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For immediate release
AICPA Professional Liability Insurance Program to
Award New Premium Credit to Private Companies
Practice Section (PCPS) Members
Hatboro, PA, May 12, 2010 – Aon Insurance Services, CNA and the American Institute of Certified Public Accountants (AICPA) are aligning once again to recognize the value of an important and growing segment of the AICPA, the Private Companies Practice Section (PCPS).
Beginning in May, the AICPA Professional Liability Insurance Program, in support of AICPA initiatives to promote PCPS and their firms' quality management practices, will award a new premium credit to those firms maintaining PCPS memberships. The new PCPS credit will be made available in conjunction with existing premium credits offered to qualified Program policyholders - AICPA Audit Quality Center membership, participation in risk control training, use of engagement letters, receipt of an unqualified peer review and remaining claim-free.
PCPS is a community of CPA firms committed to making practicing CPAs and their firms successful through education and advocacy. Established in 1977, PCPS was formed in response to the government's call for increased regulation of the accounting profession. For more than 30 years, PCPS has worked to improve the quality service of local and regional CPA firms through self-regulation and advocacy.
As part of this commitment to making practicing CPAs and their firms successful, the Program will award a 5% premium credit for policyholders who maintain membership in PCPS. In conjunction with this new premium credit offer, firms maintaining PCPS memberships with either the Employee Benefit Plan, or Governmental Audit Quality Center, will receive a 10% premium credit up to $400 discount per policy. Accordingly, firms maintaining memberships in PCPS and both the Employee Benefit Plan and Governmental Audit Quality Centers, will receive a premium 15% credit up to $600 discount per policy.
“The new PCPS premium credit is a way for us to recognize firms that are working on establishing higher standards in practice management,” said Jeffrey Day, Assistant Vice President, Accountants Professional Liability, CNA Specialty. “By obtaining a PCPS membership, policyholders can access a wealth of tools to help them manage their risk, enhance their services and become more competitive in today's marketplace. Moreover, they can offset their insurance premium costs.”
“The AICPA Professional Liability Insurance Program has a longstanding commitment to policyholder education,” said Ken Mackunis, President of Aon Insurance Services, the National Program Administrator for the AICPA Insurance Programs. “The purpose of PCPS, in helping practicing CPAs and their firms to be successful, is well aligned with this commitment.”
Availability of the premium credit is based on approval by each state's department of insurance, as well as underwriting guidelines. For questions regarding the PCPS credit, please contact Aon Insurance Services at (800) 221-3023.
AICPA Professional Liability Insurance Program
Established in 1967, the AICPA Professional Liability Insurance Program has a long-standing reputation for meeting the diverse insurance needs of CPAs. The Program leads the industry in serving the broadest spectrum of CPA practices - from sole practitioners to members of the Major Firms Group - and over 25,000 CPA firms are insured with the Program, making it the largest single provider of accountants professional liability insurance in the nation.
Aon Insurance Services
Aon Insurance Services (AIS) is a division of Affinity Insurance Services, Inc.; in CA, MN & OK, (CA License #0795465) Aon Insurance Services is a division of AIS Affinity Insurance Agency, Inc.; and in NY, AIS Affinity Insurance Agency.
Aon Corporation
Aon Corporation (NYSE: AOC) is the leading global provider of risk management services, insurance and reinsurance brokerage and human capital consulting. Through its more than 37,000 colleagues worldwide, Aon readily delivers distinctive client value via innovative and effective risk management and workforce productivity solutions. Aon's industry-leading global resources and technical expertise are delivered locally through more than 500 offices in more than 120 countries. Named the world's best broker by Euromoney magazine's 2008 and 2009 Insurance Survey, Aon also ranked highest on Business Insurance's listing of the world's largest insurance brokers based on commercial retail, wholesale, reinsurance and personal lines brokerage revenues in 2008. A.M. Best deemed Aon the number one insurance broker based on brokerage revenues in 2007 and 2008, and Aon was voted best insurance intermediary, best reinsurance intermediary, and best employee benefits consulting firm in 2007 and 2008 by the readers of Business Insurance. For more information on Aon, log onto http://www.aon.com
CNA
Serving businesses and professionals since 1897, CNA is the country's seventh largest commercial insurance writer and the 13th largest property and casualty company. CNA's insurance products include standard commercial lines, specialty lines, surety, marine and other property and casualty coverages. CNA's services include risk management, information services, underwriting, risk control and claims administration. For more information, please visit CNA at www.cna.com. CNA is a registered trademark of CNA Financial Corporation. Nothing contained herein guarantees a premium decrease. Premiums are based on a number of factors including areas of practice, annual revenues, the number of professionals in the firm, quality control procedures and claims history.
Forward-looking Statement and Limitations
This press release contains certain statements related to future results, or states our intentions, beliefs and expectations or predictions for the future which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from either historical or anticipated results depending on a variety of factors. Potential factors that could impact results include: general economic conditions in different countries in which we do business around the world, changes in global equity and fixed income markets that could affect the return on invested assets, fluctuations in exchange and interest rates that could influence revenue and expense, rating agency actions that could affect our ability to borrow funds, funding of our various pension plans, changes in the competitive environment, our ability to implement restructuring initiatives and other initiatives intended to yield cost savings, our ability to execute the stock repurchase program, our ability to obtain regulatory or legislative changes to permit continuous sales of our supplemental Medicare health product, changes in commercial property and casualty markets and commercial premium rates that could impact revenues, changes in revenues and earnings due to the elimination of contingent commissions, other uncertainties surrounding a new compensation model, the impact of investigations brought by state attorneys general, state insurance regulators, federal prosecutors, and federal regulators, the impact of class actions and individual lawsuits including client class actions, securities class actions, derivative actions, ERISA class actions, the impact of the analysis of practices relating to stock options, the cost of resolution of other contingent liabilities and loss contingencies, and the difference in ultimate paid claims in our underwriting companies from actuarial estimates. Further information concerning the Company and its business, including factors that potentially could materially affect the Company's financial results, is contained in the Company's filings with the Securities and Exchange Commission.
