Aon Establishes New Agri-Fuels Group to Manage Renewable Fuels Industry Risks
31 Gennaio 2007 - 7:00PM
PR Newswire (US)
CHICAGO, Jan. 31 /PRNewswire-FirstCall/ -- With all signs pointing
to an explosion in the bio-fuels marketplace, Aon's Agribusiness
and Food Systems Group has created a new unit to focus on the
specialized risks associated with the bio-fuels industry. (Logo:
http://www.newscom.com/cgi-bin/prnh/20041215/CGW049LOGO ) Aon's new
Agri-Fuels Risk Management Group (AFRMG), based in Kansas City,
will be headed up by Senior Relationship Manager Brad Richter and
business developer Keith Goodenough. Its aim: to meet the risk
management and insurance requirements for the rapid expansion of
the renewable fuels industry. AFRMG members have more than 15 years
experience providing insurance and risk management services to the
ethanol industry. The bio-fuels debate is rapidly moving to the
center of America's energy policy. The President's recent State of
the Union message calls for a five- fold increase in the mandatory
fuels standard, requiring 35 billion gallons of renewable and
alternative fuels by 2017, displacing 15 percent of projected
annual gasoline use. Agriculture Secretary Mike Johanns plans to
propose $1.6 billion in new funding for renewable energy. One of
the best known renewable energy sources -- and often at the center
of the food vs. fuel debate -- is ethanol. Made from corn and other
crops, when blended with unleaded gasoline ethanol becomes a
high-octane fuel that proponents have argued for years is the
nation's best option to reduce both fuel costs and the country's
dependence upon foreign oil sources. Opponents worry that
over-emphasizing ethanol could put undue stress on corn growers and
their customers (e.g., poultry farmers) as well as food prices. But
bio-fuels can come from an assortment of agricultural sources.
Developing, processing, supplying and protecting these new fuels
and cultivating their sources present a wide range risk management
challenges. Rick Shanks, national managing director of Aon's
Agribusiness & Food System Group, says "This is new ground for
many established corporations, and there are new companies entering
the marketplace everyday," Shanks says. "Dozens of new ethanol
plants are expected to come online this year alone. For the U.S.,
it's not whether bio-fuels will be produced, but how much and how
fast." About Aon Aon Corporation ( http://www.aon.com/ ) (NYSE:AOC)
is a leading provider of risk management services, insurance and
reinsurance brokerage, human capital and management consulting, and
specialty insurance underwriting. There are 45,000 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, our ability to obtain regulatory or legislative changes to
permit continuous sales of our supplemental Medicare health
product, 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.
Media Contact: Al Orendorff Director, Public Relations 312-381-3153
http://www.newscom.com/cgi-bin/prnh/20041215/CGW049LOGO
http://photoarchive.ap.org/ DATASOURCE: Aon Corporation CONTACT: Al
Orendorff, Director, Public Relations of Aon, +1-312-381-3153 Web
site: http://www.aon.com/
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