LONDON, 23 January 2006 – Ex-Tottenham Hotspur footballer, Dean Richards, has claimed a record £2 million in compensation for an illness that has ended his career. This is the highest amount ever paid to an individual player in the UK. Mr Richards’s claim has been handled by Aon Limited, a leading insurance broker and risk management consultant.
Mr Richards, 30, retired from professional football in March 2005 after doctors warned he could potentially suffer a brain haemorrhage if he continued playing.
Fortunately for Mr Richards, he had previously taken out a Personal Accident and Sickness policy, which provided insurance cover for £2 million in the event of accidental death or permanent total disablement (due to accident or illness). Aon’s sport specialists, Steve Talboys, James Hands and Bill Garside, worked with the insurers to secure payment of the full sum insured of £2 million. This will contribute towards Mr Richards’ loss of future earnings.
Mr Richards commented: “I appreciate this is a large sum of money and it will secure my family’s financial future. Football has been my life for as long as I can remember, and the pleasure and fulfillment that being a professional footballer gave me has left a huge gap in my life that cannot be replaced – no amount of money can compensate for this loss.
“I would like to take this opportunity to acknowledge the continued support and commitment of my representatives World Famous Football and ABG Financial Management, and now look forward to a new chapter in my life.”
Steve Talboys, Development Executive for Aon Private Clients, has managed Mr Richards’s insurance policy through to settlement of the claim. He said: “There’s little you can do to prevent an accident or illness but you can protect yourself against loss of earnings and this case should demonstrate to other footballers the essential nature of this insurance cover.”
Ben Lambourne, Dean Richard’s representative and Managing Director at World Famous Football, says: “Make no mistake that this is a substantial sum of money, but we shouldn’t forget that Dean had at least another five years left as a professional football player. His earning capacity was potentially double that of his claim”.
Lee Warman, Dean Richard’s financial adviser and director at ABG Financial Management, worked with Aon to arrange Mr Richard’s career ending injury insurance. He commented: "Aon has dealt with Dean's claim promptly and professionally. It is crucial that professional footballers take on personal responsibility to make sure they are insured for the correct sum, and therefore they and their agents or legal advisers need to seek expert advice on insurance.”
Aon Private Clients provides a single source of advice for the insurance needs of owners of high value homes, prestige and sports cars, works of art, antiques and other collections, as well as owners of country houses, estates and farms. The team also arranges add-on covers to suit the lifestyle needs of clients, including sports professionals.
Steve Talboys, Development Executive of Aon Private Clients was a former Wimbledon FC player and now advises over 250 professional footballers on their personal insurance policies.
Aon Limited’s James Hands and Bill Garside specialise in the provision of risk management solutions for professional sport, including UK football players, clubs, leagues and associations.
About Aon
Aon Corporation (www.aon.com ) is a leading provider of risk management services, insurance and reinsurance brokerage, human capital and management consulting, and specialty insurance underwriting. The company employs approximately 53,000 professionals in its 600 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 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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