Minet launches in Malawi
Minet Malawi, formerly Aon Malawi, on Tuesday launched its risk, reinsurance and human resources advisory operation, consolidating the firm’s market position in the country.
South Africa’s music legend, Yvonne Chaka Chaka, graced the occasion juggling the roles of official hostess and lead performer for the day.
The launch of Minet follows an announcement in early February that Pan- African private equity firm, Capital Works, had acquired Aon Plc’s operations across several sub-Saharan Africa countries, subject to precedent conditions and regulatory approvals.
The conditions have since been fulfilled and, effective this November, Aon’s shareholding in several countries, including Malawi, was transferred to Capitalworks.
Speaking during the official launch in Blantyre, Minet Malawi Chief Executive Officer (CEO), Delvin Khongono, said the Malawi branch is excited with the new developments as it is now positioned favourably to service the growing market riding on Capitalwork’s expertise.
“The acquisition will not only benefit clients but also our employees,” he said.
In comparison with regional neighbours such as Kenya, Tanzania and Zambia, Malawi is viewed as having a higher insurance penetration at three percent as compared to the average 2.5 percent in the neighbouring countries.
CEO of Minet Africa, Joe Onsando, said Minet is a well-known and trusted brand across Africa.
“Minet Group is uniquely positioned to deliver valuable insights and risk advisory solutions that reduce volatility and improve performance, providing unrivaled advantage to our clients,” he said.
The transaction spans across 10 countries and regulatory approvals have thus far been obtained in Kenya, Lesotho, Malawi, Namibia, Uganda and Zambia, with approvals for in remaining countries expected in the first quarter of 2018.