Aon has launched a new entity in Bermuda to combine its global risk consulting service with its long-standing captive management operation on the Island.

Aon Global Risk Consulting Bermuda, which is part of Aon Insurance Managers (Bermuda) Ltd., will be headed by long-time Aon executive and risk consulting expert Laura Taylor.

Speaking with The Royal Gazette at the Bermuda Captive Conference, Ms Taylor said Aon managed around 220 Bermuda captives and saw good prospects for growth.

She said it made sense to link the risk consulting services with the captive management arm, as clients' appreciation of corporate risk broadened.

"Bermuda is the largest captive domicile and a leading reinsurance centre and we're very excited about our expansion here," Ms Taylor said.

"Our clients are looking for a more integrated approach to risk management. They are looking to build risk management into all their major decisions, such as strategic planning, mergers and acquisitions — whenever companies are making big bets.

"Some of these discussions are taking place on committees and with executives and at board level."

Rating agencies and regulators were looking more closely at how companies managed their risks, Ms Taylor added, particularly after the financial crisis had exposed many risks that had been unforeseen.

Ms Taylor, who has been with Aon since 1994 and has spent recent years on the risk consulting side of the business, will continue in her role as managing director and global enterprise risk management practice leader at Aon, as well as leading the new Bermuda entity.

Most corporations, she said, viewed their captive insurance companies as just a part of their broader risk management structure.

She said she would be spending a lot of time on the Island and that Aon would look to grow its Bermuda presence, which currently includes around 140 staff.

"Aon has operated in the Bermuda captive market for nearly 50 years, and we see potential for outstanding growth in the domicile," Ms Taylor added.

"Our expansion in Bermuda will enhance the firm's offerings and create additional opportunities for clients in the global marketplace."

Stephen Cross, chief executive officer of Aon Global Risk Consulting, said: "Corporations are looking more and more to integrate captive strategies to help manage their total cost of risk as the regulatory process is tightening worldwide.

"By connecting Aon's risk consulting services with its captive management offering, Aon has created a one-stop shop for corporations seeking traditional and innovative risk-based solutions."