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Aon PLC on Thursday said it has added earthquake and hurricane modeling for Latin America and the Caribbean to its catastrophe modeling capabilities with the acquisition of Evaluación de Riesgos Naturales, a Mexico-based risk assessment modeler.
Terms of the transaction, which has closed, were not disclosed.
ERN, founded in 1996, will join Aon’s Reinsurance Solutions business and collaborate with the Impact Forecasting team, an Aon statement said.
Keith Lawler, managing director of Aon’s Reinsurance Solutions in Latin America, will serve as CEO of the business and ERN founders Eduardo Reinoso and Mario Ordaz will join Aon as senior scientific advisers.
"ERN has approximately 30 employees who joined Aon as part of the acquisition,” said an email from a company spokesman.
Over the past decade, Latin America has seen $64.4 billion in insured losses, driven mainly by tropical hurricanes, earthquakes, droughts and flooding, the Aon statement said.