Canadian Underwriter

What’s new: In brief (September 30, 2004)

September 30, 2004   by Canadian Underwriter

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Aon Corp. is seeking a new CEO with news of the departure of CEO Patrick Ryan. While Ryan will remain as CEO until a successor is found, he also plans to maintain his role as chair of the board even after he leaves the CEO role. President and COO Michael O’Halleran has decided not to put his name up for the CEO’s role and instead relinquish the COO title to become senior executive vice president overseeing the global reinsurance, wholesale brokerage and managing underwriting operations.

Vermont is celebrating the establishment of its 700th captive. 2003 was a banner year for the domicile, with 77 captives set up, and thus far in 2004, 26 more have been licensed. Vermont has been licensing captives since 1981.

AIG has learned that on top of possible charges by the U.S. Securities Exchange Commission (SEC), it is also being investigated by the U.S. Justice Department. In a statement, the world’s largest commercial insurer says its AIG Financial Products Corp. has been notified of the Justice investigation “involving possible violations of the federal securities laws”. The company says it believes the investigation is tied into the SEC and its staff recommendation that civil charges be filed against the insurer, and that it will cooperate with both investigations.

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