Skip to main content
Opens in a new tab External site
Aon sets the benchmark in electronic trading at 1/1
Pays tribute to brokers and underwriters for breakthrough renewal season
London
AOC

 

LONDON, 14 January 2008 – Aon Limited today announced that it had completed as much as 80% of its 1/1 treaty reinsurance renewal placements electronically in December. At the same time it paid tribute to the effort and support of the underwriter community, as well as Aon Re Global’s brokers, declaring that the market has clearly demonstrated its commitment to this important change programme.

 

 

 

 

Aon aimed to place as much as possible of its London book of treaty business electronically into the global markets, and achieved this goal, with more than 5000 lines placed electronically through the RI3K service, as well as several hundred endorsements.

 

 

 

 

 

Aon’s director of change strategy, Ian Summers, said that the company’s success was partly down to a cultural shift in the market.

 

 

 

 

 

“Our efforts to accelerate the transition from a paper-based market to a contract certain, data rich trading environment have really now taken root. We managed to distribute as much as 80% of our risks electronically via RI3K as well as some first streams of specialty fac and direct business”, Summers said.

 

 

 

 

 

“In May, Anthony Hilton wrote in a column that an electronic storm is looming in the insurance markets, but questioned whether the market was ready, culturally, to change. Well that storm landed in December. I think in time that people will reflect that 2007 was the year when the market really accepted the inevitable took the great leap into electronic trading. It has landed with a bit of bump and few bruises, but is actually in pretty good shape.”

 

 

 

 

 

Charlie Cantlay, Chairman of Aon Re Global (UK) paid tribute to the market: “We are truly appreciative of the tremendous support we have received from the vast majority of our trading partners in the market. Without their commitment and patience in a very late renewal season, as well as the support and effort of our own staff, this major change initiative would not have succeeded.”

 

 

 

 

 

Ian Summers said Aon is fully committed to evaluating all the issues learned from this renewal season operation and the next step is to conduct a full review, seeking feedback from clients and markets with a view to continuous improvement and further development. “We now have to work with our partners to drive through the real benefits of electronic trading to all parties. This means the seamless transfer of data through the whole value chain to the underwriters’ systems.”

 

 

 

 

 

Aon also confirmed that is now rolling out its electronic capabilities to other parts of its UK operations.

 

 

  

 

 

Ends

 

 

For more information contact:

 

 

Reuben Aitchison

 

 

020 7086 7201

 

 

reuben.aitchison@aon.co.uk

 

 

 

 

 

About Aon

 

 

Aon Corporation (NYSE:AOC) is the leading global provider of risk management services, insurance and reinsurance brokerage, human capital and management consulting, and specialty insurance underwriting. Through its 43,000 professionals 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 ranked by A.M. Best as the number one global insurance brokerage in 2007 based on brokerage revenues, and voted best insurance intermediary, best reinsurance intermediary, and best employee benefits consulting firm in 2007 by the readers of Business Insurance. For more information on Aon, log onto www.aon.com.

 

 

 

 

 

This press release contains certain statements related to future results, or states our intentions, beliefs and expectations or predictions for the future 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: general economic conditions in different countries in which we do business around the world, changes in global equity and fixed income markets that could affect the return on invested assets, fluctuations in exchange and interest rates that could influence revenue and expense, rating agency actions that could affect our ability to borrow funds, funding of our various pension plans, changes in the competitive environment, our ability to implement restructuring initiatives and other initiatives intended to yield cost savings, our ability to successfully execute strategic options for our Combined Insurance subsidiary, the impact of current, pending and future regulatory and legislative actions that affect our ability to market and sell, and be reimbursed at current levels for, our Sterling subsidiary’s Medicare Advantage health plans, changes in commercial property and casualty markets and commercial premium rates that could impact revenues, changes in revenues and earnings due to the elimination of contingent commissions, other uncertainties surrounding a new compensation model, the impact of investigations brought by state attorneys general, state insurance regulators, federal prosecutors, and federal regulators, the impact of class actions and individual lawsuits including client class actions, securities class actions, derivative actions, ERISA class actions, the impact of the analysis of practices relating to stock options, the cost of resolution of other contingent liabilities and loss contingencies, and the difference in ultimate paid claims in our underwriting companies from actuarial estimates. Further information concerning the Company and its business, including factors that potentially could materially affect the Company’s financial results, is contained in the Company’s filings with the Securities and Exchange Commission.

 

 

 

 

 

Aon Limited is authorised and regulated by the Financial Services Authority in respect of insurance mediation activities only.

 

 

Media Resources

Access international media contacts, the full library of Aon media releases, and a media kit with fact sheet and executive bios, via links below.

Media Contacts
Media Releases
Media Kit
Featured Updates