22 July 2019
Aon names Vincent Barrett as Regional Managing Director, EMEA of Captive & Insurance Management business
Aon has today confirmed that Vincent Barrett has been appointed as Regional Managing Director EMEA for its Captive & Insurance Management business.
Vince will move from his previous role as Chief Commercial Officer to assume responsibility for leading the group’s regional operations in EMEA.
He will continue to serve as account chair on numerous complex global client accounts and lead the captive business development team across EMEA.
John English, Chief Executive Officer, Captive & Insurance Management, Aon said: “Since joining Aon in 2007 Vince has held a number of senior roles within our group, from leading White Rock to co-leading our solution for Solvency II and development of our ILS value proposition. His knowledge and expertise places him in the ideal position to lead our EMEA operations.’’
Vince will be based in Dublin and continue to report to John English, working in close partnership with Aon’s leadership teams across EMEA.
10 June 2019
Material growth in Cyber Captive premium: Aon survey
Survey findings reveal +263% growth in cyber GWP in 2018, fuelled by innovative wording and breadth of coverage
Leading global professional services firm Aon plc (“Aon”) is delighted to release its Cyber Captive Survey 2019 Report ‘Creating Value for the Cyber Risk Agenda’, which reveals an increase in demand for cyber products among captive owners who have bought such cover in the past.
Launched to coincide with the Bermuda Captive Conference in Bermuda, the report reveals current attitudes and trends among captive buyers of cyber insurance, including global insights into the ongoing challenges and opportunities for captive owners looking to address cyber risk.
The survey provides insights from Aon captive owners and parent companies concerning the strategic value of their captive, current data and practices relating to captive insurance and retail market cyber trends. Key findings include:
- The growth in gross written premium for Cyber risks in the captive market has accelerated in the past year by 263% year on year
- The leading industries buying cyber cover within a captive are Healthcare (19%) and Energy (15%)
- The range in limits of cover taken out is up to US$100 million
- 41% of the captives surveyed are incubating cyber risk
- 63% of captives are have business interruption cover wording within their cyber policies
- 26% of captives have suffered a cyber loss and 29% of losses have been a full limit loss
- Greater control of insurance program (37%) and achieving cost efficiencies (37%) are the two main reasons for captive use of cyber risks
- Estimated that 34% of all captives will be underwriting cyber in five years’ time
John English, CEO, Captive & Insurance Management, Aon, said:
“Captives continue to play a valuable role in addressing emerging risk issues for all companies.
Our survey demonstrates that a captive not only can provide access to innovative coverage and unlock additional capacity for this fast moving risk topic, but also better coordinate key internal teams in a company to improve overall capital allocation, strategic planning, and risk improvement for cyber risk.”
Adam Peckman, Global Practice Leader, Cyber Solutions, Aon, said:
“Driven by the digital economy, Cyber remains one of the most critical risks facing all global businesses; however, this survey found that management of cyber risk remains largely fragmented and inconsistent across corporate functions.
It is critical that cyber risk is treated as an enterprise risk and framed within the existing risk management framework. Risk Managers can lead this change by utilising captives as a key strategic tool to demystify cyber risk through more sophisticated analysis and drive more fit-for-purpose balance sheet protection.”
Access a full copy of the survey report here: Cyber Captive Survey 2019 Report ‘Creating Value for the Cyber Risk Agenda’