Aon partners with Space Expedition Corporation
by Gill Montia
Story link: Aon partners with Space Expedition Corporation
Aon Risk Solutions has formed a partnership with Space Expedition Corporation (SEC), the Netherlands-based space tourism company. The two have designed an insurance policy providing customised protection for space tourists regarding losses related to flight cancellation, postponement or temporary interruption. Based upon regular non-appearance cancellation cover, the policy also includes additional supplemental coverage. SEC will [...]
Cost of UK flooding hits five year high
by Richard Kilner
Story link: Cost of UK flooding hits five year high
Aon Benfield’s catastrophe model development centre of excellence has released its latest monthly Global Catastrophe Recap report. The report reveals that the recent floods to hit the UK damaged over 1,100 homes, and, according to a PricewaterhouseCoopers’ report, are likely to cost insurers up to £500m. This will increase the total cost of floods to [...]
Aon Benfield launches Algeria and Morocco earthquake models
by Gill Montia
Story link: Aon Benfield launches Algeria and Morocco earthquake models
Aon Benfield’s Impact Forecasting unit has launched new Algeria and Morocco earthquake models which claim to bridge a gap in the market, as no vendor model currently exists for both countries. Key characteristics include: The models form part of Impact Forecasting’s Regional Maghreb Earthquake Model, thus being able to assess trans-boundary loss effects. The hazard [...]
Aon launches new flood model for Switzerland
by Gill Montia
Story link: Aon launches new flood model for Switzerland
Aon Benfield has launched a new flood model for Switzerland and Lichtenstein aimed at quantifying financial losses caused by riverine and lake flooding. Flood is considered to be the most significant natural peril in Switzerland and the new model calculates both probabilistic and historical loss estimates using locally-sourced data and developments in hydrology. Key features [...]
Aon appoints Czech Republic & Slovakia CEO
by Gill Montia
Story link: Aon appoints Czech Republic & Slovakia CEO
Aon has appointed Hristo Borissov as chairman and chief executive officer of Aon Czech Republic and Slovakia. He replaces Miroslav Matocha, who left the firm earlier this year. Having begun a career in insurance almost 20 years ago at DZI – General Insurance, Mr Borissov joined Aon in 2005 as business development director, progressing to [...]
Aon Benfield launches flood cat model for Thailand
by Gill Montia
Story link: Aon Benfield launches flood cat model for Thailand
Aon Benfield has launched a flood model for Thailand following the country’s unprecedented flood insurance losses of 2011. According to the reinsurance intermediary, last year’s losses, which are thought to be in excess of $15 billion, were due to a rapidly changing land-use pattern, record rainfall in the northern region and seasonal high tides in [...]
Aon Benfield launches CRO guide to Solvency II
by Gill Montia
Story link: Aon Benfield launches CRO guide to Solvency II
Aon Benfield has launched the “CRO Guide to Solvency II”, a new report aimed at helping chief risk officers (CROs) maintain a competitive position and boost financial strength while meeting regulatory compliance. The study attempts to unravel the complexities of Solvency II and provide practical advice for successful implementation. As such, it includes an overview [...]
Aon calls for risk management research participants
by Gill Montia
Story link: Aon calls for risk management research participants
Aon Risk Solutions is calling on risk decision makers to take part in its fourth global risk management survey, which the firm claims is the most comprehensive of its kind. Aon is hoping to double its response rate this year and receive feedback from 2,000 risk decision makers, helping organisational leaders to see an even [...]
Aon confirms stability of reinsurance industry
by Gill Montia
Story link: Aon confirms stability of reinsurance industry
In a new report assessing the creditworthiness of the global reinsurance industry, Aon Benfield notes that in the past 12 years only eight reinsurers have gone bust, despite claims of more than $150 billion from events including the World Trade Center attacks, hurricanes Rita, Wilma and Katrina, the Great Tohoku earthquake, and the Thailand floods. [...]
Aon Benfield appoints facultative CEO
by Gill Montia
Story link: Aon Benfield appoints facultative CEO
Aon Benfield has announced a new appointment within its facultative division. With immediate effect, Paul Summers has become global chief executive officer of Aon Benfield Fac, reporting to Dominic Christian and Michael Bungert, co-chief executive officers of Aon Benfield. Over the past 12 months, Mr Summers has led Aon Benfield Fac’s international business and his [...]
Insurance-linked securities issuance breaches $2bn
by Gill Montia
Story link: Insurance-linked securities issuance breaches $2bn
In its latest review of the insurance-linked securities (ILS) market, Aon Benfield reports that catastrophe bond issuance for the second quarter of 2012 reached $2.1 billion, compared with $1.5 billion of deals brought to market during the previous three months. A total of seven transactions closed during Q2 2012, featuring both new and repeat sponsors, [...]
Aon warns on Pension Protection Fund levy rise
by Gill Montia
Story link: Aon warns on Pension Protection Fund levy rise
Aon Hewitt is urging UK companies to take action now to limit the effect of the significant increases expected in Pension Protection Fund (PPF) levies for 2013/2014. According to the human resources firm, the PPF is expected to increase substantially the amount required of schemes next year, based on its current way of calculating the [...]
Pension schemes shun UK equities
by Gill Montia
Story link: Pension schemes shun UK equities
Aon Hewitt is claiming that the trend for medium-sized UK pension schemes to move away from investment in equities, and UK equities in particular, towards alternative and liability-matching assets, is likely to intensify during the next 12 months to three years. The firm’s latest mid-market survey takes a look at the asset and liability strategies [...]
Aon appoints new group president
by Richard Kilner
Story link: Aon appoints new group president
Aon plc has announced the appointment of Steve McGill to the position of group president. In his new role McGill will take on responsibility for oversight of the firm’s overall growth strategy and opportunity planning. Aon President and Chief Executive Officer Greg Case described McGill as an exceptional leader for the firm, and attributed the [...]
Aon appointed to EnviroMission Solar Tower project
by Gill Montia
Story link: Aon appointed to EnviroMission Solar Tower project
Aon Risk Solutions has been appointed by EnviroMission as the exclusive provider of insurance placement and risk consulting services for the construction and operation of EnviroMission’s first Solar Tower power station, to be built in Arizona in the US. The renewable energy technology specialist has an agreement to sell solar-powered electricity from the 200MW facility [...]
Aon reports stable Q1 results
by Richard Kilner
Story link: Aon reports stable Q1 results
Aon has reported its financial results for the first quarter of 2012, including net income attributable to Aon shareholders of $238m, equating to $0.71 per share. This is almost identical to the $246m ($0.71 per share) the firm made during the corresponding period last year. Total quarterly revenue rose by 3% to $2.8bn. President and [...]
UK DB pension schemes could move £200bn to buy-in policies
by Gill Montia
Story link: UK DB pension schemes could move £200bn to buy-in policies
Aon is proposing that UK defined benefit (DB) pension schemes could release up to £200 billion currently invested in gilts, for buy-in purposes. According to the insurer, conditions in the bulk annuity market mean the switch of funds could secure a better match for pensioner liabilities, reduce risk and insure against rising life expectancy. Paul [...]
Aon announces $5 billion share buy-back programme
by Gill Montia
Story link: Aon announces $5 billion share buy-back programme
Aon is embarking on a $5 billion share buy-back programme and has announced a 5% increase in its quarterly cash dividend (to $0.1575 per share) on outstanding Class A ordinary shares. “We have taken significant steps to strengthen our industry-leading product portfolio, position the firm for strong free cash flow generation and increase financial flexibility,” [...]
Aon to acquire ABN Amro Dutch activities
by Richard Kilner
Story link: Aon to acquire ABN Amro Dutch activities
Aon plc has announced that its Dutch subsidiary Aon Groep Nederland B.V. intends to buy the intermediary activities for commercial insurance from ABN AMRO Bank N.V. The proposed acquisition, the financial terms of which have not been disclosed, involves ABN AMRO’s insurance activities for large commercial enterprises (and some activities related to SMEs). Should the [...]
Reinsurer capital strong despite 2011 catastrophe losses
by Gill Montia
Story link: Reinsurer capital strong despite 2011 catastrophe losses
The capital reported by 28 leading reinsurers reached an all-time high of $251 billion at the end of 2011, according to the latest Aon Benfield Aggregate (ABA) report, which analyses the financial position of the world’s leading reinsurers. Total global reinsurer capital was down 3% over the year, to $455 billion, but showed an increase [...]
