Aon Expands Role In Captives
Aon significantly expanded its role in global captive management with the announcement of the sale of Sinser Holding AB by Skandia of Stockholm, Sweden, to the Chicago-based brokerage firm.
According to separate announcements by Aon and Skandia, Sinser specializes in services for captive insurance companies and risk management consulting.
Sinser brings its three subsidiaries in 10 countries into the Aon fold. The firm handles the administration of more than 250 captives and insurance entities owned by industrial and commercial clients, insurance and reinsurance companies.
Sinser will be combined with the Aon International Risk Management Group and operate in the following three business areas:
The captive management arm, Aon Insurance Managers, will be responsible for more than 1,000 clients in 29 locations. Aon said that with a premium volume of $8 billion and assets of $45 billion, AIM is the leading global captive management company.
The International Risk Management Group will combine the consulting services in risk financing, risk management and other consulting services to the insurance industry, financial services centers and financial institutions.
The Risk and Insurance Research Group will provide information and training services, including newsletters, research reports, technical services, workshops and major conferences, Aon said.
Aon said that while it is combining the two operations, it intends to continue existing relationships “in terms of personnel and services contracted.”
Ulf Spang, executive vice president and chief financial officer for Skandia, said the sale of Sinser to Aon was done in keeping with Skandias strategy to be “a pure-play global savings company.”
Terms of the transaction were not disclosed.
Reproduced from National Underwriter Property & Casualty/Risk & Benefits Management Edition, August 27, 2001. Copyright 2001 by The National Underwriter Company in the serial publication. All rights reserved.Copyright in this article as an independent work may be held by the author.
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