LONDON, 6 March 2006 – Martin Welsh has joined Aon’s BankAssure team, part of Aon Re UK, as the company looks to expand its risk capabilities in the rapidly expanding area of ship financing. Joining as an executive director, Mr Welsh brings with him extensive experience in the provision of insurance solutions to difficult finance projects.
Now based in Aon’s London office, Mr Welsh was formerly with Commerzbank and then Hypo Vereinsbank in Hamburg where he spent seven years as a senior relationship manager and assistant vice president of the successful ship finance departments.
Commenting on the appointment, Graeme Moore, chief executive officer of Aon’s marine and energy reinsurance division, said: “The appointment of Martin Welsh demonstrates our commitment to helping banks manage their risks in the arena of ship financing. He is that rare commodity in this market of someone who has direct experience of working in claims, underwriting, insurance broking and ship finance. He will be a great asset to our growing Bankassure team, which has also benefited from the recent appointment of Mr Dag Mosvold, another specialist in this sector, who has joined Aon Oslo.”
Martin Welsh added; “ I am excited to have joined Aon at a time when we are building and developing the BankAssure team to provide clients with extended broking alternatives. Banks can only benefit from this enhanced level of competition, particularly at a time when rates are forecast to rise following the high level of losses experienced by underwriters last year.”
A photo of Martin Welsh is available to download via www.aon.co.uk/media
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. There are 47,000 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.
BankAssure is a specialist insurance broker that acts exclusively for prime international banks, financial institutions, lessors, non-operational investors and their consulting lawyers on asset based financing and investment. This includes ship, offshore rigs and platforms and aircraft financing.
BankAssure is pre-eminent in giving insurance consultancy advice and provides full insurance consultancy reports on the insurance policies placed by borrowers that become assigned to lenders upon the completion of a financing transaction.
This press release contains certain statements relating to future results, 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 the general economic conditions in different countries around the world, fluctuations in global equity and fixed income markets, exchange rates, rating agency actions, pension funding, ultimate paid claims may be different from actuarial estimates and actuarial estimates may change over time, changes in commercial property and casualty markets and commercial premium rates, the competitive environment, the actual costs of resolution of contingent liabilities and other loss contingencies, the heightened level of potential errors and omissions liability arising from placements of complex policies and sophisticated reinsurance arrangements in an insurance market in which insurer reserves are under pressure, and the timing and resolution of related insurance and reinsurance issues relating to the events of September 11, 2001. Further information concerning the Company and its business, including factors that potentially could materially affect the Company's financial results, are 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.
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