Aon Announces Completion of $1.450 Billion Reinsurance Program for State Compensation Insurance Fund of California.Business Editors CHICAGO--(BUSINESS WIRE)--Sept. 12, 2002 Aon Corporation announced today that its global reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. intermediary, Aon Re Worldwide, has completed a major excess of loss reinsurance program for the State Compensation Insurance Fund The State Compensation Insurance Fund (SCIF or State Fund) is a workers' compensation insurer that is operated as a public enterprise created by the U.S. state of California. of California. The transaction reinsures all losses incurred from 1980 through 1998 up to a $1.450 billion limit. Aon Re, who has served as the State Compensation Insurance Fund of California's reinsurance advisor for many years, structured and placed the transaction, which was underwritten by XL Financial Solutions Ltd. on behalf of XL Re Ltd. with significant support from ACE Bermuda Insurance Ltd. and its subsidiary, ACE Financial Solutions International, Ltd. David M. Kelley, Vice Chairman of Aon Re Inc. (Aon Re Worldwide's US operation) commented, "State Compensation Insurance Fund of California's efforts to maintain stability in the California workers' compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. marketplace created a very exciting and challenging opportunity for Aon Re. This unique transaction was made possible for our client by our entrepreneurial approach and the leverage of Aon's vast resources." Daniel L. Sussman, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of XL Financial Solutions Ltd stated, "We were extremely pleased to partner with both Aon and State Compensation Insurance Fund to develop a strategically significant solution that sustains the important role played by State Compensation Insurance Fund." Kenneth C. Bollier, President & CEO of State Compensation Insurance Fund of California added, "We are very pleased with the completion of this transaction which enables State Compensation Insurance Fund to continue to successfully serve the employers of California during this transitional time in the California workers compensation marketplace." State Compensation Insurance Fund of California, with assets over $10.0 billion, is a full service competitive workers' compensation insurance company providing claims management, loss prevention consulting and rehabilitation services to employees within the State of California since 1914. Aon Re Worldwide is the world's largest reinsurance intermediary. Aon Corporation is a holding company that comprises a family of insurance brokerage, consulting, and underwriting subsidiaries. Aon's common stock (Symbol: AOC AOC, n an acronym for the Aromatherapy Organizations Council. ) is listed on the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Chicago, and London stock exchanges London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. . |
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