- As published in Republikein Newspaper
Staff reporter - Minet Namibia, previously Aon Namibia, recently launched its risk, reinsurance and human resources advisory operation, marking the beginning of an enhanced offering to support the Namibian and greater African market.
In February this year, Aon plc announced its decision to change the ownership structure of its operations across several Sub-Saharan countries. The various conditions have been fulfilled and, as of 3 November, the full ownership of certain of Aon’s Sub-Saharan operations, including Namibia, has been transferred to Capitalworks.
The transaction spans across 10 countries and regulatory approvals have thus far been obtained in Namibia, Kenya, Lesotho, Malawi, Uganda and Zambia, with the approvals for the remaining countries expected in the first quarter of 2018.
The new group will trade as Minet, an established brand across Africa, and will become Aon’s largest global network correspondent.
Minet is a market leader in the provision of risk, reinsurance and human resources advisory solutions in the agricultural, mining, and public service sectors as well as the area of cyber security.
Minet Namibia has taken over Aon Namibia's business units, which also comprise reinsurance, employee benefits advisory and pension fund administration.
The retention of Aon employees and key senior leadership, who have extensive industry experience and knowledge, will ensure continuity and stability for clients, employees, suppliers and associates alike.
Henk Schlechter, CEO of Minet Namibia (former CEO of Aon Namibia), said there was room to offer risk, reinsurance and related human resource advisory solutions to companies operating in Namibia to take advantage of opportunities presented by amongst others, the growing middle-class market.
"Minet, an African company, will compete with multinationals that have been dominating the continent's risk management, insurance and reinsurance businesses for many decades," Schlechter said.
"We are confident, and will be able to expand our business in a competitive market that is showing opportunities for growth," he said.
Joe Onsando, Minet Group CEO (former CEO of Aon Sub-Sahara Africa), said Minet was poised to benefit from Africa's growth and that the company would embrace new technology and innovation to expand its footprint in Africa.
Onsando added that the conclusion of the transaction marked a milestone for Africa.
"Our industry finally has its own Pan-African player with a diverse African footprint, owned and led by Africans," he said.
John Cullen, CEO of Aon Risk Solutions in Europe Middle East and Africa (EMEA), said the transaction was mutually beneficial to both Aon and Capitalworks, the parent company of Minet Group.
“With Capitalworks we have chosen to partner with an investor with a sound understanding of local market conditions, strong governance and operational experience. The combination of Capitalworks’ track record in the region, backed by Aon’s global expertise, leverage and economies of scale will bring clear benefits for our clients,” Cullen said.
Garth Willis, Minet Group's Chairman and Principal at Capitalworks, said: “We are specifically looking to take advantage of opportunities to find solutions for the various local market needs and securing Africa's growing middle class. Capitalworks is looking forward to partnering with the Minet management team that has grown the Group to be the largest risk and human capital advisory network on the continent,” said Willis.Top of Form