| AON Corporation. | |
|---|---|
 |
|
| Type | Public (NYSE: AOC) |
| Founded | 1919, Chicago, IL |
| Headquarters | Chicago, IL, U.S. |
| Key people | Patrick G. Ryan, Chairman & CEO |
| Industry | Reinsurance & Management consulting |
| Products | Insurance, Risk management, Human resource consulting |
| Revenue |  $8,954 million USD (2006) |
| Operating income | $920 million USD (2006) |
| Net income | $720 million USD (2006) |
| Employees | 50,000 (2007) |
| Website | www.aon.com |
Aon Corporation (NYSE: AOC) is a provider of risk management services, insurance and reinsurance brokerage, human capital and management consulting, and specialty insurance underwriting. It is based in Chicago, at the Aon Center, the second tallest building in Chicago. It was created in 1982, when the Ryan Insurance Group merged with Combined International Corporation. Combined International Corporation was founded by W. Clement Stone in 1919, and Ryan Insurance Group was founded by Pat Ryan in the 1960s. The name Aon is the Gaelic term for "oneness". The company employs approximately 43,000 professionals in its 500 offices in more than 120 countries. Aon is the world's 2nd largest insurance brokerage, and largest reinsurance brokerage.[1] It is also the top captive insurance company manager, and the third largest employee benefits consultant. On November 30, 2006, Aon announced the sale of Aon Warranty Group and its worldwide operations, including Virginia Surety Company, to Onex Corporation. Aon Warranty Group is now know as The Warranty Group. Its New York offices were on floors 92 and 98-105 of the south tower of the World Trade Center at the time of the September 11, 2001 terrorist attack. As a result, 175 employees of Aon Corp. were killed in the attacks.[2] The company logo is featured for a brief moment in the motion picture "The Matrix", and in the opening credits of "Rush Hour 3". Aon Consulting Worldwide was named Business Insurance Readers ChoiceTM winner 2007 for Best Employee Benefit Consulting Firm. Aon Corp. was named Business Insurance Readers ChoiceTM winner 2007 for Best Retail Agent/Broker. In July 2007 Aon Corp. was ranked second in Business Insurance's world's largest brokers list.
Spitzer Investigation
New York Attorney General Eliot Spitzer and other state attorneys general investigated Aon and several other commercial insurance brokers' business practices in 2004 and 2005. In the spring of 2005, without acknowledging any wrongdoing, Aon agreed to a $190 million settlement payable over 30 months.[3] Aon has described the settlement as contributing significantly to a series of reforms designed to improve the commercial insurance broking industry.
References
- ^ Aon Corporation Overview (2007). Retrieved on 2007-05-15.
- ^ Siegel, Aaron. "Industry honors fallen on 9/11 anniversary", InvestmentNews, September 11, 2007.
- ^ Aon Settles Corruption Probe (March 2005). Retrieved on 2007-05-15.
