Mar 13, 2013
LONDON (March 13, 2013) – Aon Risk Solutions, the global risk management business of Aon plc (NYSE: AON), has signed a unique co-insurance agreement with Berkshire Hathaway International Insurance Limited (Berkshire Hathaway) that provides clients fast and efficient access to AA+* rated capacity for all eligible business placed by Aon Risk Solutions where the Lloyd’s market participates.
The first of its kind in the insurance industry, this innovative Aon insurance sidecar is globally available across all industry segments, bringing benefits usually exclusive to reinsurance markets to retail clients. This additional capacity provides dedicated Berkshire Hathaway International Insurance Limited capital through a fixed participation structure on a full follow form basis.
The solution will be managed by Aon Underwriting Managers – Aon’s Managing General Agent business, which has delegated authority to grant cover on behalf of Berkshire Hathaway.
Steve McGill, group president, Aon plc, and chairman and CEO of Aon Risk Solutions, commented, “We are constantly looking for ways to empower results for our clients and this landmark solution provides a unique way for them to access high quality capacity efficiently. No other firm has been able to deliver a solution of this scale to their retail clients across all industry segments on a full follow basis. We are proud to be able to offer our clients unprecedented access to the financial strength of Berkshire Hathaway through this transaction.”
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* Standard & Poor’s rating of Berkshire Hathaway International Insurance Ltd, 2013
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Aon plc (NYSE:AON) is the leading global provider of risk management, insurance and reinsurance brokerage, and human resources solutions and outsourcing services. Through its more than 65,000 colleagues worldwide, Aon unites to empower results for clients in over 120 countries via innovative and effective risk and people solutions and through industry-leading global resources and technical expertise. Aon has been named repeatedly as the world’s best broker, best insurance intermediary, reinsurance intermediary, captives manager and best employee benefits consulting firm by multiple industry sources. Visit www.aon.com for more information on Aon and www.aon.com/manchesterunited to learn about Aon’s global partnership and shirt sponsorship with Manchester United.
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