Aon Broker John Minor Recognized as a 2022 Finance Power Broker
John Minor, Political Risk Practice Leader, Aon
A banking group, with branches in the U.S. and Europe, was seeking risk mitigation tools to address a high concentration of credit exposure within its existing portfolio of corporate and sovereign bonds. The goal: reduce the capital provision requirement under the relevant banking regulations.
The solution, developed by John Minor, in partnership with his colleagues, was a credit insurance policy written to meet the specific requirements of a credit risk mitigant under the capital regulations requirements governing the bank.
The outcome: reduced capital requirements on risk-weighted assets.
For as simple as this approach may sound, forming a syndicate to bring this risk solution to fruition was no easy feat. Bonds representing high concentrations of credit exposure presented just one of several obstacles that had to be overcome to develop market support for the program.
Minor worked closely with the bank’s team to customize coverage parameters that met the bank’s specific requirements. After undergoing an extensive marketing effort, he identified insurers willing and able to provide the insurance required.
Careful attention was given to policy language to ensure it would be accepted by regulators as a valid credit risk mitigant. After an extensive review, the policy wording was submitted to regulators and approved. By crafting an essentially new credit risk mitigation tool for the bank, Minor was able to support the bank in achieving its goal.
What is a Power Broker?
A Risk & Insurance Power Broker® is an individual who stands out among their peers for the exceptional client work they delivered over the past year. While brokers play many key roles in the insurance industry and risk profession, a Power Broker® award recognizes problem solving, customer service and industry knowledge.
Our goal is to broadly recognize and promote outstanding risk management and customer service among the brokerage community.
Who selects the winners?
Power Brokers are selected by risk managers based on the strength of the testimonials they provide to a team of 15 Risk & Insurance editors and writers.