CHICAGO, June 8 /PRNewswire-FirstCall/ -- Property repossessed by a financial institution after foreclosure may stay vacant or unfinished for months or years, making it susceptible to various types of damage. According to RealtyTrac®, the leading online marketplace of foreclosure properties, more than 932,000 properties received a foreclosure filing in the first quarter, a 16 percent increase from the same time last year.
Aon Risk Services, the risk management and insurance brokerage business of Aon Corporation, today announced that financial institutions can now maximize the value of their real estate-owned assets through Aon's Comprehensive Asset Maximization program.
This innovative approach allows lenders the flexibility to procure insurance for each stage of the asset maximization process – before foreclosure, during the holding period following foreclosure and at the completion of construction. In addition, this course of action offers completed operations protection for all parties.
"Financial institutions of any size seeking to maximize the value of their REO assets face a myriad of insurance and risk management challenges not typically covered by traditional insurance programs," said Michael O'Connell, managing director of Aon's financial institutions practice. "This new solution allows banks to deliver the best results to investors while allowing them to manage and control the REO maximization process."
Michael Szot, managing director of Aon's construction services group, added, "We set out to develop a program for our banking and builder clients to drive success with very little administrative or cash flow impact. Our Comprehensive Asset Maximization approach does just that while fully supporting decision-making processes by delivering a combination of insurance, education, legal and industry resources efficiently."
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Aon Corporation (NYSE: AON) is the leading global provider of risk management services, insurance and reinsurance brokerage, and human capital consulting. Through its more than 36,000 colleagues worldwide, Aon delivers 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 through more than 500 offices in more than 120 countries. Named the world's best broker by Euromoney magazine's 2008 and 2009 Insurance Survey, Aon also ranked highest on Business Insurance's listing of the world's largest 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 brokerage revenues in 2007, 2008 and 2009 and Aon was voted best insurance intermediary, best reinsurance intermediary and best employee
benefits consulting firm in 2007, 2008 and 2009 by the readers of Business Insurance. For more information on Aon, log onto http://www.aon.com.
SOURCE Aon Corporation