Aon Re Global Acquires U.S. and U.K. Reinsurance Brokerage Business From Gallagher Re
22 Febbraio 2008 - 10:01PM
PR Newswire (US)
CHICAGO, Feb. 22 /PRNewswire-FirstCall/ -- Aon Corporation
(NYSE:AOC), the leading provider of global risk management
services, today announced that it has signed definitive agreements
to acquire substantially all of Gallagher Re's U.S. and U.K.
reinsurance brokerage business. In addition, a team of industry
professionals from Gallagher Re, based in the U.S. and U.K., will
join Aon Re Global, the world's leading reinsurance intermediary.
(Logo: http://www.newscom.com/cgi-bin/prnh/20041215/CGW049LOGO) "We
are incredibly excited to have a group of talented reinsurance
professionals with distinctive knowledge join the Aon Re Global
team. As a result of this transaction, we now will have a
significantly larger presence in the U.S. accident, health and life
markets, along with enhanced capabilities in the U.K. specialty,
casualty and financial institutions business," said Michael D.
O'Halleran, executive chairman of Aon Re Global. "Additionally,
Gallagher Re has invested significantly in index-based capital
markets solutions, which align well with our integrated capital
solutions strategy and which will add to our industry-leading Aon
Capital Markets team. We will be able to utilize our scale in
accounts, analytics, and services to drive innovation and
significantly improve margins over a larger base, delivering
immediate impact to our clients." "This acquisition further
enhances Aon Re Global's position as the number one reinsurance
intermediary and as a premier destination of choice for top
talent," said Andrew Appel, chief executive officer of Aon Re
Global. "The additional expertise, in the form of highly valued and
respected colleagues, strengthens our ability to provide clients
with distinctive value through our integrated capital solutions and
services." The definitive agreement includes an initial payment of
approximately $30 million in cash and an additional payment for
revenues generated in the 12 months following the close of the
transaction. The UK portion of the transaction will be finalized
when all regulatory requirements are met. Aon Capital Markets acted
as an advisor on the transactions. About Aon Re Global Aon Re
Global, the world's leading and most preferred reinsurance
intermediary, provides clients with integrated capital solutions
and services through a world-class network of experts in more than
35 countries. Clients are better able to differentiate and meet
their business objectives with Aon Re Global's best-in-class treaty
and facultative reinsurance placement services, capital markets
expertise, and relevant analytics and technical expertise,
including catastrophe management, actuarial, and rating agency
counsel. Aon Re Global was named best reinsurance broker in 2007
and 2006 by readers of Business Insurance, in 2007 by readers of US
Insurer and in 2006 by readers of Reinsurance. About Aon Aon
Corporation (NYSE:AOC) is the leading global provider of risk
management services, insurance and reinsurance brokerage, human
capital and management consulting, and specialty insurance
underwriting. Through its 43,000 professionals worldwide, Aon
readily delivers distinctive client value via innovative and
effective risk management and workforce productivity solutions. Our
industry-leading global resources, technical expertise and industry
knowledge are delivered locally through more than 500 offices in
more than 120 countries. Aon was ranked by A.M. Best as the number
one global insurance brokerage in 2007 based on brokerage revenues,
and voted best insurance intermediary, best reinsurance
intermediary, and best employee benefits consulting firm in 2007 by
the readers of Business Insurance. For more information on Aon, log
onto http://www.aon.com/. 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 successfully close the sales
our Combined Insurance and Sterling Life Insurance businesses, the
impact of current, pending and future regulatory and legislative
actions that affect our ability to market and sell, and be
reimbursed at current levels for, our Sterling subsidiary's
Medicare Advantage health plans, 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.
Investor Contact: Media Contact: Scott Malchow David Prosperi Vice
President, Vice President, Investor Relations Global Public
Relations 312-381-3983 312-381-2485
http://www.newscom.com/cgi-bin/prnh/20041215/CGW049LOGO
http://photoarchive.ap.org/ DATASOURCE: Aon Corporation CONTACT:
Investors, Scott Malchow, Vice President, Investor Relations,
+1-312-381-3983, or Media, David Prosperi, Vice President, Global
Public Relations, +1-312-381-2485, both of Aon Corporation Web
site: http://www.aon.com/
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