AON to exit Indian market

Aon, has decided to exit from the Indian market due to regulatory issues.

The Netherlands-based company, which holds 26 percent stake in the Indian joint venture Aon Global, has informed its Indian partner on the details about its exit plan through official communication channels, a source said, in a PTI report.

When contacted, chairman of Aon Global, Prabodh Thakker declined to comment anything on the issue except saying that "the insurance broking operation will continue to grow in the country."

Global, owned by Thakker family, has been functioning in the country's insurance broking market for more than three decades successfully.

The trading relationship was converted into a formal JV in 2003 with a view to have a long-term commitment in India, which has been seeing quite a few regulatory changes.