News
Xchanging Gains Full Control of Xchanging Broking Services Enterprise Partnership
28 Sep 2011
LONDON, 28 September, 2011 - Xchanging (LSE:XCH), the business process and technology services provider and integrator, has gained full control of Xchanging Broking Services Limited, the Enterprise Partnership it formed with Aon Limited ("Aon") in 2006. Aon has exercised the put option it holds to transfer its entire shareholding in Xchanging Broking Services ("XBS") to Xchanging. The transfer gives Xchanging 100% 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 can offer XBS as an independent broking platform to insurance broking firms going forward whilst continuing to nurture its strong relationship with Aon.
Ken Lever, Chief Executive of Xchanging said, "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% ownership of Xchanging Broking Services contributes towards this objective".
For further information, please contact:
Xchanging Group PR
Meeta Thareja, Head of Group PR
Tel: +44 (0)20 7780 5374
meeta.thareja@xchanging.com
Xchanging Insurance Sector
Tim Hymans
Tel: +44 (0)20 7780 5509
tim.hymans@xchanging.com
About Xchanging
Xchanging is a business process and technology service provider and integrator specialising in Financial Services, Insurance Services, Technology and Procurement, with pervasive processing skills and capabilities applicable to other vertical industry and market sectors.
About Aon
Aon Corporation (NYSE: AON) is the leading global provider of risk management services, insurance and reinsurance brokerage, and human resources solutions and outsourcing. Through its more than 59,000 colleagues worldwide, Aon unites to deliver distinctive client value via innovative and effective risk management and workforce productivity solutions. Aon's industry-leading global resources and technical expertise are delivered locally in over 120 countries. Named the world's best broker by Euromoney magazine's 2008, 2009 and 2010 Insurance Survey, Aon also ranked highest on Business Insurance's listing of the world's insurance brokers based on commercial retail, wholesale, reinsurance and personal lines brokerage revenues in 2008 and 2009. A.M. Best deemed Aon the number one insurance broker based on revenues in 2007, 2008 and 2009, and Aon was voted best insurance intermediary 2007-2010, best reinsurance intermediary 2006-2010, best captives manager 2009-2010, and best employee benefits consulting firm 2007-2009 by the readers of Business Insurance. Visit http://www.aon.com for more information on Aon and http://www.aon.com/manchesterunited to learn about Aon's global partnership and shirt sponsorship with Manchester United.