India’s Global Insurance Services has bought Aon’s entire 26 per cent share in their joint venture Aon Global Insurance Brokers and thus the brand name was changed to Global Insurance Brokers.
The joint venture, which started in 2001, saw Aon investing Rs 62 lakhs for 26 per cent at par in the JV. Aon Global Insurance Brokers had been the second-largest insurance broker in the country, collecting premium income of Rs 2,000 crores a year.
“In the last year, our global access, capabilities and expertise for both inbound and outbound businesses have strengthened our positioning, “said Prabhodh Thakker, promoter, Global Insurance Brokers. Global Insurance has been in the business for 45 years.
Recently, in a similar instance, Kotak Life has bought out Old Mutual’s stake in the life insurance joint venture, by becoming 100 per cent owned by Kotak.
