Aon

Built for times of volatility and complexity

Sherif Zakhary, chief executive of Aon’s Strategy and Technology Group, talks about its Transformative Trends report, and how it is helping firms to adapt to emerging risks and opportunities.

Aon’s Marcell: Stable 1.1 cat market expected amid increasing competition

Absent any major cat events between now and 1 January, Aon’s newly appointed CEO of Risk Capital Andy Marcell expects a significantly more orderly renewal as he suggested increased competition among reinsurers to deploy capacity could put downwards pressure on pricing for some buyers.

A shift in the market

Aon’s Tracy Hatlestad outlines the main topics of discussion points for property reinsurance ahead of the 2023 Rendez-Vous.

Aon: competition on top layers of cat programs to exert downward pricing pressure

Aon predicts a 5 to 10 percent increase in global demand for property cat limit at 2024 renewals, which will be met by adequate supply from reinsurers in an orderly renewal where competition for higher layers could create downward pricing pressure.

Nick Frankland steps down as Aon’s STG chairman ahead of year-end exit

Nick Frankland has stepped down as chairman of Aon’s Strategy and Technology Group ahead of formally leaving the firm at the end of the year, The Insurer can reveal.

Guy Carpenter lands Aon aviation reinsurance duo Nevard and Keegan

Senior London market aviation reinsurance brokers Russell Nevard and Barry Keegan have departed Aon for rival Guy Carpenter, The Insurer can reveal.

Aon: ILS market poised for record-breaking 2023 issuance driven by AUM growth

The ILS market is on track for record-breaking new issuance in 2023 following a strong first half, according to a new report from Aon, with investor AUM up more than $5bn since the end of 2022, while new and returning sponsors have come to market.

AmFam hires Aon Reinsurance Analytics veteran Heerde as CRO

Aon Reinsurance Analytics’ long serving head of Americas Greg Heerde has left the business after more than two decades and joined American Family Insurance as its new chief risk officer.

Markel Bermuda confirms $127.5mn fraudulent Vesttoo White Rock LOCs

A Delaware judge has granted Vesttoo’s request to pay terminated staff a little more than $3.5mn in owed compensation on a day when Markel confirmed it is among creditors of the beleaguered insurtech as a result of two collateralized reinsurance transactions.

White Rock court filing says 37 LOCs with $2.35bn value believed to be fraudulent

A Delaware bankruptcy court filing by Aon’s White Rock asking a judge to reject the imposition of an automatic stay in its dispute with Vesttoo claims that “it now appears” that 37 letters of credit totalling $2.35bn used to support White Rock Bermuda transactions are fraudulent.

Aon warns of potential climate-related liability claims as property remains challenging

The cost of climate change-related losses could extend beyond the property insurance market with insureds potentially turning to their suite of liability protections to help cover exposures, Aon’s Andy Marcell has warned.

Aon’s White Rock Bermuda and BMA to pursue maximum Vesttoo recovery

Aon’s White Rock Bermuda platform and the Bermuda Monetary Authority have agreed a course of action in the island’s Supreme Court focusing on pursuing “maximum recovery” for (re)insureds impacted by alleged fraud involving Vesttoo-related segregated accounts.

Aon: Insured losses from multistate 10-15 August SCS in “hundreds of millions”

Aggregated insured and economic losses from the severe convective storms that struck the US and Canada from 10-15 August could reach into the “hundreds of millions” of dollars, according to Aon.

Marsh McLennan names ex-Aon STG CEO Forrest as Oliver Wyman’s head of UK actuarial

Management consultancy Oliver Wyman, a business of Marsh McLennan, has formed an actuarial practice in the UK, led by Colin Forrest as partner and UK actuarial leader.

Vesttoo claims asset freeze would “hamstring” and “destroy” insurtech

Vesttoo has responded to White Rock’s court request to freeze its US assets, saying the move has not met the “high burden” of showing Aon and its segregated account services platform will suffer irreparable harm absent an injunction.

Vesttoo files for Chapter 11 protection ahead of Aon court hearing

Beleaguered Israeli insurtech Vesttoo says it has filed for Chapter 11 protection in the District Court of Delaware to “provide it breathing room to pursue legal actions” against parties it says are responsible for damages to its business, one day before the insurtech is due in court for a hearing regarding the freezing of its US assets.

Aon names Peiser new commercial risk CEO, Shedden head of advanced risk analytics

Aon has appointed Joe Peiser as the new CEO of its commercial risk unit and named Paul Shedden as head of advanced analytics within its risk capital segment.

Aon looks to recover $136mn from Vesttoo after CCB says LOC invalid

Prior to launching its New York legal action yesterday, Aon demanded Vesttoo return $136mn in funds distributed to the insurtech through its White Rock Bermuda subsidiary, after China Construction Bank advised that a letter of credit an insurer sought to draw down in mid-July “was not issued by CCB”.

Aon secures TRO freezing Vesttoo US assets, warns of insurtech's “imminent collapse”

Aon’s White Rock Insurance (SAC) has secured a temporary restraining order from a New York judge against Vesttoo and its subsidiaries, effectively freezing its US assets aside from $1mn of working funds in its Truist bank account for operational purposes after claiming the insurtech faces “imminent collapse”.

Aon and White Rock BDA begin Vesttoo legal action and seek bank LOC discovery

Aon and its White Rock Bermuda affiliate have begun legal action in New York seeking to freeze Vesttoo’s US bank accounts and compel it to provide information about the nature and scope of alleged collateral fraud, and are also petitioning for discovery from the trio of banks purported to have issued allegedly fake letters of credit, The Insurer can reveal.

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