Aon said today that its specialty division would detail all....
Aon said today that its specialty division would detail all of the services it provided for underwriters and would set out the remuneration received for each class of insurance business.
The move would bring greater transparency and clarity to its London market practice, the company said.
Aon said the initiative would be supported by substantial investment in its technology and working processes.
The investigations of New York attorney general Eliot Spitzer into contingent commissions in US brokerages has lead to calls for greater clarity from UK companies.
The brokerage said the marketplace was in a “transition period” that could change the way it operated.
Aon chief executive Dennis Mahoney said: “We recognise that this is the beginning of a major period of transition for the insurance market and the landscape may well look very different 12 months from now.
“In the interim we believe that this approach gives our clients and underwriters clarity on the nature and charges for our services.”
