AOC Aon Corp.

CHICAGO, May 10 /PRNewswire-FirstCall/ -- Business conditions appear to be ripe for more frequent business "turnarounds" and Aon is responding. (Logo: http://www.newscom.com/cgi-bin/prnh/20041215/CGW049LOGO ) Significant capital at the disposal of large and middle-market-oriented private equity firms and hedge funds, and more companies in crisis with available cash delaying fixing operational problems, are a recipe for increased "turnaround" activity. To that end, Aon has created a new business organization -- the Turnaround and Restructuring Practice (TARP). "'Turnaround' includes financial and operational restructuring, which may or may not include the filing for bankruptcy," said Michael Toner, managing principal of Aon's brokerage subsidiary, Aon Risk Services Americas and CEO of TARP. "Companies in turnaround are largely abandoned by the brokerage and agency community. This is ironic given that it is a time of great client need. Our new practice will specialize in serving companies in turnaround. Our staff is comprised of skilled insurance executives with a formal understanding of bankruptcy and related laws." TARP is called in for its competence in handling insurance issues so consultants and chief restructuring officers can focus on the most pressing issues. "Our objective is to build a stable risk management platform in support of the long-term recovery and success of our clients," said Toner. The national practice will be based in Boston. The initial offering will be property and casualty-oriented, but will expand over time into pension, employee retention, executive compensation and International products and services. According to Toner, TARP will follow a few guiding principals: -- Act quickly and professionally to protect cash and preserve operational alternatives -- Strike an optimal balance between critical protection and curtailed resources -- Maintain continual communications between key internal and external stakeholders, work in close partnership with turnaround professionals and chief restructuring officers -- Build a secure risk management platform for restructuring and recovery -- Leverage off of Aon's exceptional expert and global capabilities to deliver seamless cross-border solutions as needed Ted Devine, executive vice president and chief operating officer of ARS Americas said, "Mike Toner and TARP will manage engagements and mobilize the finest resources to advise and support companies in handling all crucial risk management aspects of turnaround. The new Practice fits Aon's strategic commitment to provide our clients with top-caliber professional services from a single source." 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 43,000 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 Al Orendorff 312-381-3153 http://www.aon.com/newsroom Safe Harbor Statement 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, potential regulatory or legislative changes that would affect our ability to sell, and be reimbursed at current levels for, our Sterling subsidiary's 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. 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/

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