The broker said it would accept all forms of compensation “where appropriate”
Aon, the world’s biggest insurance broker, said that it would resume accepting various forms of remuneration—including contingent commissions.
The US based broker said it would accept all forms of compensation “where appropriate”.
Steve McGill, chairman and chief executive officer of Aon Risk Solutions, said in a statement: “We have conducted a great deal of research around broker compensation across the globe with a focus on serving the needs of our clients and competing on a level playing field in the marketplace.
“As a result, we have decided to accept various forms of compensation available, which may include supplemental and/or contingent commissions in the geographies and client segments globally where appropriate and legally permissible,” he continued.
The announcement sets out Aon’s position on contingents after officials in the US appeared to lift a five year ban on the big brokers (Aon, Marsh and Willis) accepting such payments.
Willis chief executive Joe Plumeri has been outspoken on his position that contingents should be stricken from the commercial insurance broker business model. In an interview with StrategicRISK he outlined his position.
Aon is retreating to a troublesome and ambiguous position said Willis in a statement.