LONDON, 12 August 2021 – Aon plc (NYSE: AON), a leading global professional services firm providing a broad range of risk, retirement and health solutions, has been appointed to provide its new investment service for captive insurers to the Noble Insurance Company DAC, the Ireland-based captive insurer of Kraft Heinz, the global food and beverage company. Aon works with Goldman Sachs to deliver the service, which seeks to make it easier for captive insurers to identify and access appropriate, high-quality and yield-enhancing investments.
Noble Insurance Company DAC(Noble), provides insurance coverage to the Kraft Heinz Company. In this case, coverage is provided to member firms of the Kraft Heinz network that are domiciled in the European Union. Noble is a wholly owned subsidiary of HJ Heinz Ireland Holdings Limited, the beneficial owners of which are the Kraft Heinz Company.
As part of the service, Noble will receive strategic advice, fund research and directed execution services from Aon’s experienced global team of investment specialists and practitioners. This will be combined with a specially tailored investment platform provided by Goldman Sachs, using its market-leading Liquidity Solutions portal, Mosaic. The service offers a one-stop shop for captives to manage their assets, from trading Aon-rated funds and viewing daily portfolio information, to automated reporting.
The new service, which was launched in 2020, is provided by Aon’s Global Investment practice, working alongside Aon’s Captive & Insurance Management Group (ACIM). ACIM works with captives that have over $175 billion of assets worldwide, while Aon’s Global Investment practice advises clients on more than $3.1 trillion of assets. The service leverages the combined insight and expertise of Aon to advise captives on a broad range of investment opportunities and to introduce captives to the platform as an avenue to access those opportunities. A selection of Aon buy-rated mutual funds from a number of prominent fund managers is available on the platform, with further additions expected as the service expands.
Tim Currell, partner and head of Insurance Solutions, Global Investment at Aon, said:
“It’s great news that Kraft Heinz has added this new investment service to those that Aon already provides to its Irish captive, Noble. We are confident that the various features of the service will enhance its investment arrangements and outcomes, now and into the future.
“We look forward to building on this foundation – the service already has a strong pipeline of interest both in Ireland and in the other locations where we are planning to make it available in the coming months.”
Michael Siegel, global head of the Insurance and Liquidity Asset Management businesses at Goldman Sachs, said:
“We are excited to collaborate with Aon, and we are eager to continue the development of solutions for Aon’s captive insurance clients. Liquidity management is critical to the safe operations of all insurance entities and we continue to see significant interest in the array of cash management solutions and technology services offered by the Mosaic portal.
“We look forward to broadening our work with Aon as it continues to provide its expansive array of solutions to the captive and insurance world.”
Key features of the service include:
- Tailored advice on the captive’s investment strategy
- Access to a range of Aon buy-rated funds, chosen for captives and available on the platform (provided by Goldman Sachs)
- Range of asset types, initially including money market funds and bond funds
- An easy-to-use web-based portal that allows captives to manage their assets from anywhere at any time
- Support from Aon in executing client-directed trades
- Comprehensive reporting suite to ease the burden of regulatory reporting
- Introduction to an investment platform provided by Goldman Sachs. The portal already manages over $195 billion of assets globally for insurance and other institutional investors as part of its $548 billion liquidity platform.
Aon plc (NYSE: AON) is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance.
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Colette La Pointe
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