Aon Corp. Applauds Signing of Terrorism Risk Insurance Program Reauthorization Act of 2007
26 Dicembre 2007 - 9:50PM
PR Newswire (US)
CHICAGO, Dec. 26 /PRNewswire-FirstCall/ -- Aon Corporation
(NYSE:AOC) today applauded the signing into law of the Terrorism
Risk Insurance Program Reauthorization Act of 2007 (TRIPRA) by
President George W. Bush. (Logo:
http://www.newscom.com/cgi-bin/prnh/20041215/CGW049LOGO) "With the
seven-year extension in place and a broader definition of terrorism
moving forward, the marketplace no longer faces looming price
volatility and coverage uncertainty," said Greg Case, president and
chief executive officer of Aon Corp. "To date, the Terrorism Risk
Insurance Act (TRIA) has been the basis for creating the market for
terrorism risk in the United States. This extension will foster
broader affordability and availability of terrorism insurance for
property owners, corporations, public entities and insurers.
Without this important legislation, private market insurance
capacity would be forced to exit the market." "This solution
provides the continuity the insurance market requires for the
foreseeable future," said Aaron Davis, managing director, National
Property Brokerage for Aon. "With the economic safety net intact,
Aon will continue its modeling and risk transfer capacity efforts
to help prepare the private market to handle more catastrophic
losses in the future." Aon foresees that TRIPRA will: 1. Eliminate
the artificial distinction between domestic -- not previously
covered by TRIA -- and foreign acts of terrorism for the purposes
of certifying a terrorism event. 2. Protect insurer risk retentions
by preserving the Terrorism Risk Insurance Extension Act of 2005
(TRIEA)'s current deductible, coinsurance and $100 million loss
trigger structure. 3. Clarify the levels at which insurers'
respective TRIEA deductibles and coinsurance levels are capped in
the event of a loss. About Aon Aon Corporation (NYSE:AOC) is the
leading global provider of risk management services, insurance and
reinsurance brokerage, human capital and management consulting, and
specialty insurance underwriting. Through its 43,000 professionals
worldwide, Aon readily delivers distinctive client value via
innovative and effective risk management and workforce productivity
solutions. Our industry-leading global resources, technical
expertise and industry knowledge are delivered locally through more
than 500 offices in more than 120 countries. Aon was ranked by A.M.
Best as the number one global insurance brokerage in 2007 based on
brokerage revenues, and voted best insurance intermediary, best
reinsurance intermediary, and best employee benefits consulting
firm in 2007 by the readers of Business Insurance. For more
information on Aon, log onto http://www.aon.com/. Safe Harbor
Statement 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
successfully close the sales our Combined Insurance and Sterling
Life Insurance businesses, the impact of current, pending and
future regulatory and legislative actions that affect our ability
to market and sell, and be reimbursed at current levels for, our
Sterling subsidiary's Medicare Advantage health plans, 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, ERISA class
actions, the impact of the analysis of practices relating to stock
options, 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 Kelly Drinkwine
312.755.3537
http://www.newscom.com/cgi-bin/prnh/20041215/CGW049LOGO
http://photoarchive.ap.org/ DATASOURCE: Aon Corporation CONTACT:
Kelly Drinkwine, +1-312-755-3537, , for Aon Corporation Web site:
http://www.aon.com/
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