Sunday, March 24, 2013

CAR INSURANCE Berkshire to take 7.5% of Aon of Lloyd's business in new side-car deal

Aon McGill says that more cases can be placed with Lloyd's
Berkshire Hathaway is a 7.5% share of all Aon Risk Solutions ' Lloyd 's-related matters under a groundbreaking new sidecar deal announced today.
The deal is believed to be worth around $ 200 m in annual gross written premium to Berkshire Hathaway's UK arm, Berkshire Hathaway international insurance.
The sidecar will write 7.5% of all Aon Risk Solutions eligible Lloyds-related business. The agreement includes all eligible subscription lines, including ownership and accident, power and construction, marine and energy and financial/executive liability.
Aon Risk Solutions said that the estimated 10,000-plus customer base would get access to Berkshire Hathaway AA + rated capacity. CAR INSURANCE
The President of the group, President and chief executive Steve McGill said the deal was likely to result in Aon to place more business with Lloyd 's.
He said: "this landmark solution offers a unique way for our customers access to high-quality capacity efficiently. No other company has passed a resolution of this scale to their retail clients on all segments of the industry on the basis of full follow. We are proud to offer our customers unprecedented access to the financial strength of Berkshire Hathaway with this transaction. "
The settlement covers all geographical regions and segments, but closes without subscription company such as aviation and space, and reinsurance and retrocessional insurance.
A spokesman for Aon said that there are no limits in terms of capacity commitment or stroke weight to each individual risk, including natural disaster exposure. CAR INSURANCE
He said the deal would improve the speed of business placement with Lloyd's and would apply to all business connected on or after 31 March.
Aon currently supplies about 23% of all Lloyd company. The sidecar will be administered by Aon managers take over. CAR INSURANCE

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Title Post: CAR INSURANCE Berkshire to take 7.5% of Aon of Lloyd's business in new side-car deal
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