Xchanging, the London-based business process and technology services provider and integrator, announced that it has “gained full control of Xchanging Broking Services Limited, the Enterprise Partnership it formed with Aon Limited.”
The consolidation follows Aon’s decision to exercise “the put option it holds to transfer its entire shareholding in Xchanging Broking Services (XBS) to Xchanging.” The transfer gives Xchanging 100 percent ownership of XBS.
The Enterprise Partnership was formed to create a platform to provide services for insurance broking firms, including the processing of insurance policies and claims. It involved outsourcing of Aon’s Client Operations division to XBS. Xchanging’s service contract with Aon will continue unaffected by the exercise of the option.
Following this transaction, Xchanging said it “can offer XBS as an independent broking platform to insurance broking firms going forward whilst continuing to nurture its strong relationship with Aon.”
Xchanging’s Chief Executive Ken Lever commented: “We are pleased our relationship with Aon, a valued customer, will continue through our service contract with them following change of control of the Enterprise Partnership. As we set out in our Four Part Action Plan, simplifying our overall business structure is one of our objectives. Gaining 100 percent ownership of Xchanging Broking Services contributes towards this objective’.
Was this article valuable?
Here are more articles you may enjoy.