Aon and Government Agencies Reach Agreement to Permit Aon to Phase Out Contingent Commissions for Acquired Businesses
03 Giugno 2008 - 7:00PM
PR Newswire (US)
CHICAGO, June 3 /PRNewswire-FirstCall/ -- Aon Corporation
(NYSE:AOC) announced today that the five government agencies to its
2005 regulatory settlement agreement have agreed to an amendment
that will permit companies acquired by Aon to continue to accept
contingent commissions for three years following their acquisition
by Aon. Under the amendment, a company acquired by Aon will be able
to continue accepting contingent commissions on existing business
for three years while it phases out contingents and comes into line
with Aon's other business reforms. The government parties to Aon's
2005 settlement agreement are the attorneys general of New York,
Illinois and Connecticut, and the insurance departments of New York
and Illinois. (Logo:
http://www.newscom.com/cgi-bin/prnh/20041215/CGW049LOGO) "This
amendment advances the goals of transparency and compensation
reform in the insurance industry, goals that Aon strongly
supports," said David Prosperi, vice president of global public
relations with Aon Corporation. "For the last three years, brokers
that have not introduced such reforms have had an unfair advantage
in bidding to acquire other brokers, because they could assume a
continued stream of contingent commissions from the acquired
company, whereas Aon could not. This had the perverse result of
favoring brokers which still accept contingents and are not
transparent to their clients. The amendment agreed to today will
permit Aon to compete on a more level playing field when seeking to
acquire smaller brokers." About Aon Aon Corporation (NYSE:AOC) is
the leading global provider of risk management services, insurance
and reinsurance brokerage, human capital and management consulting.
Through its 36,000 colleagues 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 named the world's "best broker" by
Euromoney magazine's 2008 Insurance Survey. Aon also 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/. 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, changes in commercial property and casualty
markets and commercial premium rates that could impact revenues,
the outcome of inquiries from regulators and investigations related
to compliance with the U.S. Foreign Corrupt Practices Act and
non-U.S. anti-corruption laws, the impact of investigations brought
by U.S. state attorneys general, U.S. state insurance regulators,
U.S. federal prosecutors, U.S. federal regulators, and regulatory
authorities in the U.K. and other countries, the impact of class
actions and individual lawsuits including client class actions,
securities class actions, derivative actions, ERISA class actions,
and the cost of resolution of other contingent liabilities and loss
contingencies. 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. For
more information, contact: David Prosperi, 312-381-2485, Joe
Micucci, 312-381-4786,
http://www.newscom.com/cgi-bin/prnh/20041215/CGW049LOGO
http://photoarchive.ap.org/ DATASOURCE: Aon Corporation CONTACT:
David Prosperi, +1-312-381-2485, , or Joe Micucci, +1-312-381-4786,
, both of Aon Corporation Web site: http://www.aon.com/
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