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Innovative New Insurance Product Closes Significant Gap In Global Life And Health Protection Market

Aon Benfield, has announced the launch of an innovative new insurance product that closes a significant gap in the Life and Health global protection market.

Developed by the firm’s ReSolutions team and Aon Private Clients, the product allows ultra high net worth (UHNW) individuals residing outside of the UK to access previously unavailable high levels of life insurance cover by increasing the size and geographical scope of their life insurance limits. Through the expansion of life insurance limits, the product can be used effectively to mitigate the exposures on UHNW individuals’ UK interests – such as property. Insurance capacity for the product is being provided by the renowned Lloyd’s of London insurance market, supported by an Aon Benfield reinsurance transaction.

Demand for the product was originally identified by Aon Private Clients, which noted that life assurance options for internationally domiciled UHNW individuals were very limited. The new product offering is designed with international UHNW individuals in mind who have sizable assets and/or investments in the U.K.. It will be made available through professional intermediaries and advisers.

Andrew Matson, Managing Director within Aon Benfield ReSolutions, said, “Where UHNW international life cover had traditionally been very scarce, this new product provides a stable and long term solution to Aon clients. ReSolutions worked with Aon Private Clients to access capacity within both Lloyd’s and the reinsurance markets where large premiums and limits are commonplace. Through Aon Private Clients it was possible to identify a number of key sources of distribution, which enabled us to appraise the size of the target market and quantify insured needs.”

The UHNW life product is allowing Aon Private Clients to expand its High Net Worth (HNW) product offering and fulfill a greater range of requests from specialist advisors.

Charles Hamilton-Stubber, Chairman of Aon Private Clients, said, “We are increasingly receiving requests from specialist wealth managers and family offices requiring life Insurance for individuals in the High Net Worth life space. By working closely with our ReSolutions colleagues we can now add this product to our existing HNW suite to create a ‘concierge service’ to the ultra high net worth client, and provide an unrivalled range of solutions.”

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