Aon Announces Formation of Aon Re Global.Business Editors CHICAGO--(BUSINESS WIRE)--Sept. 5, 2003 Aon Corporation (NYSE NYSE See: New York Stock Exchange :AOC AOC, n an acronym for the Aromatherapy Organizations Council. ) announced today the formation of Aon Re Global, the largest reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. brokerage firm in the world. Aon Re Global will effectively combine all of Aon's reinsurance operations around the world into a single, seamless, global organization, organized around its clients and focused on providing world-class products and services wherever and whenever clients require them. Aon Re Global will have offices in more than 30 countries and will bring best-in-class expertise to serve clients of all sizes from multi-billion dollar global enterprises to local companies. Aon has named a new management team to lead Aon Re Global. Paul Davies For other persons named Paul Davies, see Paul Davies (disambiguation). Paul Charles William Davies (born April 22, 1946) is a British-born, physicist, writer and broadcaster, who holds the position of College Professor at Arizona State University. , currently chairman of Aon Re Worldwide, has been named senior chairman of Aon Re Global. Dennis Mahoney has been appointed executive chairman of Aon Re Global. Michael Bungert has been appointed president, Aon Re Global and chief executive officer of Aon Re Americas. In addition, as announced separately, Clement Booth will be joining Aon as chief executive officer, Aon Re International and will also act as chief administrative officer A chief administrative officer (CAO) is responsible for administrative management of private, public or governmental corporations. The CAO is one of the highest ranking members of an organization, managing daily operations and usually reporting directly to the chief executive for Aon Re Global. Ross McKenzie, the current head of Aon Re International, will become vice chairman of Aon Re Americas, relocating to Chicago. Colin Bryan remains head of Aon Re UK and becomes vice chairman, Aon Re International. "This team, under the leadership of Dennis Mahoney and Mike Bungert, uniquely positions us to anticipate the needs of our clients and to continue to build on our role as the world's largest - and best - reinsurance broker," said Patrick G. Ryan, chairman and chief executive officer, Aon Corporation. Michael D. O'Halleran, president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Aon Corporation continued, "The world of risk is becoming ever more complex. Our clients and markets are quite rightly demanding ever more sophisticated services that must be consistently delivered where they operate. The tremendous leadership demonstrated by Paul Davies as chairman of Aon Re Worldwide over the past six years has given us a great foundation upon which we can build, transforming our operations from a global practice group to a truly singular global entity, able to provide seamless solutions across all borders to a client base with increasingly global needs." Additionally, Aon Re Global has named its Global Executive Board, composed of Messrs. Mahoney, Bungert, Davies, Booth, Bryan, McKenzie and O'Halleran who will be joined by Bryon Ehrhart (United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. ), Paul Markey (Bermuda), and Olivier du Passage (Europe). About Aon Re Global Aon Re Global, the world's largest reinsurance brokerage, provides traditional, alternative risk transfer and capital markets-based reinsurance advisory and execution services to insurers and reinsurers. Client advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal include rating agency capital modeling assistance, capital allocation and optimization services, catastrophe modeling
Devising strategies throughout the year in order to minimize tax liability, for example, by choosing a tax filing status that is most beneficial to the taxpayer. , dynamic financial analysis, and capital markets structuring and placement services. About Aon Corporation Aon Corporation (www.aon.com) is a holding company that is comprised of a family of insurance brokerage, consulting and insurance underwriting subsidiaries. This press release contains certain statements relating to future results, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 the general economic conditions in different countries around the world, fluctuations in global equity and fixed income markets, exchange rates, rating agency actions, pension funding, changes in commercial property and casualty markets and commercial premium rates, the competitive environment, the actual costs of resolution of contingent liabilities and other loss contingencies, the heightened level of potential errors and omissions errors and omissions n. short-hand for malpractice insurance which gives physicians, attorneys, architects, accountants and other professionals coverage for claims by patients and clients for alleged professional errors and omissions which amount to negligence. liability arising from placements of complex policies and sophisticated reinsurance arrangements in an insurance market in which insurer reserves are under pressure, and the timing and resolution of related insurance and reinsurance issues relating to the events of September 11, 2001. Further information concerning the Company and its business, including factors that potentially could materially affect the Company's financial results, are contained in the Company's filings with the Securities and Exchange Commission. |
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