"The completion of this transaction marks an important milestone in the
history of our firm and a new era of leadership for the global reinsurance
industry," said
"We will be ready for action on day one, and our entire team is totally
focused on continuing to deliver the best possible solutions for our combined
clients during these turbulent times," noted
"Since announcing our agreement, we have received strong support from
colleagues and clients alike at both Benfield and Aon. This enthusiasm is
recognition of the unparalleled set of capabilities we can now deliver as the
new
As previously announced, the Benfield business will be combined with Aon's
existing and complementary reinsurance operations, creating
-- World-class talent, including a team of more than 4,000 employees who can offer clients an integrated set of risk management products and services, including treaty and facultative reinsurance, innovative risk capital management and related advisory services; -- Enhanced scale and scope, including complementary books of business with minimal overlap in core U.S. and U.K. markets, and in developing markets targeted for growth, such as Asia, Central and Eastern Europe, Africa and Latin America; -- Industry leading analytics and modeling, an increasingly differentiating factor in the global market for reinsurance services; -- An expanded client base, comprised of the majority of insurance and reinsurance carriers globally; and -- Unparalleled market positioning, with the new Aon Benfield being the world leader in treaty, in facultative and the leading broker in capital markets transactions.
Terms of the Agreement and Final Purchase Price
Pursuant to the terms of the previously disclosed Implementation Agreement
between Aon and Benfield and the related announcement issued by Aon and
Benfield, both dated
As of the acquisition's initial announcement on
Aon Benfield Restructuring Plan
In connection with the acquisition, Aon announces a global restructuring
plan intended to integrate and streamline operations across the combined
About
About Aon
Aon Corporation 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. In 2008, Aon ranked highest on the Business Insurance ranking of the world's largest insurance brokers based on commercial retail, wholesale, reinsurance and personal lines brokerage revenues. Aon also was ranked by A.M. Best as the number one global insurance brokerage in 2007 and 2008 based on brokerage revenues, and voted best insurance intermediary, best reinsurance intermediary and best employee benefits consulting firm in 2007 and 2008 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, 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, the cost of resolution of other contingent liabilities and loss contingencies, our ability to integrate Benfield Group Limited successfully and to realize the anticipated benefits of the Benfield acquisition. Further information concerning Aon Corporation and its business, including factors that potentially could materially affect its financial results, is contained in its filings with the Securities and Exchange Commission.
Contacts Investors Scott Malchow Vice President, Investor Relations T:+1-312-381-3983 Media David Prosperi Vice President, Global Public Relations T:+1-312-381-2485
SOURCE Aon Corporation