Aon's Affinity Business Acquires WedSafe, Inc. Wedding Insurance and Private Event Insurance programs
05 Janvier 2007 - 11:30PM
PR Newswire (US)
HATBORO, Pa., Jan. 5 /PRNewswire-FirstCall/ -- Aon announced today
that a subsidiary, Affinity Insurance Services, Inc. (Affinity) has
acquired WedSafe, Inc., a leading provider of wedding and private
event insurance offering liability & property damage and event
cancellation products direct to consumers. (Logo:
http://www.newscom.com/cgi-bin/prnh/20041215/CGW049LOGO ) Affinity
Insurance Services is a full-service broker specializing in the
administration of insurance programs for customer groups. "This
acquisition is a new market segment that is strategically aligned
with Affinity's core capabilities," said Bill Vit, president and
chief operating officer. As the cost of the typical U.S. wedding
climbs -- many current estimates place the average around the
$25,000 mark -- more couples seek cancellation insurance to protect
their investment. "Everyone wants their special day to be perfect,
but problems can occur, and wedding insurance offers an affordable
solution," said Vit. "If severe weather makes it impossible to hold
the ceremony, you're covered. If the groom's father has emergency
surgery and can't travel, insurance gives you the freedom to
postpone your wedding till he's healthy." In addition, wedding and
reception venues often require the bridal couple to purchase event
liability insurance. "Venues want protection in case one of your
guests breaks an antique vase or drops a lit cigarette on an
expensive carpet. Plus, if a guest falls on the dance floor and
breaks her wrist, both the venue and the bridal couple could be
held liable for the injury," Vit noted. WedSafe's wedding
cancellation and liability insurance products are sold on the
WedSafe web site, http://www.wedsafe.com/ . Cancellation packages
-- including coverage for wedding essentials like photos, gifts,
attire, jewelry and deposits -- begin at $185. Liability insurance
can be purchased jointly or separately for a $195 premium. Since
its web site launch in 2002 WedSafe has established a strong online
presence through search engine advertising and referral links from
wedding- related web sites, as well as through traditional
advertising. In 2005, the Private Event Insurance program (
http://www.privateeventinsurance.com/ ) was added to the product
line to offer cancellation and liability coverage for other types
of celebrations, such as anniversaries, graduations, and bridal and
baby showers. "There are many elements to plan for a wedding or
special celebration these days," said Timberlee Tamraz Grove,
president and chief operating officer of Markel American Insurance
Company, which underwrites the WedSafe and Private Event Insurance
products exclusively with Affinity. "These events are large
financial commitments that need to be protected should something go
wrong. We are excited to partner with Affinity Insurance Services
to bring peace of mind to our customers and allow them to focus on
the joy of their special day." "Affinity has years of experience in
making insurance products accessible online, with over 40 web sites
currently in production, so WedSafe's user- friendly online model
is an excellent fit for us," said Vit. "We are well positioned to
acquire this business and add it to the list of successful e-
commerce initiatives at Affinity." About Aon Aon Corporation (
http://www.aon.com/ ) is a leading provider of risk management
services, insurance and reinsurance brokerage, human capital and
management consulting, and specialty insurance underwriting. Aon
has 45,000 employees in 500 offices in more than 120 countries.
Backed by broad resources, industry knowledge and technical
expertise, Aon professionals help a wide range of clients develop
effective risk management and workforce productivity solutions. For
more information, contact: Al Orendorff, Aon Corporation,
+1.312.381.2446, This press release contains certain statements
related to future results, or states our intentions, beliefs and
expectations or predictions for the future which are
forward-looking statements as that term is defined in the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements are subject to certain risks and uncertainties that
could cause actual results to differ materially from either
historical or anticipated results depending on a variety of
factors. Potential factors that could impact results include:
general economic conditions in different countries in which we do
business around the world, changes in global equity and fixed
income markets that could affect the return on invested assets,
fluctuations in exchange and interest rates that could influence
revenue and expense, rating agency actions that could affect our
ability to borrow funds, funding of our various pension plans,
changes in the competitive environment, changes in commercial
property and casualty markets and commercial premium rates that
could impact revenues, changes in revenues and earnings due to the
elimination of contingent commissions, other uncertainties
surrounding a new compensation model, the impact of regulatory
investigations brought by state attorneys general and state
insurance regulators related to our compensation arrangements with
underwriters and related issues, the impact of class actions and
individual lawsuits including derivative actions and claims under
ERISA, the cost of resolution of other contingent liabilities and
loss contingencies, and the difference in ultimate paid claims in
our underwriting companies from actuarial estimates. Further
information concerning the Company and its business, including
factors that potentially could materially affect the Company's
financial results, is contained in the Company's filings with the
Securities and Exchange Commission.
http://www.newscom.com/cgi-bin/prnh/20041215/CGW049LOGO
http://photoarchive.ap.org/ DATASOURCE: Aon Corporation CONTACT: Al
Orendorff of Aon Corporation, +1-312-381-2446, Web site:
http://www.aon.com/ http://www.wedsafe.com/
http://www.privateeventinsurance.com/
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