Aon Benfield, the world’s premier reinsurance intermediary and capital advisor, has launched an International Centre of Excellence for Credit and Financial Risks.

Led by Phil Bonner, a member of the Credit and Financial Risks team who has over 20 years’ experience in the sector, the Centre is responsible for the company’s worldwide Trade Credit and Political Risk business, as well as all non-US Surety business.

It comprises a 15-strong London team, including dedicated analysts, working alongside regional experts to build new client relationships, augment existing relationships, and promote Aon Benfield’s profile in the sector.

The initiative follows what was a challenging January 1 renewals for Credit, Surety & Political Risk placements across the reinsurance industry – particularly Trade Credit – due to the continuing global economic turmoil, which has seen major economies move into recession, and businesses struggle to meet their financial commitments.

Even Credit insurers with profitable results in 2008, and profitable projections for 2009, were not immune to the capacity crunch in this sector.

Dominic Christian, chief executive officer of Aon Benfield’s International division, said: “The current global financial crisis has created a challenging environment for those placing financial risks reinsurance. While Aon Benfield succeeded in placing all its financial risk programmes at renewal, we felt it prudent to establish a focal point to maximise service levels to our clients during this time of uncertainty.”

Christian added: “This new structure will allow us to further advance our leading position in this business, whilst ensuring that the advice all our clients receive is distinct, contemporary and expert. Tough conditions allow the best reinsurance intermediaries to truly differentiate themselves. In this regard, we are fortunate to possess at Aon Benfield quite simply the finest Credit and Financial Risks team in the world.”

            --ENDS-- 

About Aon Benfield
Aon Benfield is the world’s premier reinsurance intermediary and capital advisor, providing clients with integrated capital solutions and services. The company offers clients access to every traditional and alternative market in the world, through an international network of offices spanning over 50 countries and more than 4,000 professionals. Its worldwide client base is able to access the broadest portfolio of integrated capital solutions and services, world-class talent, unparalleled global reach and local expertise to best meet their business objectives. Aon Benfield is the industry leader in treaty, facultative and capital markets transactions.

About Aon
Aon Corporation (NYSE: AOC) is the leading global provider of risk management services, insurance and reinsurance brokerage, and human capital consulting. Through its more than 37,000 colleagues worldwide, Aon readily delivers distinctive client value via innovative and effective risk management and workforce productivity solutions. Aon's industry-leading global resources and technical expertise are delivered locally through more than 500 offices in more than 120 countries. Named the world's best broker by Euromoney magazine's 2008 and 2009 Insurance Survey, Aon also ranked highest on Business Insurance's listing of the world's largest insurance brokers based on commercial retail, wholesale, reinsurance and personal lines brokerage revenues in 2008. A.M. Best deemed Aon the number one insurance broker based on brokerage revenues in 2007 and 2008, and Aon was voted best insurance intermediary, best reinsurance intermediary and best employee benefits consulting firm in 2007 and 2008 by the readers of Business Insurance. For more information on Aon, log onto http://www.aon.com/.

For further information please contact:

David Bogg
London
t: +44 (0)20 7522 4016
e: david.bogg@aonbenfield.com
 

Andrew Wragg
London
t: +44 (0)20 7522 8183
e: andrew.wragg@aonbenfield.com
 

David Prosperi
Chicago
t: +1 312 381 2485
e: david_propseri@aon.com