International Risk Management Group Ltd. a private Bermuda based risk consulting firm, 70 percent owned by Swiss Re and 30 percent by senior management, has agreed to sell its global captive management and risk finance consulting operations to Aon Corp., and its property loss control consulting business, Global Risk Consultants Corp., to existing senior managers.
“Aon’s captive management operation, Aon Insurance Managers (AIM) will be merged with IRMG. The combined unit will be called Aon International Risk Management Group (AIRMG) and will be headed by Philip Stamp as Chairman and Chief Executive Officer,” said the announcement.
Stamp noted that AIM had historically operated as an autonomous unit of Aon, and he felt that this independence would be strengthened by combining the operations with IRMG.
“This merger will create one of the largest captive management and captive consulting operations in the world,” said Stamp, ” with more than 750 clients, 400 staff, and offices in all of the major captive locations, as well as consulting operations.”
Global Risk Consultants will operate as an independent business “with more than 145 property loss consultants in eight countries.” Its CEO Bill Ramonas, who resigned as head of IRMG, stressed that as consultants, the people involved were the most important asset of the business.
Neither the terms of the transactions, nor the position Swiss Re will occupy in the merged group were disclosed.