GIBRALTAR, 18 July 2008 - Aon Insurance Managers (Gibraltar) Limited (AIM Gibraltar) held a celebratory dinner at The Rock Hotel on Monday 14 July to celebrate its 10th Anniversary in Gibraltar and raise funds for its chosen charity, Gibraltar Special Olympics. Paul Sykes, Managing Director of AIM Gibraltar welcomed over a 100 guests including guest of honour, The Honourable Peter Caruana QC, Chief Minister of Gibraltar.

Mr Sykes took the opportunity to thank clients, local business partners and the staff of Aon in Gibraltar for supporting Aon in the past, the present & the future. 

Chris Le Conte, Regional Managing Director for Aon Global Insurance Managers (AGIM) spoke about what Gibraltar means to Aon. He recounted how AIM Gibraltar incorporated in Gibraltar in 1998 under the management of Paul Savignon at European Insurance Management Services (EIMS). Following the introduction of Protected Cell Company (PCC) legislation in 2001 (Gibraltar was the first European on-shore domicile to do so), Aon decided to take a larger presence in Gibraltar and bought EIMS from Mr Savignon. Shortly after buying the management company, Aon incorporated White Rock Insurance (Gibraltar) PCC Limited, to create the first PCC in the European Economic Area and expand Aon’s market leading brand of protected cell companies, the White Rock group of companies. 

Mr Le Conte confirmed "2001 was a catalyst for us: the wisdom & foresight of Gibraltar to become the first EU domicile to introduce PCC legislation."

Many other multinational clients were subsequently attracted to Gibraltar by Aon, which now manages a total of 34 insurance entities for clients.

Mr Caruana congratulated Aon on having "developed from being a managed company yourselves in 1998 to becoming Gibraltar's largest manager of insurance companies 10 years later."

Speaking of what Aon means to Gibraltar, the Chief Minister observed that Aon Global Insurance Managers is a leading manager of insurance companies in the world, remarking that Gibraltar wants to have quality companies operating in Gibraltar like Aon.    

He explained that the insurance industry in Gibraltar has been one of the fastest growing finance sectors and that this has been possible due to political stability, good regulation by Gibraltar Financial Services Commission, highly developed financial services infrastructure and a positive tax regime.

In 2002, AIM Gibraltar employed only one member of staff, which has subsequently grown to 18 people, comprising locally qualified professionals mixed with the skills of internationally experienced staff recruited from the London, Dublin & Guernsey financial markets. 

Tizzy Hoare, who joined the Company in 2002 as its second employee and now serves as Company Secretary and Human Resource Officer, commented:  "Despite growing significantly, we have retained the feeling of being a family, which makes Aon Gibraltar a very special place to work, and one I am very proud of."

After dinner, representatives of the band of the Royal Gibraltar Regiment made a surprise entrance, imbuing the evening with a flavour of Gibraltar’s history for the many overseas visitors.

Photos:
The Honourable Peter Caruana QC, Chief Minister of Gibraltar, talks with Paul Sykes, Managing Director of Aon Insurance Managers Gibraltar
http://rapidshare.com/files/130593062/Gibraltar_Chief_Minister_and_Paul_Sykes.jpeg.html

The band of the Royal Gibraltar Regiment
http://rapidshare.com/files/130593386/Royal_Gibraltar_Regiment.jpeg.html

For more information contact:
Reuben Aitchison
+44 (0)20 7882 0541
 

reuben.aitchison@aon.co.uk
http://aon.mediaroom.com

Paul Sykes
Aon Insurance Managers (Gibraltar) Limited
+44 (0)1481 707 940
paul.sykes@aon.co.gg
http://www.aon.com

About Aon
Aon Corporation (NYSE:AOC) 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. Aon also 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

Safe Harbour Statement: http://aon.mediaroom.com/index.php?s=67

White Rock
The White Rock Group of companies comprises Aon's Protected Cell Companies, Incorporated Cell Companies & Rent-a-captive vehicles in Guernsey, Gibraltar, Bermuda, Luxembourg and, in due course, Malta.

About Protected Cell Companies
Legislation allowing the formation of protected cell companies (PCCs) came into effect in Guernsey in 1997. PCC legislation has since been widely enacted by over 40 financial centres around the world including numerous American States.

A PCC operates in two parts, the core and the cells; there is a single core, but an infinite number of cells.

Each cell is legally ring fenced from other cells in accordance with PCC law. Creditors of a cell may, in certain circumstances, have recourse to assets held within the core, but not to the assets of the other cells.

A PCC will generally have two classes of shares:
Ordinary
Cellular

The PCC will have one Board of Directors, normally controlled by the core shareholder.

Gibraltar Special Olympics

Established in 1985, Special Olympics Gibraltar caters for athletes with intellectual disabilities as part of a worldwide programme.

It enables the personal development of athletes through sport and provides the opportunity for them to travel outside Gibraltar and gain valuable life experiences.

The spirit of the Special Olympics encourages confidence, skill and joy. It incorporates universal values which transcend all boundaries of geography, race and religion.

In 2009, teams from Special Olympics Gibraltar will be participating in the Special Olympics World Winter Games in Idaho USA. In November, the local football team will also be competing in the Small Nations Tournament in Cyprus.

Special Olympics Gibraltar is a voluntary organisation and exists thanks to the generous donations of the community. All monies raised go directly to benefit the participants.