Aon Re Global Acquires Peruvian Reinsurance Intermediary Cosegur Re
08 Maggio 2008 - 10:01PM
PR Newswire (US)
CHICAGO, May 8 /PRNewswire-FirstCall/ -- Aon Re Global, the world's
largest provider of reinsurance brokerage and capital solutions and
a unit of Aon Corporation (NYSE:AOC), today announced it has
acquired Peruvian reinsurance intermediary Cosegur Re, offering
clients in Peru greater access to worldwide reinsurance markets and
Aon Re Global's industry-leading catastrophe modeling and servicing
capabilities. (Logo:
http://www.newscom.com/cgi-bin/prnh/20041215/CGW049LOGO) The
acquisition of Cosegur Re, the largest reinsurance intermediary in
Peru, offers Aon Re Global and its clients in Central and South
America additional expertise, particularly in the areas of life and
marine reinsurance. Terms of the agreement, which closed May 2,
were not disclosed. "The acquisition of Cosegur Re and its team is
terrific for Aon Re Global and, most importantly, for our clients,"
said Michael D. O'Halleran, executive chairman of Aon Re Global.
"Combining Aon Re Peru with Cosegur Re brings new marketplace
expertise for Aon Re's current client base and new market access
and servicing capabilities for Cosegur Re's clients." "While Aon Re
Global is already the world's largest reinsurance intermediary, our
commitment is to continue to be the industry leader everywhere in
the world," said Andrew Appel, chief executive officer of Aon Re
Global. "Bringing the Cosegur Re team into the Aon Re Global
network will provide significant value to our clients in the region
while strengthening our global talent base and integrated capital
solutions approach." Cosegur Re founders Jose Antonio Cadarso and
Juan Diego Cadarso join Aon Re Peru as chief executive officer and
chief operating officer, respectively. "We are thrilled to be
joining Aon Re Global and to have access to the vast network and
first class resources that only Aon Re Global can offer," said Jose
Antonio Cadarso. "This merger will provide us the necessary tools
to develop new business opportunities and provide more value for
our clients." Juan Diego Cadarso added: "Being an independent
reinsurance broker, we were looking for ways to have direct access
to all worldwide reinsurance markets for the benefit of our
clients. Aon's 'One Global Team' approach was a key factor in our
decision to join them." Aon Re Peru currently employs 11 people. As
the largest reinsurance broker in the region, Aon Re Latin America
has offices in 10 countries and 230 employees. "Through our
dedicated broking resources in London and Miami, and access to the
London, European and Bermudan markets, Aon Re Latin America is
committed to being a strategic partner to our clients in the
region," said Mike Hughes, chief executive officer of Aon Re Latin
America. "My personal thanks to Bill Farmer, vice chairman of Aon
Re Americas, and Mike Bungert, chairman and chief executive officer
of Aon Re Americas, and the many others who have worked to
strengthen our team in the region, particularly through this
acquisition." About Aon Re Global Aon Re Global, the world's
leading and most preferred reinsurance intermediary, provides
clients with integrated capital solutions and services through a
world-class network of experts in more than 35 countries. Clients
are better able to differentiate and meet their business objectives
with Aon Re Global's best-in-class treaty and facultative
reinsurance placement services, capital markets expertise, and
relevant analytics and technical expertise, including catastrophe
management, actuarial and rating agency counsel. Aon Re Global was
named best reinsurance broker in 2007 and 2006 by readers of
Business Insurance, in 2007 by readers of US Insurer and in 2006 by
readers of Reinsurance. About Aon Aon Corporation (NYSE:AOC) is the
leading global provider of risk management services, insurance and
reinsurance brokerage, and human capital and management consulting.
Through its 36,000 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 named the world's "best broker" by
Euromoney magazine's 2008 Insurance Survey. 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/. 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, changes in commercial property and casualty
markets and commercial premium rates that could impact revenues,
the outcome of inquiries from regulators and investigations related
to compliance with the U.S. Foreign Corrupt Practices Act and
non-U.S. anti-corruption laws, the impact of investigations brought
by U.S. state attorneys general, U.S. state insurance regulators,
U.S. federal prosecutors, U.S. federal regulators, and regulatory
authorities in the U.K. and other countries, the impact of class
actions and individual lawsuits including client class actions,
securities class actions, derivative actions, ERISA class actions,
and the cost of resolution of other contingent liabilities and loss
contingencies. 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 Rahsaan Johnson 312.381.2684
http://www.newscom.com/cgi-bin/prnh/20041215/CGW049LOGO
http://photoarchive.ap.org/ DATASOURCE: Aon Corporation CONTACT:
Rahsaan Johnson of Aon, +1-312-381-2684, Web site:
http://www.aon.com/
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