Aon plc’s AON consumer and program business – Aon Affinity – has recently entered into a collaboration agreement with AXIS Insurance, a business segment of AXIS Capital Holdings Limited AXS. Per the deal, AXIS Insurance will provide underwriting service to Aon Affinity’s professional liability insurance program named “A&E Advantage.” This program caters to architecture and engineering firms.
The latest deal is no doubt significant to Aon as it will allow A&E Advantage program to provide professional liability insurance to architecture and engineering firms with billings up to $7.5 million. The alliance will be effective from Jun 1, 2015, for new business.
Aon is a renowned name when it comes to providing liability insurance and the company’s existing relationship with AXIS has contributed significantly in this regard. At present, AXIS Insurance works as the national program underwriter for Aon Affinity’s lawyers professional liability insurance program – Attorneys Advantage – which caters to law firms with 1–25 attorneys. Aon now seeks to enhance its A&E Advantage program with increased coverage, additional limits capacity and broader underwriting eligibility. Thus, the company has resorted to AXIS Insurance once again.
Per the deal, the alliance with AXIS Insurance will allow A&E Advantage to provide architecture and engineering firms with a number of benefits. These include options for customized coverage, no hammer clause, Supplemental Claim Expenses provided outside the policy limit at no additional cost, Enterprise Security Event and Privacy Regulation Coverage, Reputation Protection Coverage, and Disciplinary Proceedings Expenses and Subpoena Response Expenses.
AXIS Insurance, as the new insurance carrier partner for the A&E Advantage program, should help Aon Affinity attract more clients, thereby expanding its client base.
Aon currently carries a Zacks Rank #3 (Hold). Better-ranked stocks in the insurance space include Assured Guaranty Ltd. AGO, and Old Republic International Corp. ORI. Both stocks sport a Zacks Rank #1 (Strong Buy).
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