Aon Corporation has reported its financial results for the first quarter of 2011, including net income attributable to Aon stockholders of $246m or $0.71 per share. This is a rise of 38% compared to the corresponding period last year when the firm made $178m or $0.63 per share. It is also an improvement on the [...]
Aon Risk Solutions has been named the global insurance broker for the McLaren Group, providing insurance for the Formula 1 team, Vodafone McLaren Mercedes, and its new production car company, McLaren Automotive. The account will be handled by the Redhill-based Corporate team, with support provided by Aon’s London Broking Centre. The deal requires a broad [...]
Global risk management business Aon Risk Solutions has announced the appointment of Peter Mullen as chief executive officer of Aon Global Risk Consulting’s Captive and Insurance Management operations. He brings more than a quarter of a century of experience to the firm, which he joins from Bermuda-based Artex Risk Solutions. Aon Global Risk Consulting and [...]
Aon is expecting the number of captive insurance companies domiciled in Guernsey to increase significantly as the implications of compliance with Solvency II become better understood by captive managers and owners. The firm suggests that while the capital requirements of Solvency II may be appropriate for commercial insurers dealing with the general public, many captive [...]
Aon Benfield has agreed a strategic partnership with the Shanghai Typhoon Institute (STI) of China Meteorological Administration, in a move aimed at boosting typhoon research in China and delivering relevant research to the insurance industry. Two initial projects are planned with the state-funded institution: Seasonal typhoon forecasting and real-time typhoon tracking and mapping through ImpactOnDemand, [...]
Aon Benfield has launched the first storm-surge model for Germany in a move that should help re/insurers quantify risk in an underdeveloped line of cover. According to the intermediary, storm surge has generally not been included in German buildings policies, due to difficulties in accurately assessing the peril. However, the new model analyses such variables [...]
Aon Benfield has launched an earthquake model for Cyprus developed by Impact Forecasting, the reinsurance broker’s catastrophe modelling unit. Earthquakes in Cyprus are common as the island is close to the boundary between the Anatolian and African plates; notable events include the February 1995 earthquake afflicting Paphos and Nicosia and the October 1996 event causing [...]
The global airline industry is recovering, Aon Risk Solutions reports, with rising passenger numbers and fleet investments resulting in airline insurance premiums rising by an average 4% on 2010/11 placements. According to Aon’s market outlook report for 2011, after an overall decline in passenger numbers forecast for 2009/10 renewals, 2010/11 placements show a recovery in [...]
Aon Benfield has released its latest Reinsurance Market Outlook report, which provides an overview of the trends witnessed at the 1st April reinsurance renewals. The intermediary reveals that despite “a string of meaningful insurance events” and associated adjustments in pricing, the decline in US and European property catastrophe rates continues. Few European programmes renew at [...]
Aon Benfield has formed a Market Analysis team within Aon Benfield Analytics. The new unit will provide in-depth reports on reinsurers and insight into reinsurance market trends, allowing Aon Benfield Research to focus entirely on academic and industry research collaboration. Over the past year, the size of Aon’s team specialising in the analysis of reinsurance [...]
Aon Risk Solutions has expanded its London-based Professions practice with a number of strategic appointments. The team provides insurance brokerage and risk advisory services to professional service firms, and a recent restructure has seen: David Powell appointed head of Professions, having already worked for Aon for 11 years. Giles Bentley assigned the role of leader [...]
Aon Benfield, the global reinsurance intermediary and capital advisor of Aon Corporation, has announced that Jean-François Walhin is to become chief executive officer of the Brussels office. Walhin, whose appointment is effective from 1 March, is presently head of Analytics in Benelux and will succeed outgoing CEO Bernard Suys. The role of Benelux Analytics chief [...]
Aon Benfield is calling for a simplified Internal Model Approval Process for natural catastrophe risk, arguing that it would encourage insurers to better quantify these exposures under Solvency II. The current Solvency II framework gives the insurer the option of using either a standardised scenario approach or developing a partial internal model for natural hazard [...]
Aon Benfield has been named “Model Insurer” by international strategy consultant, Celent, at its recent awards ceremony in New York. The accolade acknowledges Aon Benfield’s FAConnect technology, which allows clients to manage their own facultative risk placements via an Internet-enabled device and helps users enter new markets. Since its launch in January 2010, FAConnect has [...]
Global risk adviser Aon has warned that UK businesses may be dangerously exposed to hefty fines from the UK and EU due to new legislation pertaining to environmental liability. Aon has collaborated with Argyll Environmental to create a Site Report that combines environmental and flood risk assessment into a single package aimed at the commercial [...]
Aon Corporation has reported its results for the full-year 2010 and Q4, including quarterly net attributable income of $231m, a 17% rise, equating to $0.67 per share. This is up from the Q4 2009 figure of $198 million ($0.69 per share), and is substantially higher than the Q3 2010 net income of $144m. Quarterly total [...]
Aon has published its 18th annual Political Risk Map, which measures the political risk of 211 countries and territories based on risks such as currency inconvertibility; strikes, riots and civil commotion; war; sovereign non-payment; political interference; supply chain disruption and legal and regulatory risk. Counties are ranked on a six-point scale and 19 have been [...]
Aon Benfield has reported that the partnership between insurers and reinsurers has been renewed, with reinsurers now lowering rates at the same pace, or greater, than insurers. In its 2011 Reinsurance Market Outlook report, the firm also states that both reinsurers and insurers are enjoying fully recovered balance sheets, but quite limited growth in demand [...]
Aon Benfield has announced that it is working alongside Guy Carpenter and Willis Re to bring together and manage a new re/insurance consortium for sudden oil spills in US waters. With SOSCover, the group aims to provide higher liability limits that will be accessible to all energy retail brokers, on behalf of their clients. The [...]
