CHICAGO (November 29, 2011) – Aon, the leading global provider of risk management services, insurance and reinsurance brokerage, and human resources solutions and outsourcing (NYSE: AON), announced today that it has partnered with QBE Insurance Group, one of the top 25 insurers worldwide, to offer Aon Rent Protect, a new insurance product designed to reimburse landlords for lost income when tenants default on rent payments.
Traditional property and casualty insurance plans provide coverage for lost rent due to physical damage exposures such as fire or hurricane, but do not address the risk of tenant default.
“Rent default coverage has been sold overseas for years, but has not been available in the U.S. until now,” said Kevin Madden, managing director of the Real Estate practice at Aon Risk Solutions. “We are excited to offer this crucial management solution to residential and multifamily property owners and managers.”
“This is a game changer for anyone who owns or manages a residential rental property,” added Kevin Morman, senior vice president of program design and development at Aon Affinity. “When tenants default on the rent, it can take months for landlords to regain their property and seek out another tenant. Meanwhile, landlords must continue paying mortgage and additional expenses. Aon Rent Protect helps relieve this cash flow nightmare.”
Aon and QBE have tailored the product to address all sectors of the residential rental property market:
Individual Property Owners
- Aon Rent Protect provides rental income replacement for up to six months and assistance with legal expenses such as attorney fees to help with the eviction process
- Annual premiums start at $250 per rental unit
- Referral program is available for property management companies with landlord clients that would benefit from the new product
· Available in California, Colorado, D.C. and Pennsylvania effective November 1, 2011; soon to be available across the U.S.
Large Property Investment Firms
- Aon Rent Protect helps manage financial balance sheet risks by allowing the firm to cap total liability, ensuring rent default losses do not exceed the amount selected. Available now across the U.S.
“No offering in the U.S. market currently provides adequate protection for landlords against tenants defaulting on their rents,” said East Coast Regional Vice President Joel Laventure at QBE the Americas. “This product will offer peace of mind to landlords, who are heavily reliant on consistent rent payments from their tenants to maintain their investment.”
Aon Risk Solutions, the global risk management business of Aon, provides Aon Rent Protect to large property investment firms, while Aon Affinity, the product sales, marketing and distribution business of Aon, will offer Aon Rent Protect to individual property owners.
Aon and QBE have provided tenant rent default insurance in Australia, the UK and New Zealand for the past 20 years.
For more information, please visit www.aonrentprotect.com or call +1.888.722.2172.
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About Aon
Aon Corporation (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 61,000 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 http://www.aon.com for more information on Aon and http://www.aon.com/manchesterunited to learn about Aon's global partnership and shirt sponsorship with Manchester United.
About QBE
QBE Insurance Group Limited is the underwriter for Aon Rent Protect. QBE has underwritten tenant rent default insurance for the last 20 years in markets outside the U.S. Founded in 1883, QBE is among the world’s oldest and most prestigious insurance companies. With operations in 49 countries and over 13,500 staff, QBE is among the top 25 insurers/reinsurers worldwide. QBE’s gross written premium was $13.6 billion in 2010 ($7.5 billion generated in the U.S.). As of September 2011, the QBE Group is rated ‘A’ (Excellent) by A.M. Best and ‘A+’ (Strong) by Standard and Poor’s.
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Media Contact:
Kelly Drinkwine
+1.312.381.2684
LONDON (29 November 2011): Aon Risk Solutions, the risk management business of Aon Corporation (NYSE: AON), today announced the appointment of Mark R Parker to the position of Director in Aon's London Global Broking Center's International Property and Casualty specialty, led by Luigi Sturani. He will be based in Aon’s UK headquarters in London when his appointment takes effect on 09 December.
As part of the London Global Broking Center’s senior leadership team, Mark will support the expansion of an already strong International P&C portfolio, working with Luigi in driving new business development and market penetration. He will also be responsible for delivering Aon’s client excellence program in the Global Broking Center.
Mark joins Aon with an impressive career in the insurance industry including underwriting, consulting and broking, spanning more than 25 years. Mark spent a significant part of his career with the Willis Group where he was CEO of the Global Markets International Division in London and a Partners Council member.
Commenting on Mark’s appointment Luigi said,”I have known Mark in the industry for some time and I’m delighted to welcome someone of his calibre to the team. This appointment reflects the Global Broking Center’s position in the market as the broker of choice and will further enhance the solutions and experience we deliver to clients.”
Mark added, "I’m delighted to be joining Aon, a company I have long admired for their commitment to client service excellence and their outstanding record of creating new and innovative risk transfer and risk management solutions for their clients. I am particularly looking forward to working with Luigi Sturani and his team and also the Aon Global retail network to help continue to grow the business and provide the best possible service to Aon’s client wherever they are in the world".
-ENDS-
Media Contact:
Ahmed Gawad
+44.(0)20.7086.4014
ahmed.gawad@aon.co.uk
Follow Aon on Twitter: http://www.twitter.com/aoncorp
Sign up for News Alerts: http://aon.mediaroom.com/index.php?s=58
About Aon
Aon Corporation (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 61,000 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 http://www.aon.com for more information on Aon and http://www.aon.com/manchesterunited to learn about Aon's global partnership and shirt sponsorship with Manchester United.
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