Aon's CEO Greg Case says the Lloyd's market should not react negatively to its co-insurance agreement with Berkshire Hathaway and indicated it could bring positive development to the Lloyd's market.
Aon Risk Solutions announced an agreement with Berkshire Hathaway International Insurance Ltd. in March to provide sidecar capacity to retail insurance clients across all industry segments. The deal brings highly rated paper to all eligible business placed by Aon Risk Solutions where the Lloyd's market participates. The move, according to reports, opens up more than 7 percent of Aon's placements at Lloyd's to Berkshire Hathaway, upsetting the market.
During a conference call discussing the insurance broker's 1Q results, Case says the move is a client solution and that “client reaction from the announcement has actually been quite positive.” He says that for clients having trouble obtaining coverage, this agreement provides capacity “that just wasn't there before.”
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