SUSPENDED insurance broker and employee benefits firm Aon Zimbabwe has started restructuring after the country’s insurance regulator raised concerns over the company’s ownership structure.
BERNARD MPOFU
The Insurance and Pension Commission (IPEC) last week ordered Aon, a unit of insurance giant Aon International, to stop writing new business after the company failed to comply with regulations relating to its ownership structure.
Zimbabwe Stock Exchange-listed conglomerate, TA Holdings, holds 30% shareholding in Aon Zimbabwe.
Aon chief executive officer in charge of Sub Sahara John Onsando yesterday said the insurance company had complied with one of the issues raised by IPEC.
“The key issues raised by IPEC include the separation of the business into separate individual companies, which Aon Zimbabwe has complied with,” said Onsando in a statement released yesterday.
“The second issue is the requirement that no single shareholder should hold more than 40% in any company transacting insurance business.
“Aon Zimbabwe has been actively pursuing regularisation of its shareholding structure in line with these requirements and has recently taken a significant step in this regard.
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“As is to be expected in any process of this nature, the legal processes involved and the regulatory approvals required take time to complete.”
Aon Zimbabwe (Private) Limited, Alexander Forbes Risk Services, Pan Africa Reinsurance Brokers and Marsh are the country’s top four insurance brokers accounting for 46,49% market share.