Two insurance giants headquartered in London have strengthened their operations in Africa’s emerging markets.
Major insurer RSA has extended its existing partnership with Globus, the Africa-based insurance network, to be able to serve multinational customers in five more countries on the continent.
RSA can now provide insurance services to customers with operations in Botswana, Congo, Mauritania, Zambia and Zimbabwe. This means the insurer now has partners in 26 African nations.
“Our measured expansion in the number of trusted partnerships we have through our Global Network ensures RSA’s multinational customers continue to benefit from the global coverage they require to realise their own growth ambitions,” said Owen Thomas, RSA’s global broker relationship director.
Meanwhile, international broker Aon has announced that shareholding in its re/insurance brokerage and employee benefit operations in 10 African countries has been acquired by Capitalworks, a private equity firm focused on the continent with over US$515 million of assets in management.
Capitalworks has acquired shareholding in Aon’s operations in Angola, Kenya, Lesotho, Malawi, Mozambique, Namibia, Swaziland, Tanzania, Uganda and Zambia. The new entity will become Aon’s exclusive correspondent for these countries and the largest exclusive global network correspondent on the African continent.
“We maintain a positive outlook for sub-Saharan Africa as an exciting operating environment and our pan-African strategy is focused on supporting our colleagues and collaborating closely with local leaders and partners,” said John Cullen, CEO of Aon Risk Solutions
“With Capitalworks, we’ve chosen to partner with an investor with a sound understanding of local market conditions, strong governance and operational experience,” he added.
Aon sells division for £3.8 billion - report