LONDON, 12 September 2006 –Aon has become the first company to form an insurance ICC through its Captive Services Group. White Rock Insurance (Guernsey) ICC Limited will provide medium sized companies with cost efficiencies over a stand-alone captives and offers increased flexibility whilst allowing for faster entry and exit.

White Rock Insurance (Guernsey) ICC is the first insurance ICC to be formed following legislation allowing these vehicles that came into effect in Jersey on 1February 2006 and in Guernsey on 1 May 2006.

The Incorporated Cell Company (ICC) is an innovative structure comprising multiple incorporated and registered cells that are separate legal entities in their own right. This provides considerable scope for creativity in insurance structuring. 

Whilst similar in some ways to a Protected Cell Company (PCC) structure, pioneered in Guernsey in 1997 and now widespread worldwide, the ICC structure is fundamentally different allowing:

• Insurance or other contracts to be written between incorporated cells.
• Far simpler conversion of an incorporated cell into a fully fledged captive.
• More flexible underwriting and risk retention.

The registration procedure to create a cell is relatively simple and can be accomplished quickly and more cost effectively than for a captive subsidiary.

Chris Le Conte, MD of Aon’s operations in Guernsey, said: “We are delighted to be leading the way in the captives market once again and expect many clients will benefit from this innovative structure. Our PCC vehicle has provided a fantastic tool for a wide range of clients since its formation and with the new ICC our ability to provide tailored solutions to clients has been further enhanced. Incorporated cells act as a middle ground between the stand alone captive and the protected cell concept and will suit clients seeking to retain or manage risks in an efficient and flexible yet controlled manner. We expect it to be actively writing business within the next quarter.”

Clive James, Group MD with overall responsibility for White Rock said: ”Aon’s White Rock group of companies is the leading group of PCC, SAC and now ICC vehicles worldwide with operations in Guernsey, Gibraltar, Luxembourg and Bermuda. Aon was the first company to form a PCC in 1997 and the launch of the first ICC demonstrates how we have continued lead the way in the innovative use of such vehicles ever since.”

Notes to editor:

About White Rock

White Rock Insurance (Guernsey) ICC Ltd is an Aon-owned company that has been specifically established to assist clients who wish to retain their own risk. White Rock (Guernsey) ICC is licensed by the Guernsey Financial Services Commission to write all classes of General business.

Aon Captive Services Group

Aon Captive Services Group (ACSG), a division of Aon Reinsurance International, provides captive and alternative risk financing solutions. The division has over 500 staff based in numerous countries around the globe. The division is split into two businesses:

• Aon Insurance Managers (AIM) – Captive Management
• IRMG – Risk Management and Risk Finance Consulting

Aon Corporation is a leading provider of risk management services, insurance and reinsurance brokerage, human capital and management consulting, and specialty insurance underwriting. There are 46,000 employees working in Aon's 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.

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 execute the stock repurchase program, 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, and ERISA class actions, 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.