Aon announced today that a subsidiary, Affinity Insurance Services, Inc. (Affinity) has acquired WedSafe, Inc., a leading provider of wedding and private event insurance offering liability & property damage and event cancellation products direct to consumers.
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Affinity Insurance Services is a full-service broker specializing in the administration of insurance programs for customer groups. "This acquisition is a new market segment that is strategically aligned with Affinity's core capabilities," said Bill Vit, president and chief operating officer.
As the cost of the typical U.S. wedding climbs -- many current estimates place the average around the $25,000 mark -- more couples seek cancellation insurance to protect their investment. "Everyone wants their special day to be perfect, but problems can occur, and wedding insurance offers an affordable solution," said Vit. "If severe weather makes it impossible to hold the ceremony, you're covered. If the groom's father has emergency surgery and can't travel, insurance gives you the freedom to postpone your wedding till he's healthy."
In addition, wedding and reception venues often require the bridal couple to purchase event liability insurance. "Venues want protection in case one of your guests breaks an antique vase or drops a lit cigarette on an expensive carpet. Plus, if a guest falls on the dance floor and breaks her wrist, both the venue and the bridal couple could be held liable for the injury," Vit noted.
WedSafe's wedding cancellation and liability insurance products are sold on the WedSafe web site, http://www.wedsafe.com/ . Cancellation packages -- including coverage for wedding essentials like photos, gifts, attire, jewelry and deposits -- begin at $185. Liability insurance can be purchased jointly or separately for a $195 premium.
Since its web site launch in 2002 WedSafe has established a strong online presence through search engine advertising and referral links from wedding- related web sites, as well as through traditional advertising. In 2005, the Private Event Insurance program ( http://www.privateeventinsurance.com/ ) was added to the product line to offer cancellation and liability coverage for other types of celebrations, such as anniversaries, graduations, and bridal and baby showers.
"There are many elements to plan for a wedding or special celebration these days," said Timberlee Tamraz Grove, president and chief operating officer of Markel American Insurance Company, which underwrites the WedSafe and Private Event Insurance products exclusively with Affinity. "These events are large financial commitments that need to be protected should something go wrong. We are excited to partner with Affinity Insurance Services to bring peace of mind to our customers and allow them to focus on the joy of their special day."
"Affinity has years of experience in making insurance products accessible online, with over 40 web sites currently in production, so WedSafe's user- friendly online model is an excellent fit for us," said Vit. "We are well positioned to acquire this business and add it to the list of successful e- commerce initiatives at Affinity."
About Aon
Aon Corporation ( http://www.aon.com/ ) is a leading provider of risk management services, insurance and reinsurance brokerage, human capital and management consulting, and specialty insurance underwriting. Aon has 45,000 employees in 500 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.
For more information, contact: Al Orendorff, Aon Corporation, +1.312.381.2446, al_orendorff@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, 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 regulatory investigations brought by state attorneys general and state insurance regulators related to our compensation arrangements with underwriters and related issues, the impact of class actions and individual lawsuits including derivative actions and claims under ERISA, 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.
First Call Analyst:
FCMN Contact: Al_Orendorff@asc.aon.com
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SOURCE: Aon Corporation
CONTACT: Al Orendorff of Aon Corporation, +1-312-381-2446,
al_orendorff@aon.com
Web site: http://www.aon.com/
http://www.wedsafe.com/
http://www.privateeventinsurance.com/
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