LONDON, 30 August 2006 – Aon Global Marine has pooled their cargo market expertise and launched a Global Cargo Group (GCG), ensuring clients will benefit through their worldwide network in this important yet often undervalued area of marine insurance.
Cargo insurance is often perceived as a commodity when it is in fact a specialised product which deserves and requires appropriate skills to design and place risk management and insurance programmes. Based on this ethos, Aon’s cargo experts from Asia, Europe and the USA are bringing together their worldwide market knowledge and broking talent.
The GCG aims to enhance current links between Aon’s cargo experts by formalising communication channels, establishing best practice on a global basis and developing innovative ideas for our clients to handle today’s cargo challenges.
Steve Allum, chairman of Aon Global Marine, said: “Our cargo clients will still work with their local contact who is available on their time zone, speaks their language and understands the local culture. However, on a day to day basis, the cargo owner will now also benefit from the global network supporting their local broker with market knowledge and understanding of regions with which they are trading.”
Panagiotis Tsakos, assistant manager of Aon Global Marine, added: “Our global hull and P&I groups have been running for over five years and we were keen to replicate this successful structure to communicate, collaborate and innovate in the cargo arena. We’re now working towards a global directory to enhance collaboration, and we’ve already established a benchmarking capability which is crucial to help clients better manage their risk.”
Notes to editor:
About Aon
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.
Access international media contacts, the full library of Aon media releases, and a media kit with fact sheet and executive bios, via links below.