Aon

Aon is a global provider of risk management, insurance and reinsurance brokerage, human resources solutions, and outsourcing services. Aon is a global provider of risk management, insurance and reinsurance brokerage, human resources solutions, and outsourcing services. 

It employs over 60,000 people in 120 countries worldwide. ACIA is a unit of Aon, based in Dublin, which was set up in 2009. It is one of the first centres established in Ireland that are dedicated to data analytics and innovation. ACIA provides analytical services that identify and create innovative new products and services for the many different divisions within Aon.

1982 marked the beginning of Aon's rapid growth when the Ryan Insurance Group merged with Combined International Corporation. Despite a 27 percent increase in revenue that year, the company experienced a 19 percent drop in net earnings. The following year, in 1983, Aon's revenues continued to grow, showing an 18 percent increase, and its operating earnings jumped an impressive 47 percent.

In April 1986, Aon made a significant move by acquiring the Life Insurance Company of Virginia for a staggering $557 million. The year 1987 was crucial for the company as it introduced itself to Wall Street under a new name, Aon, derived from the Gaelic word "Oneness." In addition to the name change, Aon's founder also implemented cost-cutting measures, including staff reductions.

Continuing its expansion and diversification, Aon acquired Miller, Mason and Dickenson, an employee-benefits consulting firm, for $12 million in the summer of 1988. Later that year, it purchased Reinsurance Agency, the ninth largest reinsurance agent in the nation. In 1990, the company's founder, Patrick G. Ryan, left the board of directors and the company he had founded.

The following year, in 1991, Aon acquired Hudig-Langeveldt, a Dutch insurance broker, and expanded its holdings further by acquiring Frank B. Hall in 1992. A strategic shift occurred in 1995 when Aon decided to sell its remaining direct life insurance holdings to General Electric, shifting its focus toward consulting services. By 1996, Aon had become the largest insurance brokerage globally after its acquisition of Alexander & Alexander Services Inc. Aon's growth trajectory continued in 1997 with the purchase of The Minet Group, further solidifying its position as a leading insurance broker. With revenues of $5.8 billion and 400 offices in 80 countries, Aon was an impressive force in the industry.

Although Aon refrained from making any acquisitions in the United States in 1998, it expanded its global reach through purchases such as Gil y Carvajal, Spain's largest retail insurance broker, and the establishment of Aon Korea. Responding to industry demands, Aon announced a new fee disclosure policy in 1999 and reorganized its operations to focus on buying personal line insurance firms and integrating its acquisitions. However, the costs associated with integration significantly impacted profits that year.

Undeterred by the challenges, Aon made further acquisitions in 2000, purchasing Reliance Group's accident and health insurance business, as well as Actuarial Sciences Associates, a compensation and employee benefits consulting company. That same year, Aon played a significant role in the establishment and subsequent public offering of Endurance Specialty, a Bermuda-based underwriting operation. In 2003, Aon experienced increased revenues primarily due to rate hikes in the insurance industry.

However, in the spring of 2005, Aon faced a legal hurdle and agreed to a $190 million settlement over 30 months, without admitting any wrongdoing. As the company entered late 2007, it announced the divestiture of its underwriting business. A significant acquisition took place on 22 August 2008 when Aon acquired the London-based Benfield Group. In July 2010, Aon made another substantial move by acquiring Hewitt Associates, based in Lincolnshire, Illinois, for $4.9 billion in cash and stock.

The year 2011 saw Aon expanding its presence in South Africa by acquiring Glenrand MIB, based in Johannesburg. In October 2012, Aon announced the acquisition of OmniPoint, Inc., a Workday consulting firm. The company continued to grow in 2014 with the acquisition of National Flood Services, Inc., a prominent processor of flood insurance, from Stone river Group, L.P.

Aon's commitment to risk management led to the acquisition of Stroz Friedberg LLC, a specialized firm focusing on cybersecurity, which was completed by Aon Risk Solutions in October 2016. However, Aon made a strategic decision in February 2017 to sell its employee benefits outsourcing business to The Blackstone Group, a private equity firm, for a staggering $4.8 billion (£3.8 billion).

In June 2020, amidst the global pandemic, Aon made a noteworthy announcement, stating that it would repay its staff in full, along with an additional 5% of the withheld amount. Throughout its history, Aon has continually expanded its operations, acquired prominent companies, and adapted to industry demands, solidifying its position as a global leader in the insurance and consulting sectors.

“We are driven to empower economic and human possibility for clients, colleagues and communities around the world.” 

AON's mission statement reflects its dedication to empowering economic and human possibilities for clients, colleagues, and communities worldwide. This mission embodies the company's commitment to making a positive impact by unlocking potential, creating opportunities, and enabling growth. AON recognizes the interconnectedness of economic and human factors and strives to leverage its expertise and resources to drive empowerment on multiple levels.

"We are a leading global professional services firm providing a broad range of risk, retirement, and health solutions."

The vision statement of AON SERVICE CORPORATION highlights its position as a global leader in risk, retirement, and health solutions. AON aims to provide comprehensive professional services that cater to the diverse needs of its clients around the world. Through its broad range of services, the company aspires to help organizations manage risks, plan for retirement, and enhance the well-being of individuals and communities. AON's vision underscores its ambition to be at the forefront of its industry, delivering impactful solutions that address the complex challenges faced by its clients.

AON SERVICE CORPORATION offers a comprehensive range of products and services that cater to the diverse needs of its clients across the globe. As a leading global professional services firm, AON specializes in risk management, retirement solutions, and health-related services. Here are some key products and services provided by AON:

• Risk Management Solutions: AON offers a wide array of risk management solutions to help organizations identify, assess, and mitigate risks effectively. This includes risk consulting, risk assessment, insurance brokerage, and risk transfer solutions. AON's expertise spans various areas such as property and casualty, liability, cyber, reputation, and supply chain risks.
• Retirement Solutions: AON provides comprehensive retirement solutions to assist clients in designing and managing retirement plans for their employees. This includes services such as retirement plan consulting, investment advisory, actuarial services, employee communication, and financial wellness programs. AON helps clients navigate the complexities of retirement planning, ensuring that their employees can secure their financial future.
• Health Solutions: AON offers a range of health-related services aimed at helping clients manage employee health and well-being effectively. This includes health and benefits consulting, health risk assessments, employee wellness programs, absence management solutions, and healthcare brokerage. AON's expertise in employee health helps organizations optimize their healthcare strategies and create a healthier workforce.
• Insurance Brokerage: AON serves as an insurance broker, connecting clients with insurance providers to secure coverage for their specific needs. AON's extensive network and market knowledge enable them to negotiate favourable terms and conditions for clients in various insurance lines, including property and casualty, liability, marine, aviation, and employee benefits.
• Data and Analytics Solutions: AON leverages data and analytics capabilities to provide valuable insights to clients. This includes risk modelling, predictive analytics, claims analytics, and benchmarking services. AON's data-driven solutions enable clients to make informed decisions, optimize risk management strategies, and enhance overall business performance.
• Reinsurance Solutions: AON offers reinsurance brokerage and advisory services to help insurers manage their risk exposures. This includes reinsurance placement, risk assessment, portfolio optimization, and capital management solutions. AON's expertise in reinsurance allows insurers to mitigate risks, stabilize their financial position, and improve underwriting performance.
• Speciality Solutions: AON provides specialized solutions tailored to specific industries and sectors. This includes offerings for sectors such as energy, construction, financial services, healthcare, real estate, and technology. AON's industry-specific expertise enables clients to address unique risks and challenges they face within their respective sectors.