Aon Risk Services, the risk management and insurance brokerage business of Aon Corporation, today announced that it has signed a definitive agreement to acquire Allied North America, one of the largest independent surety and construction insurance brokerage firms in the United States. Financial terms of the acquisition were not disclosed. Closing is expected by year-end.
“This acquisition reinforces our leadership position in the construction sector and enables us to bring additional talent and skills to the benefit of our clients,” said Steve McGill, chairman and chief executive officer of Aon Risk Services. “We very much welcome our colleagues from Allied to the firm.”
“Through the increased broking capability provided by Allied North America, we are enhancing our global construction powerhouse as well as our abilities to better serve our clients and grow our business around the world,” added Gregory C. Case, president and chief executive officer of Aon Corporation.
Peter Arkley, chairman and chief executive officer of Aon’s global construction business and Aon Construction Services Group, noted, “Aon’s acquisition of Allied North America brings together the two premier U.S. construction brokerage firms to create a specialty construction brokerage unmatched in depth of talent. The combined organization will have unprecedented leadership, market access and technical knowledge that will provide a unique asset and a tremendous opportunity for our clients.”
“Pairing Allied’s solid relationship with leading construction carriers, our depth in surety and risk management as well as our professional safety services with Aon’s existing talent and intellectual capital enhances our collective position as the leading risk management partner to the construction industry,” said Bill Marino, current chairman of Allied. Marino will assume the role of president of Aon’s global construction business and vice chairman of Aon Construction Services Group, post-acquisition.
Allied and Aon’s leadership positions in their respective offices, result in a significantly broader presence in strategic construction markets. Also, Aon’s national footprint and Aon Construction Services Group’s operating model will allow the combined team to locally serve contractors with industry leading expertise in each region of the United States. In addition, the ARS global network and alignment will allow the combined
entity to better serve international clients.
For more information on the partnership and to access Aon Analytic’s Construction Industry Report, visit http://www.aon.com/partnership.
About Aon
Aon Corporation (NYSE:AON) is the leading global provider of risk management services, insurance and reinsurance brokerage, and human capital consulting. Through its more than 36,000 colleagues worldwide, Aon readily delivers distinctive client value via innovative and effective risk management and workforce productivity solutions. Aon’s industry-leading global resources and technical expertise are delivered locally through more than 500 offices in more than 120 countries. Named the world’s best broker by Euromoney magazine’s 2008 and 2009 Insurance Survey, Aon also ranked highest on Business Insurance’s listing of the world’s largest insurance brokers based on commercial retail, wholesale, reinsurance and personal lines brokerage revenues in 2008. A.M. Best deemed Aon the number one insurance broker based on brokerage revenues in 2007 and 2008, and Aon was voted best insurance intermediary, best reinsurance intermediary and best employee benefits consulting firm in 2007, 2008 and 2009 by the readers of Business Insurance. For more information on Aon, log onto http://www.aon.com