CHICAGO (Sept. 17, 2013) – Risk & Insurance magazine today recognized Joe Rizzo, senior consultant and actuary of Aon Global Risk Consulting, the global risk management business of Aon plc (NYSE: AON), as a 2013 Risk Innovator for developing Aon D&O Insight.
The Aon D&O Insight product projects the financial exposure that can arise in future policy periods from different types of D&O losses. Originally, Rizzo created the D&O Insight product out of clients’ desire to gain a more complete understanding of the Side A costs associated with the D&O risks. To achieve this objective Rizzo went beyond the traditional approach of just reviewing past events, and developed an approach that stays flexible and forward looking. This allows the product to incorporate market measures such as stock volatility, liquidity issues, mergers and acquisitions complications and regulatory matters when determining a client’s risk.
“Many approaches have been developed over time to address the shareholder class action risks, but these approaches did not specifically address Side A risks,” said Rizzo. “The two major differences between what we’re doing and what’s in the market are we’re examining the impact of multiple types of D&O claims and how effectively they are addressed by insurance – Side A, Side B and Side C, and our analysis projects simulated future values of a public company’s stock price to figure out what that particular type of loss could be in the next year.”
Rizzo has more than 15 years of experience in property and casualty pricing and reserving. He is a member of various insurance and risk management organizations, including the Casualty Actuarial Society and American Association of Actuaries.
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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