Genpact (UK) Ltd. took over Genpact International Inc.'s obligations to provide operational business processes to Aspen Insurance Holdings Ltd. and its subsidiaries.
The transfer was pursuant to a novation agreement signed June 29 between Genpact International and Aspen Insurance's subsidiaries, Aspen Insurance UK Services Ltd., Aspen Insurance U.S. Services Inc. and Aspen Bermuda Ltd. That agreement, which replaced the original outsourcing agreement, took effect April 1.
Under the outsourcing agreement, Genpact will provide support function services to Aspen, primarily from an offshore service center in Gurgaon, India. Aspen expects to pay Genpact about $30 million during the initial five-year term of the agreement. None of Aspen's employees will become employees of Genpact.