Aon Consulting - Steven Wevodau
Statement by Aon on New York Insurance Department Draft Rules on Producer Transparency and Compensation - Posted by Steven Wevodau
CHICAGO, Feb. 5 /PRNewswire-FirstCall/ — Aon today issued the following statement from Greg Case, president and CEO:
“Aon strongly supports Superintendent Eric Dinallo’s efforts to introduce more transparency into the insurance sector and to establish consistent rules for all producers who operate in New York. As Steve McGill, chairman and CEO of Aon Risk Services, testified at the hearings in July, we believe that all brokers and agents should, at a minimum, be willing to tell their clients who will pay them, how much they’ll make and the quotes insurers provide. This is the basic information every client deserves. The draft rules are clearly a step in the right direction, and we look forward to working with the superintendent on providing increased transparency for all market participants.”
About Aon
Aon Corporation (NYSE: AOC - News) is the leading global provider of risk management services, insurance and reinsurance brokerage, and human capital consulting. Through its 36,000 colleagues worldwide, Aon readily delivers distinctive client value via innovative and effective risk management and workforce productivity solutions. Our industry-leading global resources, technical expertise and industry knowledge are delivered locally through more than 500 offices in more than 120 countries. Aon was named the world’s best broker by Euromoney magazine’s 2008 Insurance Survey. In 2008, Aon ranked highest on the Business Insurance ranking of the world’s largest insurance brokers based on commercial retail, wholesale, reinsurance and personal lines brokerage revenues. Aon also was ranked by A.M. Best as the number one insurance broker based on brokerage revenues in 2007 and 2008, and was voted best insurance intermediary, best reinsurance intermediary, and best employee benefits consulting firm in 2007 and 2008 by the readers of Business Insurance. Sign up to receive Aon news alerts by email or RSS feed at: http://aon.mediaroom.com/index.php?s=58.
Media Contact
David Prosperi
312.381.2485
david_prosperi@aon.com
(Logo: http://www.newscom.com/cgi-bin/prnh/20041215/CGW049LOGO)
Aon Political Risk Map: Political Stability Next Victim of Credit Crunch - posted by Steven Wevodau
Iceland and Greece serve as early warnings
In a global webcast, Aon’s political risk and trade credit experts discussed how the economic instability caused by the credit crunch was having a flow-on effect on political stability.
Miles Johnstone, director of Aon’s Political Risk team, explained: “This year’s map reflects how the impact of the credit crunch is shifting from being an economic problem to a political problem. When an economy is in downturn, the government has less resource available to deal with issues when they arise, potentially leading to political instability.
“We are seeing this particularly in several Eastern European countries, as well as Iceland and Greece, where there is a rise in exchange transfer and sovereign non-payment risk as well as an increase in widespread protests and street disturbances.”
The emergence of Very High Risk nations
The past year has seen a number of High Risk countries continue to deteriorate to the point where Aon believes the gap between seven countries — Afghanistan, Congo DRC, Iran, Iraq, North Korea, Somalia and Zimbabwe — and other High Risk countries warranted the creation of a Very High Risk category.
Miles commented: “The level of risk in these countries just continued to get worse. It has reached the point where although we have been able to secure insurance cover for some clients in some of these territories, it is not always available.”
The Commodity Crunch
This year’s map includes a Commodity Crunch Exposure Matrix, which identifies the countries most vulnerable to political instability in 2009 if commodity prices continue to fall, as has been suggested by some forecasters.
“Volatility in global commodity prices in the 1970s and early 1980s contributed to political and economic instability in a number of countries,” according to Roger Schwartz, senior vice president of Aon Trade Credit. “Countries that recently benefited from very high commodity prices may suffer as they fall. The types of commodities we are talking about include oils, metals and minerals.
“Interestingly, the resource nationalism prevalent last year when commodity prices were rising continues, despite the fact prices are now firmly on a downward trend.”
A move to the middle
A reflection of the general rise in the risk level globally, the past year has been notable for a significant shift from the Low Risk category to the Medium-Low category. Six Eastern European countries, Estonia, Hungary, Latvia, Lithuania, Slovakia and Slovenia, as well as Greece and Iceland, received a downgrade.
On the other hand, four High Risk countries, Malawi, Moldova, Syria and Turkmenistan, saw an improvement in their status to Medium-High Risk.
Movements on the 2009 map:
Thirteen countries have been upgraded to a lower risk level: Algeria, Benin, Cameroon, Colombia, Kuwait, Lesotho, Libya, Malawi, Moldova, Morocco, Syria, Tunisia and Turkmenistan.
Eighteen countries have been downgraded to a higher risk level: Afghanistan, Congo DRC, Estonia, Greece, Hungary, Iceland, Iran, Iraq, Latvia, Lithuania, Malaysia, Mauritania, North Korea, Slovakia, Slovenia, Somalia, Thailand and Zimbabwe.
Miles concluded: “It is an uncertain future for many companies and many sectors. Just how some of these issues, such as the commodity crunch, will play out is unclear. We have seen a significant increase in enquiries over the past year from companies seeking political risk cover. It remains to be seen how and to what extent demand for cover is affected by the ongoing impact of the credit crunch on global trade and investment.
“As the global business landscape continues to change, the Political Risk Map provides our clients with the proper analytical tools to assess the various contingencies and determine how they may impact their sustainable growth, continuity and profitability.”
Media Contacts:
UK US
Reuben Aitchison Kelly Drinkwine
+44 (0)20 7086 7201 +1 312 381 2684
reuben.aitchison@aon.co.uk kelly_drinkwine@aon.com
http://aon.mediaroom.com http://aon.mediaroom.com
About the 2009 Political Risk Map
Aon ranked the political risk of 209 countries and territories, measuring risk of currency inconvertibility and transfer; strikes, riots and civil commotion; war; terrorism; sovereign non-payment; political interference; supply chain interruption; legal and regulatory risk. The risk in each country was ranked as Low, Medium-Low, Medium, Medium-High, High or Very High. A country with an “elevated” risk is defined as any country with a risk ranked at Medium-Low, Medium, Medium-High, High or Very High.
The results of the analysis are detailed on the 2009 Political Risk Map, produced by Aon Risk Services in partnership with Oxford Analytica, an international consulting firm. Oxford Analytica draws its analysis from a global network of more than 1,000 experts — including senior faculty members at Oxford University and at major research institutions worldwide — to make independent judgments about geopolitical risk.
The Political Risk Map is published annually by Aon Risk Services, a unit of Aon Corporation. With more than 400 specialists in 60 offices around the world, Aon has been providing political risk and trade credit insurance and consulting services, such as country audits, since 1912. For more information, visit http://www.aon.com/2009politicalmap.
About Aon
Aon Corporation (NYSE: AOC - News) is the leading global provider of risk management services, insurance and reinsurance brokerage, and human capital consulting. Through its more than 36,000 colleagues worldwide, Aon readily delivers distinctive client value via innovative and effective risk management and workforce productivity solutions. Our industry-leading global resources, technical expertise and industry knowledge are delivered locally through more than 500 offices in more than 120 countries. Aon was named the world’s best broker by Euromoney magazine’s 2008 Insurance Survey. In 2008, Aon ranked highest on the Business Insurance ranking of the world’s largest insurance brokers based on commercial retail, wholesale, reinsurance and personal lines brokerage revenues. Aon also was ranked by A.M. Best as the number one insurance broker based on brokerage revenues in 2007 and 2008, and was voted best insurance intermediary, best reinsurance intermediary, and best employee benefits consulting firm in 2007 and 2008 by the readers of Business Insurance. Sign up to receive Aon news alerts by email or RSS feed at: http://aon.mediaroom.com/index.php?s=58.
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Aon Limited is authorised and regulated by the Financial Services Authority in respect of insurance mediation activities only.
Source: Aon Corporation
Aon Benfield Forecasts Potential Impact on the Insurance Industry Resulting From the Alleged Madoff Scandal
posted by Steven Wevodau
LONDON and CHICAGO, January 14 /PRNewswire/ — Aon Benfield, the world’s premier reinsurance intermediary and capital advisor, released today a preliminary forecast of direct insured losses resulting from the alleged Bernard Madoff Ponzi scheme.
(Logo: http://www.newscom.com/cgi-bin/prnh/20041215/CGW049LOGO)
“While the maximum potential exposed insurance limits are estimated to be over US$6 billion, the range of direct insured losses will be a far smaller number, most likely somewhere between US$760 million and US$3.8 billion, with a best estimate of US$1.8 billion,” said Stephen Mildenhall, head of Aon Benfield’s Actuarial and Enterprise Risk Management practice. “These figures represent material costs, but are not likely to have a significant impact on the insurance industry,” he continued.
The high end of the likely range of insured losses represents less than 20 loss ratio points on global Directors & Officers, Errors & Omissions, and Fidelity premium. Since most insurance claims will be concentrated in the financial institution sector, the loss ratio within this specific segment may be significant. Based on estimated financial institution insurance premiums, the loss ratio impact could range from 40 to 180 loss ratio points in this specific segment. Given the claims-made nature of most professional liability coverage, losses would likely be spread over policy years 2007 and 2008 (or report years 2008 and 2009).
“When the effect of this scandal is combined with the impact of the ongoing credit crisis, many insurers will see profitability deteriorate even further in their financial institutions book of business,” concluded Mr. Mildenhall. “Optimists may point to a potentially positive outcome - a more rapid hardening of rates in the professional liability market.”
Aon Benfield will continue to update this preliminary analysis and revise results as new information becomes available. A copy of the preliminary report released today is available upon request.
About Aon Benfield
Aon Benfield is the world’s premier reinsurance intermediary and capital advisor, providing clients with integrated capital solutions and services. The company offers clients access to every traditional and alternative market in the world, through an international network of offices spanning over 50 countries and more than 4,000 professionals. Its worldwide client base is able to access the broadest portfolio of integrated capital solutions and services, world-class talent, unparalleled global reach and local expertise to best meet their business objectives. Aon Benfield is the industry leader in treaty, facultative and capital markets transactions.
For further information please contact:
David Bogg Kathleen Hipp
London Minneapolis
t: +44-(0)20-7522-4016 t: +1-952-886-8161
e: david.bogg@aonbenfield.com e: kathleen.hipp@aonbenfield.com
Aon Declares Quarterly Dividend - posted by Steven Wevodau
CHICAGO, Jan. 13 /PRNewswire-FirstCall/ — Aon Corporation (NYSE: AOC - News) today announced that the Board of Directors has declared a quarterly cash dividend of $0.15 per share on outstanding common stock. The dividend is payable on February 16, 2009 to shareholders of record on February 2, 2009.
About Aon
Aon Corporation (NYSE: AOC - News) is the leading global provider of risk management services, insurance and reinsurance brokerage, human capital and management consulting. Through its 36,000 colleagues worldwide, Aon readily delivers distinctive client value via innovative and effective risk management and workforce productivity solutions. Our industry-leading global resources, technical expertise and industry knowledge are delivered locally through more than 500 offices in more than 120 countries. Aon was named the world’s best broker by Euromoney magazine’s 2008 Insurance Survey. In 2008, Aon ranked highest on the Business Insurance ranking of the world’s largest insurance brokers based on commercial retail, wholesale, reinsurance and personal lines brokerage revenues. Aon also was ranked by A.M. Best as the number one insurance broker based on brokerage revenues in 2007 and 2008, and was voted best insurance intermediary, best reinsurance intermediary, and best employee benefits consulting firm in 2007 and 2008 by the readers of Business Insurance. For more information on Aon, log onto http://www.aon.com/.
Investor Contact:
Scott Malchow
Vice President, Investor Relations
312-381-3983
Media Contact:
David Prosperi
Vice President, Global Public Relations
312-381-2485
Will Sneden Joins Aon Consulting as Senior Vice President and Health and Benefits Practice Leader of the Carolinas - posted by Steven Wevodau
In addition to leading the Carolinas’ Health and Benefits practice, Sneden will serve as a member of the practice’s large market steering committee.
“Will is a results-driven industry expert with a proven record of success,” said John Zern, U.S. Health & Benefits practice director with Aon Consulting. “His market intelligence will support the success of the region and serve as a strong resource to clients.”
Sneden brings more than 20 years of experience to Aon Consulting. Most recently he was the consulting office leader for Hewitt Associates in Charlotte. He was also a subject matter expert for healthcare benefits strategy with an emphasis on measurement, including the return on investment from employers’ health and productivity programs.
“We are proud to have talent of his caliber as part of our professional team and look forward to Will helping our clients drive and measure the success of their health care and health promotion programs,” said Joe Lineberry, senior vice president with Aon Consulting’s Health and Benefits practice.
Sneden earned a Bachelor of Science degree in mathematics from University of North Carolina. He is a Fellow of the Society of Actuaries, a member of the American Academy of Actuaries and a member of the Conference of Consulting Actuaries.
About Aon Consulting
Aon Consulting Worldwide is among the top global human capital consulting firms, with 2007 revenues of US$1.352 billion and more than 6,000 professionals in 117 offices worldwide. Aon Consulting is shaping the workplace of the future through benefits, talent management and rewards strategies and solutions. Aon Consulting was named the best employee benefit consulting firm by the readers of Business Insurance magazine in 2006, 2007 and 2008. For more information on Aon, please visit http://aon.mediaroom.com.
About Aon
Aon Corporation (NYSE: AOC - News) is the leading global provider of risk management services, insurance and reinsurance brokerage, and human capital consulting. Through its 36,000 colleagues worldwide, Aon readily delivers distinctive client value via innovative and effective risk management and workforce productivity solutions. Our industry-leading global resources, technical expertise and industry knowledge are delivered locally through more than 500 offices in more than 120 countries. Aon was named the world’s best broker by Euromoney magazine’s 2008 Insurance Survey. In 2008, Aon ranked highest on the Business Insurance ranking of the world’s largest insurance brokers based on commercial retail, wholesale, reinsurance and personal lines brokerage revenues. Aon also was ranked by A.M. Best as the number one insurance broker based on brokerage revenues in 2007 and 2008, and was voted best insurance intermediary, best reinsurance intermediary, and best employee benefits consulting firm in 2007 and 2008 by the readers of Business Insurance. Sign up to receive Aon news alerts by email or RSS feed at: http://aon.mediaroom.com/index.php?s=58.
For more information, contact:
Allyson Marcus - 312.755.3592
allyson.marcus@kemperlesnik.com
Source: Aon Corporation
Aon Consulting Adds Mark Oshima to Corporate Transactions Practice as Senior Vice President
posted by Steven Wevodau
Oshima comes to Aon from human resources advisory firm Exequity, where he served as the west region leader and senior advisor for the company’s M&A consulting business. He was also responsible for establishing Exequity’s West coast presence. Previously, Oshima held global leadership positions in Hewitt Associates’ consulting and outsourcing businesses.
“Aon is committed to hiring the industry’s most talented professionals, and Mark is a seasoned business leader with a proven track record of success in leading large-scale organizational change and transformation projects,” said Mark Arian, Corporate Transactions Practice Leader with Aon Consulting. “We are thrilled to have Mark on our team.”
Oshima holds a Bachelor of Arts degree in economics from the University of California - Irvine and a Master of Business Administration from the UCLA Anderson School of Management.
About Aon Consulting
Aon Consulting Worldwide is among the top global human capital consulting firms, with 2007 revenues of US$1.352 billion and more than 6,000 professionals in 117 offices worldwide. Aon Consulting is shaping the workplace of the future through benefits, talent management and rewards strategies and solutions. Aon Consulting was named the best employee benefit consulting firm by the readers of Business Insurance magazine in 2006, 2007 and 2008. For more information on Aon, please visit http://aon.mediaroom.com.
About Aon
Aon Corporation (NYSE: AOC - News) is the leading global provider of risk management services, insurance and reinsurance brokerage, and human capital consulting. Through its 36,000 colleagues worldwide, Aon readily delivers distinctive client value via innovative and effective risk management and workforce productivity solutions. Our industry-leading global resources, technical expertise and industry knowledge are delivered locally through more than 500 offices in more than 120 countries. Aon was named the world’s best broker by Euromoney magazine’s 2008 Insurance Survey. In 2008, Aon ranked highest on the Business Insurance ranking of the world’s largest insurance brokers based on commercial retail, wholesale, reinsurance and personal lines brokerage revenues. Aon also was ranked by A.M. Best as the number one insurance broker based on brokerage revenues in 2007 and 2008, and was voted best insurance intermediary, best reinsurance intermediary, and best employee benefits consulting firm in 2007 and 2008 by the readers of Business Insurance. Sign up to receive Aon news alerts by email or RSS feed at: http://aon.mediaroom.com/index.php?s=58.
For more information, contact:
Allyson Marcus - 312.755.3592
Source: Aon Corporation
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