AON on Lookout for BEE Partner

May 23 - Recently Aon South Africa purchased Glenrand MIB, one of the leading groups in the South African insurance industry.

To finalise the process, and following the approval of the purchase by South Africa's Competition Commission, Aon is now searching for a new BEE partner.

The search is being conducted by Gestalt Growth Strategies, which was appointed by Aon South Africa for this role.

Interest in the venture is at a high, and Aon has already seen a number of interesting potential partners thanks to the efforts by Gestalt.

The Chief Executive Officer of Aon South Africa, Anton Roux said about the search: "Aon remains committed to transformation and has already received a number of submissions from BEE groups."

"While we expect to have our BEE transaction finalised within the next few months, we are currently looking to receive more submissions and are holding discussions with all interested parties," he said.

Aon to Sell Shares

In order to meet the objectives detailed by South Africa's BEE Codes, Aon will sell 25.1% - just over a quarter - of its shares to a black partner.

The Chairman of Gestalt Growth Strategies, Mannie Hirsch said that Aon South Africa is a prime investment opportunity.

"The company is rapidly becoming the preferred choice in risk management solutions because of its proven ability to crystallize business risks and effectively manage them to support the progress of clients," said Hirsch.

The Gestalt Growth executive added that the group is privileged to be working with an industry leader such as Aon and would do its best to ensure that all parties involved in the venture benefit from the partner transaction.

"As with any other merger and acquisition, it is important that the partners understand each other's expectations and can work together to grow the company," he said.