Aon News

June Catastrophes Cost Global Economy $5 Billion; U.S. Storms Dominate: Aon

Floods and storms cost the global economy more than $5 billion in June, with most of those losses generated in the United States, according to an Aon catastrophe report. In the U.S., large hail, tornadoes, straight-line winds and isolated flash …

Aon Appoints Marcell to New Position of President of Aon Benfield

Aon Benfield, the reinsurance intermediary and capital adviser of  Aon plc, has appointed Andy Marcell to the new position of president of Aon Benfield. Marcell will begin the role with immediate effect and will report to Eric Andersen, chief executive …

Firms Turn to Kidnap Insurance Policies to Cover Ransomware Losses

Companies without cyber insurance are dusting off policies covering kidnap, ransom and extortion in the world’s political hotspots to recoup losses caused by ransomware viruses such as “WannaCry,” insurers say. Cyber insurance can be expensive to buy and is not …

Many Non-U.S. Firms May Be Uninsured for Recent Ransomware Attack

Many companies outside the United States may not have cover for a recent computer-system attack, leaving them potentially with millions of dollars of losses because there has been relatively little take-up of cyber insurance, insurers say. A massive ransomware worm …

Aon Names Hogg as Leader of Cyber Solutions, CEO of Stroz Friedberg

Aon plc announced that Jason Hogg has joined the firm as leader of Aon Cyber Solutions, responsible for the growth strategy of the firm’s solutions that help clients address and manage cyber risk. He will also serve as chief executive …

‘Poaching’ Suits Like Aon v. Alliant: Nothing Personal, Just Routine Business

An ongoing legal battle between two large national insurance brokerage firms over employee poaching is a byproduct of a hazard faced in the financial services industries where relationships and knowledge of business practices are premium assets, experts say. A jury …

Aon Buys International Benefits Brokerage Portfolio of Mayfair Group

Aon plc announced it has completed its acquisition of the international health and benefits brokerage portfolio of Mayfair Group, a solutions provider to Indian multinational companies. Terms of the transaction were not disclosed. Aon now will assume responsibility for all …

Aon Buys Provider of Talent Measurement & Psychometric Assessment

Aon plc announced it has acquired Hamburg, Germany-based “cut-e”, a specialist in online talent assessments. Financial terms of the transaction were not disclosed. “At a time when the global workforce is shrinking, workforce engagement is on the decline and turnover …

Aon Sells Outsourcing Platform to Focus on Data, Analytics Investments

Aon announced it has completed the sale of its benefits administration and HR business process outsourcing (BPO) platform to private equity funds affiliated with New York-based Blackstone for a cash consideration of $4.3 billion at closing, and an additional consideration …

Demand Rises for Political Risk Cover as Buyers Think the Unthinkable

Rocked by a shakeup in the Western political order, companies are buying more insurance to protect themselves against the threat of rising protectionism and upheaval to their operations in emerging markets. Insurers say demand is being driven by uncertainty over …