August 7, 2001 by Canadian Underwriter
Aon Corporation is expanding its captive and risk management business through the purchase of Sinser Holding AB, a subsidiary of Swedish-based Skandia Group. The capitve management and consulting business deals with more than 250 captives in 10 coutries, and includes consulting and research arm Risk & Insurance Research Group (RIRG).
The acquisition follows Aon’s buy out of Bermuda-based International Risk Management Group late last year. That captive management business also operates in most of the major domiciles, handling about 240 captives.
Sinser will combine with Aon International Risk Management Group (AIRMG) under that name. AIRMG will include Aon Insurance Managers, which will handle captive management, a risk finance and management consulting arm and RIRG, which will operate as a separate business.
Sinser CEO Hanse Ringstrom says the sale has been in the works for some months, and will now offer Sinser employees “security and wider opportunities”. He adds that joining AIRMG will offer clients access to “considerable additional resources”.
According to a survey by Business Insurance, based on number of captives managed in 2000, Aon and Sinser rank as the second and fourth largest captive managers in the world, respectively.
Terms of the sale were not released.