Aon has been elected to provide its new enterprise service for captive insurers to the Noble Insurance Company DAC, the Ireland-based accountable insurer of food and beverage giant Kraft Heinz. Aon struggles with Goldman Sachs to deliver the service, which aims to make it reasonable for captive insurers to identify and access appropriate, high-quality and yield-enhancing interests.
Noble gives insurance content to the Kraft Heinz Company. Coverage is given to Kraft Heinz partner firms that are domiciled in the European Union, Aon said. Noble is a wholly-owned subsidiary of HJ Heinz Ireland Holdings, which is in turn owned by Kraft Heinz.
As part of Aon’s service, Noble will earn strategic guidance, fund research and directed execution services from Aon’s team of enterprise specialists and practitioners, along with a custom investment platform given by Goldman Sachs.
The service, inaugurated last year, is provided by Aon’s Global Investment practice, helping alongside Aon’s Captive & Insurance Management Group (ACIM). ACIM works with hostages that have more than $175 billion in assets worldwide, while the Global Investment practice advises clients on more than $3.1 trillion in aid.
“It’s great news that Kraft Heinz has added this new investment assistance to those that Aon already gives to its Irish captive, Noble,” said Tim Currell, partner and head of insurance solutions at Aon’s Global Investment practice. “We are confident that the various details of this service will improve its investment arrangements and consequences, now and into the future. We look ahead to building on this institute; the service already has a strong pipeline of interest in both Ireland and in the other locales where we are scheduling to make it available in the coming months.”
“We are fascinated to collaborate with Aon, and we are anxious to continue the growth of solutions for Aon’s captive insurance clients,” said Michael Seigel, global head of security and liquidity asset management at Goldman Sachs. “…We look ahead to expanding our work with Aon as it continues to provide its vast array of solutions to the captive and insurance world.”
Features of the assistance include:
- Adapted advice on the captive’s enterprise strategy
- Access to a range of Aon buy-rated funds
- Range of asset categories, initially including money market funds and contract funds
- An easy-to-use web door that allows captives to govern their assets
- Support from Aon in executing client-directed trades
- Detailed reporting suite
- Introduction to an enterprise platform given by Goldman Sachs that already governs more than $195 billion in assets for insurance and additional institutional investors.
