South Africa (October 5, 2011) – Aon South Africa, a leading risk management, insurance brokerage, healthcare, retirement funding and actuarial consulting organisation and subsidiary of Aon Corporation (NYSE:AON), today announced that a Memorandum of Understanding (MOU) has been signed with the Vurhonga Consortium - consisting of the Tamela Consortium and Precious Prospects, a women's group - on a proposed Black Economic Empowerment  transaction. 

Under the terms of the MOU, the consortium will acquire a 25.1 percent shareholding in Aon's South African business. The transaction is expected to be concluded by the end of October 2011.

During 2012, a portion of the shareholding held by Vurhonga Consortium, representing three percent of the common equity in Aon, will be allocated to an employee share ownership scheme including historically disadvantaged Aon employees, further enhancing the far-reaching nature of the transaction.

Anton Roux, CEO and chairman of Aon South Africa, said the deal is an exceptionally positive move towards true broad-based empowerment, particularly with the strong female ownership within the consortium. "We are delighted to be joining hands with two partners who are very competent in the corporate business and public sectors and which have such a diverse group of women involved," says Roux.

Dr Namane Magau, chairman of Precious Prospects Group, will resign from her position on the Santam board before joining the board of Aon South Africa. Vusi Mahlangu, chairman of the Vurhonga Consortium, and Makole Maponya will serve as its representatives on the board of Aon South Africa.

Aon South Africa has engaged in a strong growth strategy in recent years, highlighted by the acquisitions of QED Actuaries & Consultants, Shield Financial Services, Heritage Insurance Brokers, Pennant and Pinion Insurance Brokers and more recently, Glenrand M•I•B.

"Our acquisitions have provided Aon and our clients with a more balanced book of business across corporate, commercial and personal lines. We will continue to target strong growth in the public and corporate sector, areas where we believe the Vurhonga consortium can bring their expertise to bear," says Roux.

Vusi Mahlangu added, "We are delighted to partner with such a reputable international company like Aon in South Africa to pursue new growth areas after a period of acquisitive growth in the country. Vurhonga comprise a team of remarkable professionals, including women professionals in the financial services sector. We look forward to a successful long-term relationship."

"Our commitment to growing Aon on behalf of clients and colleagues remains steadfast and we have appointed Gestalt to assist us with this process to ensure that all parties benefit from the partnership transaction. Transformation plays a pivotal part of our growth strategy in South Africa, and we are pleased to be engaging with partners who share the same values in terms of business development, community consciousness and social investment," concludes Roux.

About Aon South Africa
Aon South Africa is a leading provider of risk management services, insurance and reinsurance brokerage, human capital and management consulting, and speciality insurance underwriting. The company employs more than 1500 professionals in its 17 offices in South Africa. Aon employs over 2000 people on the African continent. Aon South Africa's head office is based in Sandton, Johannesburg.

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 60,000 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 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.

Media Contacts:

Teresa Settas Communications
Teresa Settas
(011) 894 2767 or 082 653 9935
teresa@tscommunications.co.za

Aon South Africa
Liza Kok – Marketing & Communications Manager
(011) 944 7160
Liza.kok@aon.co.za

   
Additional information on Vurhonga Consortium

Tamela consortium
The Tamela consortium comprises black owned and managed companies including black women controlled companies and broad based groups.  The Tamela Consortium is led by individuals with extensive experience in managing and executing empowerment transactions and a proven record of adding value to their associate investments.  The Tamela consortium comprises Tamela Holdings, Direng Investment Holdings, a black women owned and controlled company (Mahlako-a-Phahla Investments), Ranti Mothapo (an actuary and financial services entrepreneur), and broad based groups, The Association of South African Black Actuarial Professionals and Association for the Advancement of Black Accountants in Southern Africa (ABASA).

The key individuals in the Tamela Consortium are set out below.

Vusi Mahlangu is a co-founder and director of Tamela Holdings and has extensive experience in investment banking.  Vusi together with Sydney Mhlarhi pioneered mezzanine funds in South Africa by launching the first specialised mezzanine fund, Makalani.  Vusi was from 2005 to 2008 the Chief Executive Officer of Makalani.  Prior to Makalani Vusi spent about 7 years in the structured finance division of Investec.  Vusi is a director of FLSmidth Roymec (Proprietary) Limited, Cure Day Clinics (Proprietary) Limited and Emira Property Fund, a member of the Institute of Directors of Southern Africa and the Investment Analysts Society of South Africa and is a trustee of the Hamlet Foundation.

Makole Maponya is a co-founder and director of Mahlako a Phaahla Investments, an investment holding and advisory company that operates in the electrical, energy, mining, financial and infrastructure sectors.  Makole is a Chartered Accountant and has spent over 10 years working in the financial services sector. Makole is a director of DNA Wind Farm, a company involved in developing 2 wind sites for the renewable energy programme. She also is a director and chairs the audit committee of Wiphold, a women led company focusing on the empowerment of women. She is a trustee of Telkom Foundation and Foodbank Foundation. She is a member of the Institute of Directors of Southern Africa.

Ranti Mothapo is a financial services entrepreneur and is a founder of Matlotlo Group, a niche quantitative finance and actuarial consulting and advisory business. Ranti obtained his BEconSc and BSc (Hons) degrees from the University of the Witwatersrand.  He qualified as an actuary through the Faculty of Actuaries (UK) in 2004 and became the first Black South African to qualify as an actuary.
 
Precious Prospects Group
Precious Prospects Group is led by three seasoned business women, Dr Namane Magau, Ms Ellen Tshabalala and Dr Nomonde Mabuya.

Dr Namane Magau is Chairman of Precious Prospects Group and owns a management consultancy firm.  She also serves on several Boards including Murray & Roberts and NTP.  Dr Magau holds a Doctorate in education from Harvard. In the past she served as Executive Vice President for Human Resources at the CSIR and Executive Director for Human Capital at the SABC. She is the past President of Business Woman’s Association (BWA) and International Women’s Forum (IWFSA).

Ms Ellen Tshabalala is a strategic management consultant with extensive corporate leadership experience in public sector and private sector institutions. Ellen serves as Director in several Boards, including Transnet and The Presidential Advisory Council on BEE.

Dr Nomonde Mabuya is a qualified medical doctor with extensive business experience.  She is Executive Director of her own management consulting firm.  Dr Mabuya also holds an MBA from WITS and serves on several Boards including Gauteng Water Board, International Women’s Forum of South Africa Board and the Thebe Board.

Precious Prospects also includes two broad based trusts, one that is focused on the Development of Women Entrepreneurs and the other trust is focused on development of Women in Sports.