Ex-Aon boss negotiates cover to remove risk from games bid
Former Aon chairman Patrick Ryan, the chief organiser for Chicago’s 2016 Olympics bid, says he is “beating up” insurers and squeezing prices for covering the event, Bloomberg reports.
“I’m having a ball” negotiating with insurers, said Ryan, who remains Aon’s biggest shareholder, one year after retiring from the chairmanship. “I’m beating them up on everything.”
Taking risk out of the bid
An insurance policy would protect against the collapse of sponsorship agreements, such as a company making a seven-year commitment and then going bankrupt four years into the deal.
The policy also likely would cover cost overruns, lower- than-expected TV contracts, and operational expenses that may come in higher than anticipated.
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