CHICAGO, April 26, 2011 /PRNewswire/ -- Aon Risk Solutions, the global risk management business of Aon Corporation (NYSE: AON), announced the consolidation of its loss portfolio transaction expertise with the creation of its Loss Portfolio Transactions Practice. The team will be led by Carol Murphy, a managing director based in Aon's world headquarters in Chicago.
With more than $300 million in loss portfolio transfer premiums placed since 2009, Aon Risk Solutions has established itself as the leader in structuring and effecting loss portfolio transactions. While legacy transactions have consistently been used on the reinsurance side of the industry, economic drivers dictate the need for this approach for commercial clients as well. Loss portfolio transfers are widely applicable to organizations in merger and acquisition situations as well as those with high collateral obligations, looking to exit self-insurance, or hedge against volatility.
Through loss portfolio transactions, an organization's collateral previously tied up on behalf of potential large liabilities can be reduced or eliminated while minimizing cost variability on its balance sheet.
"Against the odds in this low discount rate environment, many clients have benefited from our ability to successfully close these complex transactions. We are proud to lead the industry in loss portfolio transfers, and are supported by unmatched analytical and actuarial capabilities as well as market relationships through Aon Risk Solutions and Aon Benfield, respectively," stated Murphy.
Tony DeFelice, head of Aon Risk Solutions' National Casualty Practice, commented, "By taking this step to centralize the Loss Portfolio Transactions Practice under Carol Murphy's leadership, we hope to open the eyes of organizations that have not yet been able to unlock the potential behind their balance sheets. Carol's deep understanding of an organization's complex financial objectives and her unique ability to execute upon them in the marketplace further opens the door for our clients' growth and success."
In addition to Murphy, Aon Risk Solutions' Loss Portfolio Transactions Practice includes credentialed actuaries, claims resolution experts and brokerage colleagues with vast expertise in investment and finance.
Murphy has her MBA from the University of Chicago's Booth Graduate School of Business and has been recognized four times by Risk & Insurance magazine as a Power Broker. In addition, she was named by Business Insurance magazine as a Woman to Watch in 2009.
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Aon Corporation (NYSE:AON) is the leading global provider of risk management services, insurance and reinsurance brokerage, and human resources solutions and outsourcing. Through its more than 59,000 colleagues worldwide, Aon unites to deliver distinctive client value via innovative and effective risk management and workforce productivity solutions. Aon's industry-leading global resources and technical expertise are delivered locally in over 120 countries. Named the world's best broker by Euromoney magazine's 2008, 2009 and 2010 Insurance Survey, Aon also ranked highest on Business Insurance's listing of the world's insurance brokers based on commercial retail, wholesale, reinsurance and personal lines brokerage revenues in 2008 and 2009. A.M. Best deemed Aon the number one insurance broker based on revenues in 2007, 2008 and 2009, and Aon was voted best insurance intermediary 2007-2010, best reinsurance intermediary 2006-2010, best captives manager 2009-2010, and best employee benefits consulting firm 2007-2009 by the readers of Business Insurance. Visit http://www.aon.com for more information on Aon and http://www.aon.com/manchesterunited to learn about Aon's global partnership and shirt sponsorship with Manchester United.
Note to editors: Photo of Carol Murphy available upon request
SOURCE Aon Corporation