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Aon plc is a global professional services firm headquartered in London that provides risk, retirement and health consulting. Aon has approximately offices worldwide, serving countries with 69, employees.
InAon was ranked as the largest insurance broker in the world based on revenue. Inthat company was renamed Aon, a Gaelic word meaning " one ". In JanuaryAon announced that its headquarters would be moved from Chicago to London.
Clement Stone 's mother bought a small Detroit insurance agency, and in brought her son into the business. Stone sold low-cost, low-benefit accident insurance, underwriting and issuing policies on-site. The next year he founded his world wide cooperative of certified trade brokers agency, the Combined Registry Co.
As the Great Depression began, Stone reduced his workforce and improved training. Forced by his son's respiratory illness to winter in the South, Stone moved to Arkansas world wide cooperative of certified trade brokers Texas. In he bought American Casualty Insurance Co. It was consolidated with other purchases as the Combined Insurance Co. The company continued through the s and s, continuing world wide cooperative of certified trade brokers sell health and accident policies.
In the s, Combined expanded overseas despite being hit hard by the world wide cooperative of certified trade brokers.
Inafter 10 years of stagnation under Clement Stone Jr. Ryan, the son of a Ford dealer in Wisconsin, had started his company as an auto credit insurer in Inthe company bought the insurance brokerage units of the Esmark conglomerate. Ryan focused on insurance brokering and added more upscale insurance products. He also trimmed staff and took other cost-cutting measures, and in he changed Combined's name to Aon. Inhe bought Dutch insurance broker Hudig-Langeveldt.
Inthe company sold its remaining direct life insurance holdings to General Electric to focus on consulting. Aon built a global presence through purchases. The firm made no US buys inbut doubled its employee base with purchases including Spain's largest retail insurance broker, Gil y Carvajal, and the formation of Aon Korea, the first non-Korean firm of its kind [ clarification needed ] to be licensed there.
Responding to industry demands, Aon announced its new fee disclosure policy inand the company reorganised to focus on buying personal line insurance firms and to integrate its acquisitions.
That year it bought Nikols Sedgwick Group, an Italian insurance firm, and formed RiskAttack with Zurich USa risk analysis and financial management concern aimed at technology companies. The cost of integrating its numerous purchases, however, hammered profits in Despite its troubles, in Aon bought Reliance Group's accident and health insurance business, as well as Actuarial Sciences Associates, a compensation and employee benefits consulting company.
Inthe company saw revenues increase primarily because of rate hikes in the insurance industry. Also that year, Endurance Specialty, a Bermuda-based underwriting operation that Aon helped to establish in November along with other investors, went public. The next year Aon sold most of its holdings in Endurance. In lateAon announced the divestiture of its underwriting business. With this move, the firm sold off its two major underwriting subsidiaries: The low margin and capital-intensive nature of the underwriting industry was the primary reason for the firm's decision to divest.
The acquisition amplified the firm's broking capabilities, positioning Aon one of the largest players in the reinsurance brokerage industry. Aon's New York offices were on the 92nd and 98th—th floors of the South Tower of the World Trade World wide cooperative of certified trade brokers at the time of the 11 September terrorist attack. When the North Tower was struck at 8: The evacuation of Aon's offices, ordered by Eric Eisenberg, was carried out quickly as of the estimated 1, Aon employees present at the time managed to evacuate the building before United Airlines Flight struck it twenty stories below them at 9: However, many were influenced to stay by security guards and security announcements, or did not exit the building in time.
As a result, employees of Aon were killed in the attacks, including Eisenberg and Kevin Cosgrovea vice-president of the company, who made a call to when the tower collapsed at 9: At issue was the practice of insurance companies' payments to brokers known as contingent commissions. The payments were thought to bring a conflict of interest, swaying broker decisions on behalf of carriers, rather than customers. The Authority did not find that any money had actually made world wide cooperative of certified trade brokers way to illegal organisations.
Aon said its conduct was not deliberate, adding it had since "significantly strengthened and enhanced its controls around the usage of third parties". The acquisition offers companies a new way to address retiree medical insurance commitments.
Financial terms were not disclosed. On 14 NovemberAon acquired CoCubes an online Indian World wide cooperative of certified trade brokers firm, facilitating hiring of entry level engineering graduates. Ncreating a new company called Alight Solutions. On 3 Juneit was reported that Aon had signed a four-year shirt sponsorship deal with English football giant Manchester United.
From Wikipedia, the free encyclopedia. Retrieved 7 August Retrieved 23 February Retrieved 10 May The New York Times. Retrieved 14 March Retrieved 15 March Archived from the original on 15 September Archived from the original on 25 July US Securities and Exchange Commission. Archived from the original on 22 March Archived from the original on 15 July Retrieved 24 February Retrieved 18 March Reuters 01 Sept Retrieved 5 September Retrieved 29 July Retrieved 21 April Retrieved 24 May Archived from the original on 28 March Archived from the original on 12 April Retrieved 2 January Business data for Aon: Finance Reuters SEC filings.
Major insurance and reinsurance companies. Kearney Accenture Arthur D. Management consulting Assurance services Audit Biotechnology consulting Economic consulting Financial adviser Human resource consulting Information technology consulting Performance consulting Public sector consulting Risk and strategic consulting Tax advisor Asset-based consulting.
List of management consulting firms List of IT consulting firms. Retrieved from " https: Actuarial firms Companies based in London Financial services companies established in Companies listed on the New York Stock Exchange Corporate inversions Human resource management consulting firms Insurance companies of the United Kingdom International management consulting firms Management consulting firms of the United Kingdom British brands Companies formed by merger establishments in Michigan.
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