AOC Aon Corp.

CHICAGO, Oct. 24 /PRNewswire-FirstCall/ -- One of the world's great engineering marvels is getting an extreme makeover -- with Aon as a key strategic partner. (Logo: http://www.newscom.com/cgi-bin/prnh/20041215/CGW049LOGO ) This past Sunday Panamanians overwhelmingly endorsed a plan for a $5 billion modernization of the 90-year-old Panama Canal. Chicago-based Aon is the insurance broker and risk management consultant for the Panama Canal Authority. The overhaul of the 50-mile long canal is scheduled to begin next year and projected to double the canal's capacity by adding a third set of locks that are 40 percent longer and 60 percent wider than the ones currently in use. The makeover is scheduled to be completed in 2014. Over the past century, cargo ships have nearly tripled in size, making many of these vessels too large to navigate the canal's locks. These ships must then sail completely around South America to reach the Pacific Ocean. Expanding the canal will save the shipping industry considerable time and transportation costs, while generating significant revenues for Panama. "The Panama Canal Authority has involved Aon in the planning process for this expansion," says Paul Bitner, Managing Director of Aon's Global Large Corporation segment in Latin America. "We were asked to help assess the risks that could put the completion of the project in jeopardy. Our relationship with the Panama Canal Authority has evolved from placement of insurance to a trusted partner and strategic risk adviser." About Aon Aon Corporation (NYSE:AOC) ( http://www.aon.com/ ) is a leading provider of risk management services, insurance and reinsurance brokerage, human capital and management consulting, and specialty insurance underwriting. There are 46,000 employees working in Aon's 500 offices in more than 120 countries. Backed by broad resources, industry knowledge and technical expertise, Aon professionals help a wide range of clients develop effective risk management and workforce productivity solutions. For more information, contact: Al Orendorff, +1.312.381.3153, 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 consummate the pending sale of the Aon Warranty Group, 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, and ERISA class actions, 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. http://www.newscom.com/cgi-bin/prnh/20041215/CGW049LOGO http://photoarchive.ap.org/ DATASOURCE: Aon Corporation CONTACT: Al Orendorff of Aon Corporation, +1-312-381-3153, Web site: http://www.aon.com/

Copyright