New Vermont Sponsored Captive Formed by United Insurance Company
25 Mai 2007 - 9:47PM
PR Newswire (US)
BURLINGTON, Vt., May 25 /PRNewswire-FirstCall/ -- United Insurance
Company, a Cayman based reinsurance company announces the formation
of its sponsored captive insurance company subsidiary, United
Insurance Company, USA, Ltd. in Burlington, Vermont as part of its
global expansion. (Logo:
http://www.newscom.com/cgi-bin/prnh/20041215/CGW049LOGO ) United
USA will provide US corporations with many insurance/reinsurance
solutions. United USA can assist with unusual or one-off
transactions, provide access to all reinsurance markets including
United Insurance Company, assist corporations bridge the growing
gap between reinsurance and higher property and casualty
deductibles and self insured retentions, and provide access to
controlled third party risks via United's risk sharing pool Nexus
Re. The Vermont sponsored captive model provides these risk
financing solutions without the investment in capital and
management time required for stand alone captives which could be
attractive to the middle market segment. Nancy Gray, Executive
Director for North America, of Aon Global Insurance Managers
commented: "United chose to form its cell captive subsidiary in
Vermont because Vermont has the most experience in the cell captive
option in the United States. The knowledge and flexibility of the
Vermont captive regulators, Len Crouse and Derrick White, for cells
enables us the opportunity to provide our clients with a quick,
simple, effective and cost beneficial method of entering the
captive market." "We are pleased that United Insurance Company has
selected Vermont as their captive domicile which we believe
demonstrates Vermont's leadership and commitment to the alternative
insurance marketplace," says Len Crouse, Deputy Commissioner of
Captive Insurance. "United is exactly the type of high quality
company we were hoping to attract when we crafted our cell
legislation." United Insurance Company is a Cayman based
re-insurance company owned by the captive insurance companies of 18
US, Canadian, and European multinational corporations and Aon
Corporation. United provides exclusive reinsurance solutions to
captive and cell clients of Aon Global Insurance Managers
worldwide. Aon Global Insurance Managers is the world's largest
captive insurance manager, managing approximately 1,400 captive
insurance arrangements from offices located in over 30 countries.
Aon Insurance Managers (USA) Inc. located in Burlington, Vermont
will manage United Insurance Company, USA, Ltd. Aon Insurance
Managers (Cayman) Ltd. Located in Grand Cayman Island manages the
parent company, United Insurance Company. 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. There
are 43,000 employees working in Aon's 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 Al Orendorff 312-381-3153
http://www.aon.com/newsroom Safe Harbor Statement 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, our ability to
implement restructuring initiatives and other initiatives intended
to yield cost savings, our ability to execute the stock repurchase
program, potential regulatory or legislative changes that would
affect our ability to sell, and be reimbursed at current levels
for, our Sterling subsidiary's Medicare health product, 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
investigations brought by state attorneys general, state insurance
regulators, federal prosecutors, and federal regulators, the impact
of class actions and individual lawsuits including client class
actions, securities class actions, derivative actions, ERISA class
actions, the impact of the analysis of practices relating to stock
options, 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 CONTACT: Al Orendorff
of Aon Corporation, +1-312-381-3153, Web site: http://www.aon.com/
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