CHICAGO, Sept. 22 IL-Aon-WindX
CHICAGO, Sept. 22 /PRNewswire-FirstCall/ -- Aon Capital Markets today
announced it has placed the industry's first transaction utilizing the
WindX(TM) parametric index solution. The transaction provides coverage from
named storms based on wind speed data at several wind stations in Florida.
(Logo: http://www.newscom.com/cgi-bin/prnh/20041215/CGW049LOGO)
WindX is a proprietary parametric index solution designed to support the
transfer and trading of catastrophic hurricane risk in the capital markets.
This solution is based on location-specific wind speed measurements, either
through direct reference to wind speed parameters or as a base input for
derived indices. WindX supports a wide range of financial structures
including over-the-counter derivative contracts, catastrophe bonds, and
industry loss warranties.
"Aon Capital Markets has once again established itself as a leader in
providing alternative risk solutions for our clients," said Paul Schultz,
president of Aon Capital Markets.
WindX is driven by the WeatherFlow Hurricane Mesonet, a network of
hurricane-hardened weather stations specifically designed to measure and
record hurricane-force winds. Stations in this new network are strategically
sited to accurately capture hurricane events and support the transfer of
hurricane risk. The wind speed data is valuable to others including emergency
managers, modelers, insurers, and investors.
Market development for WindX is a joint effort between WeatherFlow Inc, a
leading provider of proprietary weather data and Risk Management Solutions, a
leading catastrophe risk management company.
About Aon Capital Markets
Aon Capital Markets is Aon Re Global's boutique investment bank, providing
clients with strategic advice and access to all forms of capital, and
financial advisory services. Aon Capital Markets is one of the primary
innovators of insurance-linked securities and recently completed the largest
insurance-linked securitization in history. Since bringing the first ILS deal
to the market in 1994, Aon Capital Markets has brought more than 50 deals to
market.
About Aon Re Global
Aon Re Global provides clients with integrated capital solutions and
services through a world-class network of experts in more than 35 countries.
Clients are better able to differentiate and meet their business objectives
with Aon Re Global's best-in-class treaty and facultative reinsurance
placement services, capital markets expertise, and relevant analytics and
technical expertise, including catastrophe management, actuarial and rating
agency counsel. Aon Re Global was named best reinsurance broker in 2008, 2007
and 2006 by readers of Business Insurance.
About Aon
Aon Corporation (NYSE: AOC) is the leading global provider of risk
management services, insurance and reinsurance brokerage, human capital and
management consulting. Through its 36,000 colleagues worldwide, Aon readily
delivers distinctive client value via innovative and effective risk management
and workforce productivity solutions. Our industry-leading global resources,
technical expertise and industry knowledge are delivered locally through more
than 500 offices in more than 120 countries. Aon was named the world's best
broker by Euromoney magazine's 2008 Insurance Survey. In 2008, Aon ranked
highest on the Business Insurance ranking of the world's largest insurance
brokers based on commercial retail, wholesale, reinsurance and personal lines
brokerage revenues. Aon also was ranked by A.M. Best as the number one
insurance broker based on brokerage revenues in 2007 and 2008, and was voted
best insurance intermediary, best reinsurance intermediary, and best employee
benefits consulting firm in 2007 and 2008 by the readers of Business Insurance.
Media Contact
Rahsaan Johnson
1.312.381.2684,
Rahsaan_Johnson@aon.com
SOURCE Aon Corporation
