Xchanging, a London-based business process and technology service provider, has gained full control of Xchanging Broking Services (XBS), the enterprise partnership it formed with Aon in 2006.
Aon has exercised the put option it holds to transfer its entire shareholding in 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.
The partnership also involved outsourcing of Aon’s Client Operations division to XBS and 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 relationship with Aon.
Xchanging CEO Ken Lever said they are pleased with their relationship with Aon, a valued customer, will continue through their 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," added Lever.