Aon also helps companies make better workforce decisions through data, analytics and advice in India through its fully owned subsidiary, Aon Consulting Private Limited.