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Aon CEO Says Berkshire Hathaway Deal Good For Lloyd's Market

The head of insurance broker Aon has mounted a defence of a deal signed last year with Warren Buffett's Berkshire Hathaway that some fear could weaken the Lloyd's insurance market, arguing it is good for London.

By Chris Vellacott, Reuters | Updated on April 10, 2014
LONDON (Reuters) – The head of insurance broker Aon has mounted a defence of a deal signed last year with Warren Buffett’s Berkshire Hathaway that some fear could weaken the Lloyd’s insurance market, arguing it is good for London.

In a speech on Thursday in London’s Lloyd’s building, Aon Chief Executive Greg Case said the agreement, whereby the broker allocates 7.5 percent of the business it places in the market to Berkshire Hathaway in return for passing on some of the risk, benefited the centuries-old market.

Critics had feared it would sideline underwriters operating in the Lloyd’s market, putting pressure on their businesses, but Case argued it was helping bring more money into the market, fuelling overall business volumes.

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