aon global power

Global PowerAn evolving landscape of risks and opportunities

Risk. Reinsurance. Human Resources.

Aon Risk SolutionsGlobal Specialty | Power

2 Global Power: An evolving landscape of risks and opportunities

Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

Part 1: What are the industry’s greatest challenges? . . . . . . . . . . . . . . . . 5

Top ten concerns . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

Top ten future risks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

Barriers to sustainability and building resilience . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

Part 2: What solutions and tools are available? . . . . . . . . . . . . . . . . . . . 11

Building insight . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

Risk transfer management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

Project support . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

Part 3: How can theory be put into operation? . . . . . . . . . . . . . . . . . . 13

Aon in action: case studies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

Part 4: Need to find out more? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

Facts and figures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

Who can help? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

Powering innovation: Aon in action . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

Where to go for help . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

Why Aon? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

Contents

Aon Risk Solutions 3

IntroductionMoney may make the world go around. But you can’t make money, develop a business, trade internationally, grow food or advance in any way without accessible power at an affordable price. It is the bedrock of international economic development. Meeting this growing demand is a huge issue.

The industry is trying to drive towards greater efficiency while under a lot of scrutiny. The latest trends include using less and lighter raw materials, using advanced manufacturing techniques, driving down costs and improving competitiveness. Add into the mix pressure from governments, and power and infrastructure lobby groups, who have made it clear that there is a pressing need for multi-billion dollar investment in new, cleaner and improved infrastructure and generation. De-carbonising the power sector puts immediate stress on increasing energy efficiency, but it is the chosen route towards a more stable and sustainable power industry.

As active players of a multi-dimensional global economy, power companies and utilities need to understand the impact of external factors on their operations, the so-called contingent business risks, and soften the balance sheet impact of events outside the firm’s control.

While we are all united in our efforts to balance our clients’ needs with impressive returns on investment for shareholders, the industry faces many competing and changing factors, and of course these change from country to country. But what will this change look like? How can power companies and utilities develop strategies today that will enable them to reshape uncertain change into opportunity tomorrow?

Whether you operate in the field of conventional thermal power, nuclear energy or renewable energy you will face similar opportunities and threats to production growth. This booklet is designed to give you an overview of the industry’s challenges and threats, coupled with examples, resources and support to create opportunities.

In all this uncertainty, one thing is certain – there will be change. Our aim is to support you through your industry’s challenges, whether you’re looking for risk management analysis, market intelligence or insurance solutions. Ultimately, we’re here to help protect your balance sheet.

I hope you find it useful.

Denis Waerseggers, Chairman of Aon Global Power


Part 1: What are the industry’s greatest challenges?

The greatest risk:

To think that a disaster will not hit your business, especially when dealing with natural catastrophes . True risk management consists of many layers:

• Identifying potential risks;

• Accepting that it could happen to your business;

• Working out strategies to mitigate, transfer or manage the risk;

• Identifying contingent risks and repercussions, such as protecting the balance sheet .

Most organisations can identify challenges that put their business at risk . Cost cutting, efficiency targets, natural disasters and recession are just some of the major issues that keep business leaders awake at night . However, the greatest fears are not always the greatest risks . Understanding the likelihood of a risk will enable scarce resources to be used to greatest effect .

According to Aon’s Global Risk Management Survey 20151, which questioned organisations of all sizes and industry sectors from every continent, “reputation damage” was the top-ranked risk in 2015 . “Cyber risk” entered the top ten for the first time . The fragile nature of consumer trust means these two risks can be inherently linked . With the global media focussed on data privacy and hacking of secure networks, alongside the financial exposures, reputational damage is a key concern .

Risk is a factor that can never be assessed in isolation . The “failure to attract and retain top talent” and “failure to innovate” are two other top ten risks that are interconnected .

1 Source: Aon’s 2015 Global Risk Management survey was compiled from responses from more than 1,400 risk management professionals in 60 countries.


Top ten concernsLooking specifically at power and utilities, respondents of Aon’s Global Risk Management Survey were primarily concerned about the following, starting with the issues causing most concern:

Joint 1st Corporate social responsibility and sustainability: 74 percent of organisations had a risk management plan; 0 percent of surveyed organisations suffered from loss of income

Economic slowdown/slow recovery: 47 percent of organisations had a risk management plan; 79 percent of surveyed organisations suffered from loss of income

Failure to attract and retain top talent: 63 percent of organisations had a risk management plan; 5 percent of surveyed organisations suffered from loss of income

4th Environmental risk: 64 percent of organisations had a risk management plan; 5 percent of surveyed organisations suffered from loss of income

Joint 5th Political risks and uncertainties: 43 percent of organisations had a risk management plan; 35 percent of surveyed organisations suffered from loss of income

Weather and natural disasters: 57 percent of organisations had a risk management plan; 57 percent of surveyed organisations suffered from loss of income

7th Commodity price risk: 72 percent of organisations had a risk management plan; 48 percent of surveyed organisations suffered from loss of income

8th Property damage: 89 percent of organisations had a risk management plan; 46 percent of surveyed organisations suffered from loss of income

9th Damage to brand and reputation: 55 percent of organisations had a risk management plan; 3 percent of surveyed organisations suffered from loss of income

10th Business interruption: 77 percent of organisations had a risk management plan; 37 percent of surveyed organisations suffered from loss of income

Although cyber risk assessment featured in the top ten in Aon’s Global Risk Survey, it did not make the top ten within the power and utilities section . A reflection of this lack of concern is the statistic that only 39 percent of organisations have completed a formal cyber risk assessment . Only 14 percent of respondents currently have insurance to cover any cyber risks .


Top ten future risksPreparing for future risks, while planning for current ones, is a difficult task depending on how you identify risks in the first place . Only 36 percent of organisations use external resources or industry analysis preferring to rely on the experience of managers and internal risk assessments .

Based on these methods, the following future risks caused the most concern:

Joint 1st Corporate social responsibility and sustainability

Political risk and uncertainties

Weather and natural disasters

4th Commodity price risk

Economic slowdown/ slow recovery

Aging workforce and related health issues

Business interruption

8th Property damage

9th Climate change

10th Failure to innovate/ meet customer needs

Top future risks:

suffered a loss of income from weather risks

57%

suffered a loss of income from

political risks

35%

of respondents currently have

cyber insurance

14% Only

CSR/sustainability,

political risk and weather


Barriers to sustainability and building resilienceIdentifying risks and creating a risk management plan is one approach to sustainability . However, taking a look at each risk individually can throw up its own problems . Creating a sustainable and efficient industry, which will cope with growing demand for power, means several key issues need be addressed at the same time . Here are just some of the themes:

2 Source: International Energy Agency’s World Energy Investment Outline 2014 Factsheet, iea.org/media/140603_WEOinvestment_Factsheets.pdf

Legislation and regulation: The impetus to grow used to come from competitive markets . While clients’ needs are still the focus of business strategy, government policy and incentives are having greater influence on how capital is invested . This indicates a shift away from the past influences, and business strategy now needs to adapt to new regulatory issues and changing legislation . Even in countries without state-owned power companies, ministerial direction, under the pressure of diplomatic efforts, comes in the form of influence to promote the deployment of low-carbon sources of electricity . Furthermore, clarity and consistency of government policies increases pressure .

Environmental issues: The pressure to move even quicker to low-carbon energy is heightened by difficulties to access sufficient investment, coupled with efficiency issues and the need to develop a framework for the right level of return on this investment . It has been forecasted that more than 60 percent of the global power plant investments between 2014-2035 will be spent on renewable energy solutions, while fossil-fuelled plants account for almost 30 percent and nuclear for the remainder2 . This is a necessary step when faced with a new international approach to environmental issues, focused on limiting extreme weather events and potential natural disasters caused by climate change . At the 2015 Paris Climate Conference (also known as COP21), 195 countries adopted a legally binding and universal agreement on climate targets, to reduce their carbon output “as soon as possible” and to do their best to keep global warming “to well below 2°C” . With more and more information becoming available to consumers, and lobby groups, the reputational impact of this issue can be immediate and substantial, whether the topic is emissions, impact on the local environment or degradation of facilities .


Educating end users: When it comes to carbon footprints, consumers from developed nations are becoming more aware of their share of the burden of responsibility . Education, however, still needs to be a priority . By improving insulation in homes and using more energy efficient appliances, households will need to make about half of the total investment required over the period to 2035 . A large chunk of investment (40 percent) will come from businesses, through improving processes in industrial facilities and refurbishing buildings, and 11 percent will come from governments3 . There is growing awareness, fuelled by media attention, that this issue is also inherently linked to reputational risk, with consumers demanding cleaner energy .

Management of investment and operating costs: According to the International Energy Agency, global investment in the power sector increased almost two-and-a-half times from US$290 billion in 2000 to US$690 billion in 2011 . However, between 2014-2035 cumulative investment of US$16 .4 trillion is needed across the power sector – an annual average of US$740 billion per year4 . This is essential in order to meet future energy demands and make vital upgrades to infrastructure . With new investment, a necessary step towards competitiveness comes new technology, which carries its own risks . Additionally, costs will increase as organisations breach international borders into emerging markets, where new risks will have to be assessed, from political and social issues, to climate and geographical concerns .

Rising costs: Slashing budgets is the most obvious way to combat rising costs . It limits spending power, but this only helps in the short-term . If a business is unable to invest not only will it not be able to grow, it will be less able to deal with economic or other financial challenges . Strategic thinking and smart savings provide longer-term solutions . For example, while reducing annual insurance premiums is one way to reduce costs, it could end up costing a business more due to higher deductibles . In addition, if claims are rejected due to gaps in cover, this leaves the business no flexibility to cope with losses . There are also cost savings to be made if the risk of business interruption is addressed effectively .

Add to the mix the need to attract and retain key talent, cyber risks, geopolitical issues, and an aging grid and it’s not difficult to see that operating models will need to change to meet new demands5 . Successful businesses will be the ones that understand the evolution of risks in a changing economic and regulatory environment .

3 Source: International Energy Agency’s World Energy Investment Outline 2014 Factsheet, iea.org/media/140603_WEOinvestment_Factsheets.pdf4 Source: International Energy Agency’s World Energy Investment Outline 2014 Factsheet, iea.org/media/140603_WEOinvestment_Factsheets.pdf5 Source: Deloitte, deloitte.com/content/dam/Deloitte/dk/Documents/energy-resources/The-future-of-the-global-power-sector.pdf

of investment is needed across the power sector

between 2014–2035

US$16.4 trillion

of the global power plant investments between 2014–2035 will be on

renewable energy solutions

60%


In the face of these challenges, the power industry needs to develop smarter, more efficient and more sustainable strategies that address the growing environmental concerns and capital costs . Technological advances play a huge role in this approach, along with joint ventures, opportunities in new markets and diversified offerings .

Building insightAccess to big data gives an analytical insight locally, and into the industry as a whole, which means it is possible to develop a competitive edge, enabling organisations to benchmark themselves against peers . Market insight is also essential when creating risk management strategies that work . Without it, risk management is just a closed-circle approach based on educated guesses .

Choosing partners that will give knowledgeable advice and insight will help mitigate risks and save costs . By putting good loss control arrangements in place, businesses ultimately make their organisation more attractive to insurance companies, potentially increasing the risk protection and reducing costs .

Risk transfer managementApplying a thorough risk transfer system and following a robust risk allocation process can save money, which not only ensures adequate insurance cover, but guarantees value for money on insurance premiums .

The risk transfer management process would be described as follows:

1 . Risk profiling: Identify and quantify the risks;

2 . Risk understanding: Evaluate the tolerance to the risks;

3 . Risk management design: Review risk and solution identification;

4 . Risk outlay: Identify costs associated with financial and efficiency solutions .

Part 2: What solutions and tools are available?

Decisions about the type and amount of insurance cover required can only be taken by assessing and understanding the risks facing an organisation . Without it there is exposure to gaps or overlaps in the risk protection system: buying too much or too little insurance; failing to meet requirements of loan agreements; underestimating liabilities and warranties under contract; being forced to adhere to irrelevant insurance policy exclusions or prohibitive warranties . Without following a sound risk management process, projects can be delayed and derailed, with significant financial impact .

Project supportCreating a team and corporate structure that will keep production on track is not without its own risks . Add to this external relationships and collaborations, and the risks increase . However, the right partners can mean the difference between success and failure . From securing funding, through to advice on insurability and accurate benchmarking and industry insight, partners and suppliers need to be able to support businesses through the entire lifecycle .

Aon Client Promise Methodology

Deliver

DevelopReview

Discover

• Risk identification• Risk quantification

• Solution assessment

• Risk mitigation programme design

• Impact of risk strategies

• Successes and improvements

• Implement effective risk management strategies


Aon in action: case studiesInsurance isn’t just a safety net . With guidance and expertise it is a business tool that helps organisations reduce their costs, renegotiate contracts, develop talent, or operate in new markets or with new technologies .

The following Aon case studies demonstrate the positive impact produced when theory is put into action .

Part 3: How can theory be put into operation?

Getting the right supportUncertain that their current arrangements were delivering both the security and value they expected, Aon was approached by the developer of a 600MW off-shore wind farm . Aside from time constraints, there were several major challenges to overcome, including:

• Renegotiation of a debt finance agreement;

• Renegotiation of construction and supply contracts;

• Resubmission of the project to the insurance market .

Analysing the piecemeal approach adopted by another broker, current arrangements were benchmarked . This highlighted that the proposed policy was overpriced and full of gaps in cover . A holistic approach with detailed risk scenario analysis was required to deal with so many intertwined elements at once .

The result was a bespoke and comprehensive insurance programme, saving the client millions of dollars .

Groundbreaking insurance to enable important government initiativeUsing public sector money to invest in any energy initiative means that accountability and scrutiny are paramount .

Aon was approached to support a government scheme to install 53 million smart meters nationwide by 2020 . The major challenge was to satisfy the government’s need for all warranties to last at least 15 years . Insurers generally limit extended warranty coverage to five years .

By working closely with manufacturers, it was possible to support the global insurance market’s lack of knowledge by developing detailed insight into meter build quality and integrity . With insight comes understanding, and the process overcame traditional market concerns regarding the length of the warranty .

The resulting innovative and bespoke insurance solutions meant that the smart meter system could be adopted, supporting the government’s 2020 target, and delivering energy savings for customers . This is expected to be around US$8 .9 billion .

Putting people firstThe opportunities presented when expanding in developing countries are many . So too are the challenges, especially when it comes to human capital .

A global company, with 25,000 employees across Asia, approached Aon for support with a number of issues that were hampering its business . These included a lack of understanding of employee cultures, an increase in people costs, and an increase in staff dissatisfaction and turnover, all leading to a decline in productivity .

The strategy adopted was to develop a targeted and holistic approach to talent issues and risks, by gaining insight of the local employee culture and needs, together with concerns, on the ground .

As a result, the company managed to gain more control over its operations . Based on local knowledge and insight, a new holistic approach was adopted for recruitment, retention and talent management policies and procedures .

Additionally, benefit programmes were used to energise staff resulting in higher staff satisfaction, lower attrition and improved performance .


Whatever the weather

Project: Gauging production for renewable energy affected by volatile weather patterns

Risks: Unreliable production forecasting; inability to assess production costs; inability to cover losses in balance sheet

Strategy: Using data and analytics to model potential output based on weather statistics

Tactics: Engaging a specialist risk advisor to access climate data for risk analysis purposes . Using insurance to reduce the financial damage of unexpected weather patterns

Outcome: Balance sheet protection with fixed amounts payable if wind, river flow or sun radiation drop below specific triggers .

Dealing with the catastrophic risk of infrastructure failure

Project: Large hydro dam, Africa

Risks: Dam’s foundations undercut by erosion causing a vast crater . Danger of collapse . 3 .5 million lives put at risk . Countries reliant on hydropower will suffer severe energy shortage, along with restricted water for drinking and agriculture

Strategy: Strategic risk review of complex threats . Risk management plans assessed for crisis management situations

Tactics: Partnership with Institute of Risk Management South Africa to produce risk research report, evaluating risks and potential impacts of dam failure

Outcome: Project ongoing with threats now highlighted and understood .

Maximising global industry insight and capabilities to minimise costs

Project: International power generator, required a property policy limit of US$3 .3 billion

Potential capacity:

More than 40,000MW

Strategy: Using the global insurance industry’s knowledge and contacts to coordinate insurance placements across many hubs including London, Singapore, Bermuda and Dubai

Outcome: 25 percent rate reduction, incorporating an additional US$1 billion limit and with enhanced coverage .

Supporting China in new markets

Project: Chinese wind turbine manufacturer expanding outside China

Risks: Engagement with global insurance market, technology seen as prototypical, lack of operations history outside China

Strategy: Use of specialist global renewable energy insurance company to provide comprehensive risk transfer solution

Tactics: Build confidence between insurer and manufacturer through facilitated negotiations and site visits to manufacturing plant for comprehensive due diligence review

Outcome: Turbines now installed all over the world supported by the confidence of the global insurance market .


When insurance becomes tangible

Project: US-based power company with a ruptured dam releasing 1 .1 billion US gallons of coal fly ash slurry into the river and surrounding area

Risks: Clean up costs running into US$100 of millions . Concern that sudden and accidental pollution coverage excluded, under excess liability programme

Strategy: Forensic exploration and analysis of environmental liability cover for ash ponds and landfill sites

Tactics: Assessment of insurers’ appetite . Cross industry engagement . Insight into risk management, inspections, protocols and controls

Outcome: Claim settled successfully . Greater financial security . Improved risk mitigation information for underwriters enabling them to create more tailored liability cover, minimising policy gaps .

Supporting the unknown

Project: Bid for construction and operation of a US$2 billion power and water project in the Middle East

Risks: Unique project, and internationally the first of its kind . No template . Tight timescales

Strategy: Use of locally coordinated teams, with an understanding of legislation and compliance issues, along with international knowledge of best practice

Tactics: Innovative risk management and insurance programme to address comprehensive construction, marine, delay in start-up, liability and terrorism covers . Tailored relationship frameworks to ensure organisations work closely together

Outcome: Tailored solutions supported the client in their successful bid .

Managing relationship disputes to limit delay

Project: Construction of offshore wind farm

Issue: Potentially millions of dollars of losses due to abnormal bulges in high-voltage undersea cabling

Risks: Stakeholder disagreements and extended negotiations due to complex and multi-faceted claim

Strategy: Using an independent third party and specialist claims managers to develop clear claims process

Tactics: Investigation of defect, negotiations with multiple parties (supplier, contractors, insurers, energy companies)

Outcome: Breadth of coverage in policy wording successfully challenged . Interim payments amounting to US$10 millions negotiated to enable work to continue .


Part 4: Need to find out more?

6 Source: US Energy Information Administration (EIA) Nov 2013-Oct 20147 Source: International Energy Agency’s World Energy Investment Outline 2014 Factsheet, iea.org/media/140603_WEOinvestment_Factsheets.pdf8 Source: ofgem.gov.uk/publications-and-updates/infographic-promoting-sustainable-energy-future9 Source: International Energy Agency’s World Energy Investment Outline 2014 Factsheet, iea.org/media/140603_WEOinvestment_Factsheets.pdf10 Source: International Energy Agency’s World Energy Investment Outline 2014 Factsheet, iea.org/media/140603_WEOinvestment_Factsheets.pdf11 Source: Morris, Neil. 2010. The Energy Mix. Mankato, MN: Smart Apple Media.12 Source: International Energy Agency’s World Energy Investment Outline 2014 Factsheet, iea.org/media/140603_WEOinvestment_Factsheets.pdf

Facts and figures

More than US$1 .6 trillion was invested globally in 2013 in energy supply, a figure that has more than doubled in real terms since 2000, and a further US$130 billion to improve energy efficiency .7

of US electricity generation is fuelled by coal and natural gas, compared with 20 percent nuclear and 13 percent renewables .6

66%

In the UK, the electricity supply is generated by a mix of: 29 percent gas-fired turbines, 28 percent coal-fired power stations, 18 percent renewable sources, 17 percent nuclear, 6 percent net imports, 1 percent other .8

Nearly two-thirds of energy supply investment takes place in emerging economies, with the focus for investment moving beyond China to other parts of Asia plus Africa and Latin America.9

Annual capital expenditure on oil, gas and coal extraction, transportation and oil refining has more than doubled in real terms since 2000 to surpass

US$950 billionin 2013 .10

European leaders have proposed to reduce greenhouse gases by at least 40 percent compared to 1990 levels, by 2030 . They have also set a target of at least 27 percent for renewable energy and energy savings, a reflection of the COP21 commitment .

Less than half of the US$40 trillion investment in energy supply goes to meet growth in demand . Replacement of power plants and infrastructure, along with offsetting declining production from existing oil and gas fields, accounts for the largest share .12

Enough sunlight reaches the earth’s surface each minute to satisfy the world’s energy demands for an entire year .11


Who can help?A global reach, coupled with local knowledge, has enabled Aon to create one of the largest international teams of more than 200 dedicated power specialists, who focus on supporting the industry’s risk management and insurance needs . With a comprehensive knowledge of the regulatory, financial, technological, environmental and geographic aspects of global power generation, Aon has become a leader in analytics, benchmarking and risk consulting enabling it to create innovative strategies .

Powering innovation: Aon in action

Acts as broker for eight out of 10 of the world’s top power companies;

Looks after more than 300 clients globally, who generate;

• 145GW of coal (approximately equivalent to Canada’s total installed capacity)

• 135GW of gas (approximately equivalent to Brazil’s total installed capacity)

• 160GW of hydro (approximately equivalent to Germany’s total installed capacity)

• 77GW of nuclear (approximately equivalent to Mexico’s total installed capacity)

• 69GW of renewable energy (approximately equivalent to the United Arab Emirates and Saudi Arabia’s total installed capacity combined)

Helps to keep the lights on for more than 540m homes across the globe;

Places more than US$900m of transacted power premiums annually;

Aims to share its data and analytics to support clients in creating creative, integrated insurance cover and risk management solutions, to support the power sector’s bid for sustainability .


Why Aon?Focussed on supporting clients to achieve profit, growth and continuity, Aon offers a range of services to maximise performance, manage risks and protect organisations throughout a project’s lifecycle .

Where to go for help

Global Power Chairman

Denis Waerseggersdenis .waerseggers@aon .com

Strategy Development Leader

Mark Pottermark .potter@aon .co .uk

Regional Practice Leaders

United StatesMark Fishbaughmark .fishbaugh@aon .com

CanadaAllison Millerallison .miller@aon .ca

BrazilClemens Freitagclemens@aon .com

Europe, Middle East & AfricaDenis Waerseggersdenis .waerseggers@aon .com

AsiaPaul Youngpaul .young@aon .com

Australia/PacificRichard Nunnyrichard .nunny@aon .com

Power Topic Leaders

RenewablesTom Sextontom .sexton@aon .co .uk

NuclearBrian De Bruinbrian .debruin@aon .com

OperationalRussell Asherussell .ashe@aon .co .uk

Six Core Capabilities

About Aon Aon plc (NYSE:AON) is a leading global provider of risk management, insurance and reinsurance brokerage, and human resources solutions and outsourcing services. Through its more than 72,000 colleagues worldwide, Aon unites to empower results for clients in over 120 countries via innovative and effective risk and people solutions and through industry-leading global resources and technical expertise. Aon has been named repeatedly as the world’s best broker, best insurance intermediary, reinsurance intermediary, captives manager and best employee benefits consulting firm by multiple industry sources. Visit aon.com for more information on Aon and aon.com/manchesterunited to learn about Aon’s global and principle partnership with Manchester United.

© Aon plc 2016. All rights reserved.The information contained herein and the statements expressed are of a general nature and are not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information and use sources we consider reliable, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate profes-sional advice after a thorough examination of the particular situation.

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Risk. Reinsurance. Human Resources.