NYSE listed Aon plc, a global professional services firm providing a broad range of risk, retirement and health solutions, has increased its stake in Aon India Insurance Brokers by acquiring the 51 per cent stake from Catamaran Ventures. With this Aon plc has acquired 100 per cent stake in the company. The financial details of the deals were not disclosed.
Aon had acquired 49 per cent stake from former Infosys chairman N R N Murthy’s Catamaran Ventures in 2020. The company was then known as Anviti Insurance Brokers Private Limited and was founded by Catamaran in 2016. Subsequently, it was rebranded as Aon India Insurance Brokers Private Limited in June 2021.
Jonathan Pipe, CEO, Aon India Insurance Brokers 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.”
With the acquisition of 49 per cent stake in Anviti Insurance Broking, Aon plc had reentered the Indian insurance broking 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.”
Aon India Insurance Brokers has over 300 colleagues across nine locations in India. It’s client base in India is over 1,800. The company’s FY20 revenue were at over $9.5 million and the unaudited revenue from FY 21 was $15 million.
M.D. Ranganath, President, Catamaran Ventures, said: “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 has over 300 colleagues across nine locations in India.
Source: Business-Standard