TORONTO, March 2, 2009: Aon Reed Stenhouse Inc. today announced its acquisition of IAO Actuarial Consulting Services, the leading actuarial advisor to the Canadian property and casualty insurance industry. The terms of the deal were not announced.
“This acquisition is a tremendous benefit to Aon’s clients, especially as they face the challenges of a changing economy,” said Chris Fawcus, president and CEO of Aon Reed Stenhouse. “Aon’s ability to provide insights on the property and casualty market will be greatly enhanced through IAO Actuarial Consulting Services’ strengths in risk modeling, loss forecasting and reserving, as well as insurance program pricing.”
IAO’s capabilities will be integrated into Aon’s Global Risk Consulting business, which provides a range of services from risk identification and control to assessment and risk financing. The acquisition of IAO will augment Aon Global Risk Consulting’s actuarial and analytics practice in Canada. Additionally, IAO’s insurance advisory services complement the global property and casualty actuarial consulting services of Aon Global Risk Consulting, which maintains a large market share in the non-insurance corporate sector, advising clients on risk retention and loss liabilities.
With more than 100 years’ experience providing information to property and casualty buyers and suppliers, IAO will provide clients with the information they need to make critical decisions about whether to retain or transfer risk through the purchase of insurance.
“Our team is well positioned to provide Canadian businesses with the insurance information they need to meet today’s challenges,” said Hany Rifai, president of IAO Actuarial Consulting. “IAO’s ability to deliver unique market insight will be a strong complement to the Aon Global Risk Consulting actuarial and analytics offering in Canada.”
With 1,500 staff globally at over 90 locations in 50 countries, Aon Global Risk Consulting is one of the largest risk consulting organizations in the world.
Aon Corporation (NYSE: AOC) is the leading global provider of risk management services, insurance and reinsurance brokerage, and human capital consulting. Through its more than 37,000 colleagues worldwide, Aon readily 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 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. A.M. Best deemed Aon the number one insurance broker based on brokerage revenues in 2007 and 2008, and Aon was voted best insurance intermediary, best reinsurance intermediary and best employee benefits consulting firm in 2007 and 2008 by the readers of Business Insurance. For more information on Aon, log onto http://www.aon.com/.