INSURANCE company Aon Holdings Limited will rebrand to Minerva Holdings following the successful acquisition of the company by Masawara Mauritius Limited.
A source close to the development said following approval of the restructuring exercise by the Competition and Tariffs Commission, the company would soon trade under a new name.
“We will be rebranding to Minerva soon,” the source said. Masawara Mauritius bought 69,75% from Minerva Holdings, Aon’s parent company, in line with the country’s indigenisation and empowerment laws compelling foreign-owned companies to sell controlling stakes to locals.
Minerva is a unit of Minet Kingdom which is controlled 100% by Aon Plc United Kingdom, Minerva is a risk management insurance and insurance brokerage firm.
TA Holdings has a 30,25% stake in the company.
Masawara is a diversified investment company with direct interest in telecommunications, hospitality, agrochemicals and insurance, mainly in Zimbabwe.
The insurance broker and employee benefits firm, Aon Zimbabwe, embarked on a restructuring exercise after the Insurance and Pension Commission, the country’s insurance regulator, raised concern over the company’s ownership structure.
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According to the country’s laws, mergers involving foreign-owned companies should be approved by the Indigenisation ministry after meeting CTC requirements.
Aon Plc early this year announced its move to exit the country in compliance with the country’s indigenisation laws.
Aon Zimbabwe is one of the country’s oldest companies as it has been operating since 1967. The Insurance Act stipulates that a shareholder should not hold more than 40% in any insurance firm.
Aon was suspended in January by the Insurance Pension Commission for failing to comply with the sector’s regulations.
The commission also suspended its subsidiaries that include Aon Benfield, Aon Risk Services and Aon Consulting from taking new insurance and pension administration business.
The insurance firm operates four units — its flagship Aon Risk Services, Aon Risk Management, Consulting and Reinsurance. The company writes business for several listed and other private sector firms in the country.
Aon Zimbabwe (Private) Limited, Alexander Forbes Risk Services, Pan Africa Reinsurance Brokers and Marsh, according to the insurance regulator, are the country’s top four insurance brokers accounting for 46,49% market share.