Aon Forms World’s Largest Reinsurance Broker

September 8, 2003

Chicago’s Aon Corporation has announced the formation of Aon Re Global, which it describes as “the largest reinsurance brokerage firm in the world.” In that case it would take over the top spot from MarshMac’s Guy Carpenter.

“Aon Re Global will effectively combine all of Aon’s reinsurance operations around the world into a single, seamless, global organization, organized around its clients and focused on providing world-class products and services wherever and whenever clients require them,” said the bulletin. It will comprise offices in more than 30 countries with experts available to handle everything from “multi-billion dollar global enterprises to local companies.”

Aon Re Global’s management team consists of: Paul Davies, currently chairman of Aon Re Worldwide, senior chairman; Dennis Mahoney executive chairman, and Michael Bungert, president and CEO of Aon Re Americas. In a separate announcement (see following article) Aon said that “Clement Booth will be joining Aon as chief executive officer, Aon Re International and will also act as chief administrative officer for Aon Re Global.” The company also noted that “Ross McKenzie, the current head of Aon Re International, will become vice chairman of Aon Re Americas, relocating to Chicago. Colin Bryan remains head of Aon Re UK and becomes vice chairman, Aon Re International.”

Aon Re Global’s Executive Board will be composed of “Messrs. Mahoney, Bungert, Davies, Booth, Bryan, McKenzie and O’Halleran who will be joined by Bryon Ehrhart (United States), Paul Markey (Bermuda), and Olivier du Passage (Europe),” said the announcement.

“This team, under the leadership of Dennis Mahoney and Mike Bungert, uniquely positions us to anticipate the needs of our clients and to continue to build on our role as the world’s largest – and best – reinsurance broker,” commented Patrick G. Ryan, Aon’s chairman and CEO.

Michael D. O’Halleran, president and COO noted, “The world of risk is becoming ever more complex. Our clients and markets are quite rightly demanding ever more sophisticated services that must be consistently delivered where they operate. The tremendous leadership demonstrated by Paul Davies as chairman of Aon Re Worldwide over the past six years has given us a great foundation upon which we can build, transforming our operations from a global practice group to a truly singular global entity, able to provide seamless solutions across all borders to a client base with increasingly global needs.”

Aon Re Global will provide “traditional, alternative risk transfer and capital markets-based reinsurance advisory and execution services to insurers and reinsurers. Client advisory services include rating agency capital modeling assistance, capital allocation and optimization services, catastrophe modeling services, regulatory assistance, tax planning, dynamic financial analysis, and capital markets structuring and placement services,” said the bulletin.

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