Patrick G. Ryan Announces Intention to Retire from Aon
19 Marzo 2008 - 11:30PM
PR Newswire (US)
CHICAGO, March 19 /PRNewswire-FirstCall/ -- Patrick G. Ryan,
founder and executive chairman of Aon Corporation, today announced
he intends to retire from Aon effective August 1, 2008. Aon is the
world's largest insurance and reinsurance intermediary, and a
global leader in human capital consulting. Ryan commented, "The
transition to a new management team under the sound leadership of
Greg Case is complete. Aon is extremely well-positioned for
continued growth and success. After 41 years as CEO and three years
as Executive Chairman, it is time to retire from active
involvement. I will of course continue to be a dedicated and
interested shareholder." Ryan, 70, founded Aon, which has its
origin in a small insurance agency he started in 1964. That agency
eventually became Ryan Insurance, a firm focused on a strategy of
providing advice, consulting services and distribution of insurance
products to the automotive industry. In 1978, Ryan Insurance
purchased the insurance brokerage subsidiaries of Esmark
Corporation, expanding into risk management solutions for
commercial and industrial clients. In 1982, following a merger with
Combined Insurance Company of America, the company acquired Rollins
Burdick Hunter, then the 7th largest insurance broker in the world.
The company continued to expand through organic growth and
acquisition, and in 1987 changed its name to Aon Corporation.
Through the late 1980s and into the 1990s the company continued its
strategy of acquisition and became a global leader in the
insurance/reinsurance brokerage and human capital consulting
fields. Today Aon operates with more than 500 offices in 120
countries generating revenues in excess of $7 billion. Gregory C.
Case, president and chief executive officer of Aon Corporation,
said, "Pat Ryan is one of the great visionaries and leaders in the
insurance industry. His vision of creating a truly global company
in the fields of risk management and human capital consulting
became a reality that serves thousands of clients around the world
every day. He has been enormously helpful to me and the senior
leadership team over the past three years, and I thank him for his
support and guidance." Andrew J. McKenna, lead director of Aon's
Board of Directors, noted, "Not only has Pat distinguished himself
through the founding and success of Aon, he and his wife Shirley
continue to take leadership roles in many civic, cultural,
educational and philanthropic endeavors. The Chicago area is a
better place to live and work because of the many contributions
they have made. On behalf of the Aon Board of Directors, we want to
thank Pat for his outstanding leadership." Ryan will continue as
chairman of the Board of Trustees of Northwestern University, and
as chairman & chief executive officer of Chicago 2016, the
effort to bring the 2016 Olympic and Paralympic games to Chicago.
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/.
http://www.newscom.com/cgi-bin/prnh/20041215/CGW049LOGO
http://photoarchive.ap.org/ DATASOURCE: Aon Corporation CONTACT:
David Prosperi of Aon Corporation, +1-312-381-2485, Web site:
http://www.aon.com/
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