In an emailed release, Aon said: “In 2024, ACT will offer 22.5% co-insurance across core lines of business placed through Aon’s GBC (global broking centre) in London, giving guaranteed, pre-secured and ring-fenced aggregate capacity to those clients who select it.
“In 2023, ACT has placed over US$600 million in GWP (gross written premium) across more than 2,500 clients, and this is expected to grow in 2024. Furthermore, ACT will increase the maximum line size across the majority of its classes from 20% to 22.5%.”
The broking giant noted that there will also be an uplift in US property catastrophe aggregate, along with additional approved leads that the placement facility is permitted to follow – enabling ACT to represent what Aon described as a “fuller indexation of risks” placed in the London Market.
“We are extremely pleased to announce the renewal and expansion of ACT,” Aon’s commercial risk solutions chief executive Joe Peiser commented. “Aon’s 2023 Global Risk Management Survey showed that the risks our clients face are becoming ever more complex and volatile.
“ACT is a critical tool in helping our clients navigate this landscape, offering certainty of coverage, speed of placement, and more efficient access to insurance capital. We are also delighted with the continued strong support from our existing and new carrier participants.”
QBE remains as the lead carrier for ACT, the ongoing performance of which is monitored by the actuarial consulting team within Aon’s strategy and technology group.
Meanwhile Peiser added: “ACT is now well established as a core differentiator for Aon as we continue to respond to client need and, while the rating environment has changed significantly since we launched ACT in 2015, the consistent demand we have seen throughout the market cycle is a powerful demonstration of its value to both clients and insurers.”
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