February 23, 2017
PEMBROKE, BERMUDA (February 23, 2017) – Aon Insurance Managers, part of Aon plc (NYSE:AON), the leading global provider of risk management and human resource consulting and outsourcing, and SS&C Technologies (Nasdaq: SSNC) today announced the launch of a joint platform, which will simplify ILS management.
The platform combines powerful fund administration services with cutting-edge insurance management and independent insurance-linked securities valuation services. Through this platform, ILS managers and reinsurers can easily build a coordinated and cooperative solution tailored to their business needs.
“Increased popularity of convergence within the reinsurance and capital markets demands further innovation,” said Steve Britton, managing director and global head of ILS Management for Aon Insurance Managers. “In order to provide unique services to respond to the needs of ILS Funds and those in collateralized reinsurance, we set out to work together with a firm whose global reach and understanding of the ILS market was as deep as our own.”
SS&C is the world’s largest fund administrator and has been servicing the specialized requirements of investment structures, sponsors and managers in the collateralized reinsurance and ILS market since 2002.
Bill Stone, chairman and chief executive officer of SS&C Technologies added, “The appetite for the ILS asset class brings about the need for innovative convergence among service providers. This joint effort with Aon further strengthens SS&C’s ability to fulfill client demands in the ILS market. With the world-class talent, infrastructure, and resources of both companies, we are excited to offer our clients a comprehensive range of services catering to both reinsurance and capital markets.”
As part of the strategic alliance, SS&C will handle the fund administration and its related services while Aon Insurance Managers will manage the reinsurance entity. The firms plan to deliver a high-touch, all-in-one platform that will provide clients with the tools to help manage and grow efficiently.
The Aon Global Risk Consulting actuarial practice will provide independent ILS valuation services to the collaboration. With over 150 actuarial consultants globally, the team has a track record of delivering effective modelling and valuation solutions to a broad range of clients.
Global ILS capital (collateralized reinsurance) currently represents approximately $80 billion of the overall global reinsurance market capital of $600 billion, or more than 1 in every 8 dollars. Assets under management for the Top 10 ILS funds now account for more than $50 billion.
Aon plc (NYSE:AON) is a leading global provider of risk management, insurance brokerage and reinsurance brokerage, and human resources solutions and outsourcing services. Through its more than 72,000 colleagues worldwide, Aon unites to empower results for clients in over 120 countries via innovative risk and people solutions. For further information on our capabilities and to learn how we empower results for clients, please visit: http://aon.mediaroom.com.
About Aon Insurance Managers
Aon Insurance Managers (AIM) is Aon plc’s (NYSE: AON) (re)insurance management practice. In total, AIM has over 500 employees located in 20 offices operating in over 36 domiciles. AIM manages approximately 1,100 (re)insurance entities worldwide. In addition to managing captives for leading Fortune 1000 companies, AIM provides a full range of global management services to Insurance-Linked Securities (ILS) and market facing (re)insurance companies, including stand-alone reinsurance companies, catastrophe bonds, and turnkey Segregated Account Company (SAC), Protected Cell Company (PCC) and Incorporated Cell Company (ICC) solutions through Aon’s White Rock group of transformer companies. Approaching its 20th anniversary, White Rock PCC was the world’s first protected cell company based in Guernsey. White Rock currently operates in six domiciles including, Bermuda, Gibraltar, Guernsey, Isle of Man, Malta and Vermont. Through White Rock, AIM delivers cost efficient and innovative ILS and reinsurance management solutions using Aon’s multi-disciplinary team and unmatched global footprint. Overall, AIM currently manages approximately $10bn of ILS capital, representing 12.5% of the current estimated ILS Market. 2015 saw AIM expand its emerging Rated Re Management platform. AIM also won the Trading Risk Market Facilitator of the Year award in 2016.
SS&C is a global provider of investment and financial software-enabled services and software for the global financial services industry. Founded in 1986, SS&C is headquartered in Windsor, Connecticut and has offices around the world. Some 10,000 financial services organizations, from the world’s largest institutions to local firms, manage and account for their investments using SS&C’s products and services.
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