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Aon reaffirms commitment to Micronesia
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Posted on Mar 02 2005
One year after establishing a partnership with local insurance leader Century Insurance Co. Ltd., Aon Holdings Australia Limited, one of the world’s leading reinsurers, reaffirms its commitment to the Micronesian region through a continuing partnership with CIC.
Aon chief executive officer Peter Harmer led Aon executives in visiting Saipan to celebrate its partnership with CIC and its 50 years in Micronesia.
“Our commitment here is very strong,” said Harmer, who met with CIC executives and guested as speaker at the Saipan Chamber of Commerce’s meeting at the Pacific Islands Club yesterday.
Harmer said Aon’s operations in the Asia Pacific region have been profitable, reporting annual revenue from the region at $500 million.
Harmer expressed confidence in its partnership with CIC, which recently got a high B+ rating from American rating agency A.M. Best.
Aon operates in 120 countries and has a staff of about 60,000. It recently reported an annual revenue of $10 billion, making it one of the two largest reinsurers in the world.
The partnership between Aon and CIC officially began on March 1, 2004. Under an exclusive partnership, Aon will represent CIC in the Micronesian region, with the latter becoming the principal underwriter for all non-life insurance lines that include automobile, marine cargo and hull, workmen’s compensation, property and general accident and casualty.
Negotiations between Aon and CIC began in December 2003 following the surprise withdrawal of the U.K.-based underwriter Aviva from Guam and Saipan. CIC, which was then looking for opportunities to expand its business ties, decided to put in a proposal, which Aon considered together with that of other insurers from London, the United States, Asia and Australia.
CIC is an affiliate of Tan Holdings Corp. Incorporated in 1988, Century Insurance is also the CNMI’s first full-fledged insurance company that boasts of providing the fastest and easiest way to settle automobile claims through its 24-hour on-site claims settlement scheme.
