Global insurance bro king giant Aon, which is exiting its Indian joint venture Aon Global, has said that it has partnered N R Narayana Murthy’s private investment firm Catamaran Ventures to set up a new broking entity .
Aon had in 2003 partnered with Global Insurance Services -an insurance consultancy firm promoted by Prabodh Thakkar. Global Insurance Services (founded by late Bhagwandas Peraj Thakker) was a leading player in the Indian reinsurance broking industry and had a correspondent relationship with Aon for 20 years before the JV . While Aon has said that it is exiting the joint venture over differences with its partner over the long-term vision, the exit has not been formalized yet.
“We are very excited about finding a partner of the calibre of Catamaran. We know Murthy’s old company very well and, in some way , the relationship is not just about the new JV in India but also a broader partnership with Catamaran around the world. They have in their stable a whole bunch of other things around technology where they can add value not only to Aon and its group companies but also to Aon clients,“ said Sandeep Malik, CEO, Aon Risk Solutions.
According to Malik, the plan was for Catamaran to set up a shell company and apply for an insurance broking licence from the IRDAI in partnership with Aon. Aon would then seek foreign investment permission to pick up a 49% stake in the venture. “Our idea is to obtain a licence, build up a team and start afresh. If there are any opportunities along the way , we will look at them but this is not an acquisition-led strategy .“
Source: Times of India