Global professional services company Aon has broadened its collaboration with Moody’s Insurance Solutions, a risk data and analytics provider.  

The partnership, which initially focused on the casualty reinsurance sector, will now extend its scope to encompass commercial risk. 

The expanded alliance aims to provide insights into climate casualty and other emerging risks, as well as risk mitigation strategies for commercial insurance buyers.  

It will also develop excess casualty named-peril products to facilitate risk transfer and provide casualty protection at “appropriate pricing”. 

The partnership integrates Moody’s casualty unit technology, capable of identifying and modelling more than 300 risk perils, and Aon’s global network in the capital markets.  

Aon Reinsurance Solutions global product leader Amanda Lyons said: “Our collaboration with Moody’s is now creating products that better reflect exposures and offer more attractive pricing for both commercial risk and reinsurance.  

“This helps businesses make better decisions and supports reinsurance clients and original buyers in confidently pursuing growth strategies.” 

The tie-up aims to improve the allocation of capital to risk, aiding Aon’s clients in managing their casualty portfolios more effectively. 

Moody’s casualty market development head Robert Reville stated: “The increasingly volatile liability environment challenges the entire value chain of insurance – from the original buyers to their insurers and reinsurers.  

“In this environment, we expect named-peril products to lead to the emergence of a casualty catastrophe market. We are delighted to work with Aon to drive such innovation in the re/insurance market.” 

The partnership was initially formed in January to offer solutions in insurance and risk management with a focus on credit risk. 

Last month, Aon, a UK-based insurer, introduced the Profitable Growth Tool, aimed at helping insurers improve their performance.