Management Consulting

Aon Underwriting Managers (AUM) faced a significant challenge following the UK's decision to exit the EU, as they could no longer benefit from passporting and were unable to act as Coverholder for EEA risks. This posed a risk to the continuity of services for Aon clients who required coverage in the EEA. To address this issue, Aon established a UK Branch of One Underwriting B.V, Aon’s Managing General Agent (MGA) based in the Netherlands. This strategic move allowed Aon to continue providing EEA coverage by enabling One Underwriting B.V (UK Branch) to operate as an EEA Coverholder for risks presented by Aon brokers. The new structure simplifies the insurance placement process for clients domiciled in EU/EEA territories, as One Underwriting B.V (UK Branch) now manages all exposures both inside and outside the EU/EEA for these clients. For clients based outside the EU/EEA, AUM continues to manage their exposures in the same manner. Throughout the implementation of this solution, Aon maintained regular consultations with the Financial Conduct Authority and the Dutch regulator, the Authority for the Financial Markets (AFM), ensuring that all necessary authorizations and permissions were obtained. This proactive approach aligns with the guidance from the European Insurance and Occupational Pensions Authority (EIOPA), ensuring compliance and operational continuity for Aon’s clients in the evolving regulatory landscape.