Aon creates e-GAP to enhance risk management
by Richard Kilner
Story link: Aon creates e-GAP to enhance risk management
Aon Global Risk Consulting has warned that businesses are neglecting to instill risk management into daily operations because of uncertainty over the risks and ownership of the process.
To address this issue, the firm has developed a new management tool, e-GAP, which has been designed to encourage organisations to pay real attention to risk management, as […]
Aon third quarter profits down 43%
by David Masters
Story link: Aon third quarter profits down 43%
Chicago-based insurance broker Aon Corp reported its third quarter results on Friday, with net income down 43% on year to $117 million, or $0.40 per diluted share.
Despite the fall in income, the results beat Wall Street’s expectations, and the share price of the world’s largest insurance brokerage jumped 11% to $42.30 following the announcement.
Net income […]
Aon launch Alternative Solutions unit
by Richard Kilner
Story link: Aon launch Alternative Solutions unit
The facultative reinsurance arm of Aon Global, Aon Re Global Fac, has launched a new unit dedicated to Alternative Solutions.
The unit has been formed to offer the full breadth of Aon Re Global Fac’s non-standard product range.
The unit will be headed by Paul Cousins and serve to bolster the firm’s present capabilities by providing a […]
Aon estimates 28% decline in DC pension assets
by Gill Montia
Story link: Aon estimates 28% decline in DC pension assets
Research from Aon Consulting indicates the extent to which the credit crisis has impacted on the pension pots of Britons who are not members of final salary schemes.
According to Aon, turbulent markets and plummeting share prices have wiped billions of pounds of the value of employees’ defined contribution pension funds.
Around four million people save for […]
Cash in Transit premiums set to fall
by Gill Montia
Story link: Cash in Transit premiums set to fall
Aon is predicting that cash in transit (CIT) premium rates could fall by up to 20% as competition in the market stiffens.
The insurance is needed to cover theft or damage of money or valuables while in storage or in transit and while there has been little change in premium levels in the London market over […]
Marsh & Mclennan threatens Aon’s takeover of Benfield
by Gill Montia
Story link: Marsh & Mclennan threatens Aon’s takeover of Benfield
According to a report in the Telegraph this weekend, US insurance broker Marsh & McLennan is now assessing whether it can make a counter bid.
Benfield is the world’s third-largest reinsurance broker and has long been a takeover target for larger rivals Aon, Marsh & McLennan and Willis Group Holdings.
Aon made an £844 million cash offer […]
Aon to acquire Benfield
by Richard Kilner
Story link: Aon to acquire Benfield
Aon Corporation has reached a definitive agreement with Benfield Group limited whereby Aon will acquire Benfield for £3.50 per share.
The deal adds a 29% premium to Benfield’s share price, as of 21 August and is contingent upon approval by Benfield’s shareholders and regulators.
In addition, Aon will take on its acquisition’s debt of £91m.
Benfield will become […]
Aon: pension schemes shift to bonds
by Richard Kilner
Story link: Aon: pension schemes shift to bonds
Aon Consulting has released research which reveals that during the course of the last year almost half of pension scheme managers have made a move from equities to bonds.
The firm conducted a survey of more than 100 managers, questioning the respondents upon changes that had occurred over the last 12 months.
Of the 46% who reported […]
Aon petitions Mayor of London on flood defences
by Gill Montia
Story link: Aon petitions Mayor of London on flood defences
Aon is reminding the new Mayor of London, Boris Johnson, that he is ultimately responsible for ensuring the capital is safe from flood.
The broker and risk analyst has paired up with the City Property Association, which represents the interests of owners and occupiers of property in the City, to call on Mr Johnson to publish […]
Aon launch Asia Desk
by Richard Kilner
Story link: Aon launch Asia Desk
Aon Global has established a London-based Asia Desk, which is to be led by Clemens Philippi.
Philippi and his team will be tasked with providing Asian firms’ UK and European affiliates with risk assistance.
In addition, the Asia Desk will give advice to British companies that are seeking to invest in Asia.
It will unify the expertise of […]
Aon acquires Gallagher Re in $30 million deal
by David Masters
Story link: Aon acquires Gallagher Re in $30 million deal
Aon has reported the acquisition of Gallagher Re’s U.K. and U.S. businesses.
Aon said that it has “signed definitive agreements to acquire substantially all of Gallagher Re’s U.K. and U.S. reinsurance brokerage business.”
In a statement regarding the acquisition, Aon revealed that the agreement includes an initial payment of around $30 million in cash, and a further […]
Aon Launches 2008 Marine Review
by Stewart Douglas
Story link: Aon Launches 2008 Marine Review
Insurance group Aon has today launched its annual review of the Marine Insurance Market, which has turned up the likelihood of growing premiums for insurance providers in spite of an increased in the risks faced by the industry, according to the details published today.
According to the review, cargo markets are likely to continue to provide […]
Aon Responds To Societe Generale Incident
by Stewart Douglas
Story link: Aon Responds To Societe Generale Incident
Insurer Aon has today released a statement in response to the high profile Societe Generale fraud case in which a rogue trader managed to amass some $7 billion of loss undetected by his employers, casting further doubt over the health of the banking industry, and the long term projections for Societe Generale.
Having traded under the […]
Aon Predict Loss In Airline Insurance Market
by Stewart Douglas
Story link: Aon Predict Loss In Airline Insurance Market
Insurance group Aon has today forecast the the airline insurance industry as a whole will report a loss for the first time in over seven years, based on figures released today by the Aviation & Aerospace division of the Aon business as a result of lingering problems within the market.
After the majority of the year’s […]
Citybond Acquire Aon Travel Book
by Stewart Douglas
Story link: Citybond Acquire Aon Travel Book
Citybond Suretravel has today announced it has acquired the wholesale travel insurance business of Aon Ltd in a move that will see it expand further within its travel insurance sector to bolster its existing footprint within the travel services business.
The subsidiary of Citybond Holdings has acquired the entire portfolio of Aon in relation to travel […]
Aon Profitability Announced
by Stewart Douglas
Story link: Aon Profitability Announced
Insurance broker Aon Corporation has today announced strong results over the last quarter, highlighting increasing profitability in its business operations in recent terms. Amongst the strong profitability the company suggested that despite its growth strategy it still intends to save significantly on its main cost centres.
The company today reported revenues of $2.4 billion, an […]
Aon Appoint Former Microsoft Executive
by Stewart Douglas
Story link: Aon Appoint Former Microsoft Executive
Insurance giant Aon have today announced the high profile appointment of a new executive to its global finance division in place of outward bound David Bolger, which will see a former Microsoft financial executive take the reigns at the head of the firm’s global financial arm.
Former Microsoft executive Christa Davies will join Aon as head […]
Aon rejects EA flood cover proposal
by Gill Montia
Story link: Aon rejects EA flood cover proposal
Aon has reacted strongly to a suggestion by Baroness Young, the Chief Executive of the Environment Agency, that the insurance industry should withdraw flood cover in instances where developers plan to build on flood plains, despite being refused planning permission.
According to Bill Gloyn, chairman of European Real Estate at Aon, the Baroness’s suggestion is […]
Aon spotlights image protection
by Gill Montia
Story link: Aon spotlights image protection
Aon is urging broadcasting and telecommunications businesses to review the means by which they protect their image and reputation, particularly when taking into account the role of subcontractors.
This role has recently come into sharp focus because of incidents relating to misleading programme content and the scandal surrounding television phone-in competitions.
In these cases it could be […]
