LONDON, 20 December 2005 – Aon Limited, a leading insurance broker and risk management consultant, has become the first insurance broker to join the Society of International Gas Tanker & Terminal Operations (SIGTTO).
Aon plans to use active participation at SIGTTO regional meetings to enhance members’ understanding of risk and insurance issues, and support the association’s objectives to encourage safe and responsible operation of liquefied gas tankers and marine terminals handling liquefied gas.
Captain James MacHardy, General Manager of SIGTTO, commented: “Aon will bring value to our existing and future members by providing an insight into the insurance market and how the roles of brokers, underwriters and the P&I Clubs can support our drive for safety. Aon’s involvement will also enable an exchange of information between the insurance and tanker sectors about accidents and near misses, with the aim of controlling identified and unidentified risks in the future. This will complement the role of the P&I Clubs who are already involved in SIGTTO.”
Steve Allum, Chairman of Aon’s Marine Global Practice Group, is representing Aon as the new non-contributory member of SIGTTO. Mr Allum said: “It is important that the insurance industry is proactive in supporting the safety objectives of tankers and terminals, rather than solely responding to incidents and tackling issues a few years down the line. Risk managers and insurance experts should be looking to innovate and design tailored risk management techniques and programmes to address ongoing and emerging issues.”
Mr Allum added: “For day to day trading, we will be able to provide advice to the other members on the risk management and insurance implications of any new proposal, such as ship to ship transfer.”
About Aon
Aon Corporation (www.aon.com ) is a leading provider of risk management services, insurance and reinsurance brokerage, human capital and management consulting, and specialty insurance underwriting. The company employs approximately 53,000 professionals in its 600 offices in more than 120 countries. Backed by broad resources, industry knowledge and technical expertise, Aon professionals help a wide range of clients develop effective risk management and workforce productivity solutions.
This press release contains certain statements relating to future results, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from either historical or anticipated results, depending on a variety of factors. Potential factors that could impact results include the general economic conditions in different countries around the world, fluctuations in global equity and fixed income markets, exchange rates, rating agency actions, pension funding, ultimate paid claims may be different from actuarial estimates and actuarial estimates may change over time, changes in commercial property and casualty markets and commercial premium rates, the competitive environment, the actual costs of resolution of contingent liabilities and other loss contingencies, the heightened level of potential errors and omissions liability arising from placements of complex policies and sophisticated reinsurance arrangements in an insurance market in which insurer reserves are under pressure, and the timing and resolution of related insurance and reinsurance issues relating to the events of September 11, 2001. Further information concerning the Company and its business, including factors that potentially could materially affect the Company's financial results, are contained in the Company's filings with the Securities and Exchange Commission.
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