NU Online News Service, June 29, 2:50 p.m. EDT

BERMUDA--Because of the country's position as the leading captive domicile and one of the world's largest insurance markets, Aon said it has launched Global Risk Consulting Bermuda here, as part of Aon Insurance Managers (Bermuda) Ltd.

Aon Global Risk Consulting provides risk advisory services and is part of Aon Corporation.

Risk consulting expert Laura Taylor, who said she has been with Aon since 1994, will lead the group. She also will continue to serve as managing director and global enterprise risk management practice leader at Aon, the company said.

"We see Bermuda as a robust market, and part of this is our commitment to the market," Ms. Taylor told NU Online News Service at the Bermuda Captive Conference here. "It's the largest captive domicile in the world--it's a leading insurance marketplace, so we see opportunity here."

She noted, "What we've discovered in some of the European domiciles is that where we have risk consulting imbedded in the location, we've been able to provide a different level of service to clients--broader than captive management."

She said the decision was made to expand services globally, "and the next logical place to do it is Bermuda."

Ms. Taylor was appointed to lead the initiative, she said, with the focus on working with clients in other areas of risk consulting, such as enterprise risk management, actuarial, risk finance, risk control, claims and engineering.

Ms. Taylor said she will spend a significant amount of time in Bermuda, where she can help clients find new ways to reduce their total cost of risk and develop efficient programs.

She explained that Aon currently has 220 captives under management in Bermuda. "The initial focus will be on our captive book of business," she said, adding that at some point the group will expand beyond captive insurers.

Stephen Cross, chief executive officer of Aon Global Risk Consulting, said in a statement: "Corporations are looking more and more to integrate captive strategies to help manage their total cost of risk as the regulatory process is tightening worldwide. By connecting Aon's risk consulting services with its captive management offering, Aon has created a one-stop shop for corporations seeking traditional and innovative risk-based solutions."

Special Reports /

Aon Expands Captive Offerings In Bermuda

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