White Rock Sets Up New Bermuda Segregated Accounts Company
23 Febbraio 2006 - 11:30AM
PR Newswire (US)
BERMUDA, Feb. 23 /PRNewswire-FirstCall/ -- White Rock, the
Aon-owned leader in protected cell companies and rent-a-captives,
has announced the addition of a segregated accounts company, White
Rock Insurance (SAC) Bermuda Ltd (White Rock Bermuda), to its fast
growing family. (Logo:
http://www.newscom.com/cgi-bin/prnh/20041215/CGW049LOGO ) White
Rock Bermuda will provide an alternative risk management model for
the middle market sector, but without the investment in capital and
management time required for stand-alone captives. The White Rock
model can provide a variety of risk management tools ranging from
single mono-line programmes through to run-offs and
securitisations. White Rock is licensed in Bermuda for all classes
of general and long-term (life) insurance business. In addition,
White Rock is on the doorstep of one of the world's largest
offshore reinsurance markets, which can be used as part of the
programme design. Clive James, a director at White Rock, commented:
"The establishment of White Rock in Bermuda provides another cell
captive option to our client base. Bermuda brings a number of
exciting opportunities not only to the American region but to our
worldwide risk managers. The flexibility of the Bermuda market for
cells brings us the opportunity to provide a quick, simple,
effective and cost beneficial method of entering the captive
market." For further information: Sebastian St John Clarke Aon
Media Relations Tel +44 (0) 20 7505 7201 Brian Durrant Aon
Insurance Managers Executive Vice President Bermuda 00 441 299 7319
Notes for Editors White Rock is a division of Aon Captive Services
Group, Aon Corporation's captive and alternative risk financing
arm. Segregated Accounts Companies For many years Bermuda has
transacted business on the basis of segregating assets and
liabilities through companies formed by private acts of Parliament.
Dedicated legislation for such transactions originated in Guernsey
under Protected Cell Company (PCC) legislation, was mirrored in the
Cayman Islands with Segregated Portfolio Company (SPC) legislation
and then was further developed in Bermuda with Segregated Accounts
Company legislation. Although each legislation differs, the basic
premise is the same across domiciles: assets and liabilities of one
cell or account are legally separated from assets and liabilities
of any other cell or account in the company. The White Rock Family
Consists of: White Rock Insurance Company PCC Limited Guernsey
Protected Cell Company -- Risk retention programs -- UK & US
fronting -- Securitization and transformer vehicles White Rock
Insurance (Gibraltar) PCC Limited Gibraltar Protected Cell Company
Licensed to write into all European Economic Area territories --
Fronting in these territories -- Risk retention program for
business in these territories White Rock Insurance (Europe) PCC
Limited Gibraltar Protected Cell Company Licensed to write into all
European Economic Area Territories, without membership of terrorism
pools White Rock Insurance (SAC) Ltd. Bermuda Segregated Accounts
Company Risk retention programs Fronting into territories on
non-admitted basis (where permitted) Access to Bermuda reinsurance
and specialist captive markets White Rock Reinsurance S.A.
Luxembourg Rent-a-Captive Reinsurance for clients looking to
equalize group deductibles or in certain cases to build up
equalization reserves on a more long-term basis About Aon Aon
Corporation (NYSE:AOC) ( http://www.aon.com/ ) is a leading
provider of risk management services, insurance and reinsurance
brokerage, human capital and management consulting, and specialty
insurance underwriting. There are 47,000 employees working in Aon's
500 offices in more than 120 countries. Backed by broad resources,
industry knowledge and technical expertise, Aon professionals help
a wide range of clients develop effective risk management and
workforce productivity solutions. This press release contains
certain statements related to future results, or states our
intentions, beliefs and expectations or predictions for the future
which are forward-looking statements as that term is defined in the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially
from either historical or anticipated results depending on a
variety of factors. Potential factors that could impact results
include: general economic conditions in different countries in
which we do business around the world, changes in global equity and
fixed income markets that could affect the return on invested
assets, fluctuations in exchange and interest rates that could
influence revenue and expense, rating agency actions that could
affect our ability to borrow funds, funding of our various pension
plans, changes in the competitive environment, our ability to
implement restructuring initiatives and other initiatives intended
to yield cost savings, our ability to execute the stock repurchase
program, changes in commercial property and casualty markets and
commercial premium rates that could impact revenues, changes in
revenues and earnings due to the elimination of contingent
commissions, other uncertainties surrounding a new compensation
model, the impact of investigations brought by state attorneys
general, state insurance regulators, federal prosecutors, and
federal regulators, the impact of class actions and individual
lawsuits including client class actions, securities class actions,
derivative actions, and ERISA class actions, the cost of resolution
of other contingent liabilities and loss contingencies, and the
difference in ultimate paid claims in our underwriting companies
from actuarial estimates. Further information concerning the
Company and its business, including factors that potentially could
materially affect the Company's financial results, is contained in
the Company's filings with the Securities and Exchange Commission.
First Call Analyst: FCMN Contact: Thaddeus_Woosley@asc.aon.com
http://www.newscom.com/cgi-bin/prnh/20041215/CGW049LOGO
http://photoarchive.ap.org/ DATASOURCE: Aon Corporation CONTACT:
Sebastian St John Clarke, Aon Media Relations, +44 (0) 20 7505
7201, or , or Brian Durrant, Executive Vice President, Aon
Insurance Managers, Bermuda, +00 441 299 7319, or Web site:
http://www.aon.com/
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