|Type||Public limited company
S&P 500 Component
|Traded as||NYSE: AON|
|Founder(s)||W. Clement Stone|
|Headquarters||London, United Kingdom|
|Key people||Gregory C. Case
(President and CEO)
Lester B. Knight
|Revenue||US$ 11.5 billion (2012)|
|Operating income||US$ 1.59 billion (2012)|
|Net income||US$ 993 million (2012)|
|Total assets||US$ 30.49 billion (2012)|
|Total equity||US$ 7.81 billion (2012)|
Aon plc is a British multinational corporation headquartered in London, United Kingdom, that provides risk management, insurance and reinsurance brokerage, human resource solutions and outsourcing services. Aon has approximately 500 offices worldwide, serving 120 countries with 65,000 employees.
In 2011, Aon was ranked as the largest insurance broker in the world based on revenue. Aon has been the principal partner and global shirt sponsor of the Premier League team Manchester United F.C. since 2010. 
In January 2012, Aon announced that its headquarters would be moved to London. 
Corporate overview 
Aon is a global professional services firm that advises clients on the topics of risk and people. The company is a provider of risk management, insurance and reinsurance brokerage, human resource solutions and outsourcing services.
Aon is divided into three business units that each specialize in a particular line of business. The firm's risk management business, Aon Risk Solutions provides retail property/casualty, liability, and other insurance products for groups and businesses, as well as risk management services. Its reinsurance business, Aon Benfield, specializes in reinsurance brokerage and capital advisory. The firm's human resource solutions business, Aon Hewitt, provides consulting and outsourcing services to clients.
|This section does not cite any references or sources. (November 2008)|
W. Clement Stone's mother bought a small Detroit insurance agency, and in 1918 brought her son into the business. Mr. Stone sold low-cost, low-benefit accident insurance, underwriting and issuing policies on-site. The next year he founded his own 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 and Texas. In 1939 he bought American Casualty Insurance Co. of Dallas, Texas. It was consolidated with other purchases as the Combined Insurance Co. of America in 1947. The company continued through the 1950s and 1960s, continuing to sell health and accident policies. In the 1970s Combined expanded overseas despite being hit hard by the recession.
In 1982, after 10 years of stagnation under Clement Stone Jr., the elder Stone, then 79, resumed control until the completion of a merger with Ryan Insurance Co. allowed him to transfer control to Patrick Ryan. Ryan, the son of a Ford dealer in Wisconsin, had started his company as an auto credit insurer in 1964. In 1976, the 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 1987 he changed Combined's name to Aon. In 1992, he bought Dutch insurance broker Hudig-Langeveldt. In 1995, the company sold its remaining direct life insurance holdings to focus on consulting. The following year it began offering hostile takeover insurance policies to small and midsized companies.
Aon built a global presence through purchases. In 1997 it bought The Minet Group, as well as insurance brokerage Alexander & Alexander Services, Inc. in a deal that made Aon (temporarily) the largest insurance broker worldwide. The firm made no U.S. buys in 1998, but 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 in 1999, and the company reorganized 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 U.S.), a risk analysis and financial management concern aimed at technology companies. The cost of integrating its numerous purchases, however, hammered profits in 1999.
Despite its troubles, in 2000 Aon bought Reliance Group's accident and health insurance business, as well as Actuarial Sciences Associates, a compensation and employee benefits consulting company. Later in that year, however, the company decided to cut 6% of its workforce as part of a restructuring effort. In 2003, the 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 2001 along with other investors, went public. The next year Aon sold most of its holdings in Endurance.
In late 2007, Aon announced the divestiture of its underwriting business. With this move, the firm sold off its two major underwriting subsidiaries: Combined Insurance Company of America (acquired by ACE Limited for $2.4 billion) and Sterling Life Insurance Company (purchased by Munich Re Group for $352 million). The low margin and capital intensive nature of the underwriting industry was the primary reason for the firm's decision to divest. Upon completion of the move, Aon turned its attention to expanding its broking and consulting capabilities.
This growth strategy manifested in November 2008 when Aon announced it had acquired reinsurance intermediary and capital advisor Benfield Group Limited for $1.75 billion. The acquisition amplified the firm's broking capabilites, positioning Aon one of the largest players in the reinsurance brokerage industry.
In 2010, Aon made its most significant acquisition to date with the purchase of Lincolnshire, Illinois based Hewitt Associates for $4.9 billion. Aside from drastically boosting Aon's human resources consulting capacity and entering the firm into the business process outsourcing industry, the move added 23,000 colleagues and more than $3 billion in revenue.
September 11 attack 
Aon's New York offices were on the 92nd and 98th–105th floors of the South Tower of the World Trade Center at the time of the September 11, 2001 terrorist attack. When the North Tower was struck at 8:46 a.m., many executives began evacuating their employees from the upper floors of the South Tower. The evacuation of Aon's offices, ordered by Eric Eisenberg, was carried out quickly as 925 of the 1,100 Aon employees present at the time managed to evacuate the building before United Airlines Flight 175 struck it twenty stories below them at 9:03 a.m.
However, many were influenced to stay by security guards and security announcements, or did not exit the building in time. As a result, 176 employees of Aon were killed in the attacks, including Eisenberg and Kevin Cosgrove, a vice president of the company, who made a call to 911 when the tower collapsed.
Spitzer investigation 
In 2004–2005 Aon, along with other brokers including Marsh & McLennan and Willis, fell under regulatory investigation under New York Attorney General Eliot Spitzer and other state attorneys general. 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. In the spring of 2005, without acknowledging any wrongdoing, Aon agreed to a $190 million settlement, payable over 30 months.
UK regulatory breach 
In January 2009, Aon was fined £5.25 million in the UK by the Financial Services Authority who stated that the fine related to the company's inadequate bribery and corruption controls, claiming that between January 14, 2005 and September 30, 2007 Aon had failed to properly assess the risks involved in its dealings with overseas firms and individuals. The Authority did not find that any money had actually made its way to illegal organisations. Aon qualified for a 30% discount on the fine as a result of its cooperation with the investigation. Aon said its conduct was not deliberate, adding it had since "significantly strengthened and enhanced its controls around the usage of third parties".
US Foreign Corrupt Practices Act violations 
In December 2011, Aon Corporation paid a $16.26 million penalty to the US Securities and Exchange Commission (SEC) and the US Department of Justice (DOJ) for violations of the US Foreign Corrupt Practices Act (FCPA). According to the SEC, Aon’s subsidiaries made improper payments of over $3.6 million to government officials and third party facilitators in Costa Rica, Egypt, Vietnam, Indonesia, the United Arab Emirates, Myanmar and Bangladesh, between 1983 and 2007, in order to obtain and retain insurance contracts.
On April 7, 2011, Aon announced that it had acquired Johannesburg, South Africa based Genrand MIB. Financial terms were not disclosed.
On July 19, 2011, Aon announced that it bought Westfield Financial Corp., the owner of insurance-industry consulting firm Ward Financial Group, from Ohio Farmers Insurance Co. Financial terms were not disclosed.
Manchester United 
On June 3, 2009, it was reported that Aon had signed a four year shirt sponsorship deal with English football giant Manchester United. On June 1, 2010, Aon replaced American insurance company AIG as the principal sponsor of the club. The Aon logo is prominently displayed on the front of the club's shirts.
The deal is said to be worth £80 million over four years, replacing United's deal with AIG as the most lucrative shirt deal in history at the time, but it was later equalled when Standard Chartered Bank agreed a deal with Liverpool FC to pay £20 million a year over the same period.
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