Aon has been appointed to provide its new investment service for captive insurers to the Noble Insurance Company DAC, the Ireland-based captive insurer of food and beverage giant Kraft Heinz. Aon works with Goldman Sachs to deliver the service, which aims to make it simpler for captive insurers to identify and access appropriate, high-quality and yield-enhancing investments.
Noble provides insurance coverage to the Kraft Heinz Company. Coverage is provided to Kraft Heinz member 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 receive strategic advice, fund research and directed execution services from Aon’s team of investment specialists and practitioners, along with a tailored investment platform provided by Goldman Sachs.
The service, launched last year, is provided by Aon’s Global Investment practice, working alongside Aon’s Captive & Insurance Management Group (ACIM). ACIM works with captives that have more than $175 billion in assets worldwide, while the Global Investment practice advises clients on more than $3.1 trillion in assets.
“It’s great news that Kraft Heinz has added this new investment service to those that Aon already provides 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 features of this service will enhance its investment arrangements and outcomes, now and into the future. We look forward to building on this foundation; the service already has a strong pipeline of interest in both Ireland and in the other locations where we are planning to make it available in the coming months.”
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“We are excited to collaborate with Aon, and we are eager to continue the development of solutions for Aon’s captive insurance clients,” said Michael Seigel, global head of insurance and liquidity asset management at Goldman Sachs. “…We look forward to broadening our work with Aon as it continues to provide its expansive array of solutions to the captive and insurance world.”
Features of the service include:
- Tailored advice on the captive’s investment strategy
- Access to a range of Aon buy-rated funds
- Range of asset types, initially including money market funds and bond funds
- An easy-to-use web portal that allows captives to manage their assets
- Support from Aon in executing client-directed trades
- Comprehensive reporting suite
- Introduction to an investment platform provided by Goldman Sachs that already manages more than $195 billion in assets for insurance and other institutional investors.