Aon Completes $1.45B Reinsurance Deal for SCIF

Aon Corporation announced today that its global reinsurance intermediary, Aon Re Worldwide, has completed a major excess of loss reinsurance program for the State Compensation Insurance Fund of California. The transaction reinsures all losses incurred from 1980 through 1998 up to a $1.450 billion limit. Aon Re, who has served as the State Compensation Insurance Fund of California's reinsurance advisor for many years, structured and placed the transaction, which was underwritten by XL Financial Solutions Ltd. on behalf of XL Re Ltd. with significant support from ACE Bermuda Insurance Ltd. and...