Aon Announces that Kevin Brooks Will Join Company as President of P&C Unit for Combined Specialty.

Business Editors

CHICAGO--(BUSINESS WIRE)--May 16, 2001

Aon Corporation (NYSE: AOC) announced today that Kevin P. Brooks will become president of the specialty property and casualty unit of Combined Specialty Corporation. Mr. Brooks was chairman, president and CEO of General Star Management Company, a surplus lines organization owned by GeneralCologne Re, where he worked for 32 years.

Patrick G. Ryan, chairman and chief executive officer of Aon Corporation, said, "Kevin brings a wealth of experience and leadership to this important growth area for our underwriting business. We are confident that he will make valuable contributions to the company."

Aon announced plans on April 20th to spin off its underwriting and warranty businesses to its shareholders to create a new holding company called Combined Specialty Corporation. Combined Specialty Corporation will be comprised of the underwriting businesses representing accident and health and disability insurance, extended warranties plus specialty property and casualty products.

Mr. Brooks will join Richard Ravin and David Cole as one of the top executives in the new company.

Aon Corporation (www.aon.com) is a holding company that is comprised of a family of insurance brokerage, consulting and insurance underwriting subsidiaries. Aon's common stock is listed on the New York, Chicago, Frankfurt and London stock exchanges.

This press release may contain certain statements relating to future results, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated, depending on a variety of factors such as general economic conditions in different countries around the world, fluctuations in global equity and fixed income markets, changes in commercial property and casualty premium rates, the competitive environment, the actual cost of resolution of contingent liabilities, the final form of the business transformation plan, the ultimate cost and timing of the implementation thereof, the actual cost savings and other benefits resulting therefrom, whether the Company ultimately implements the proposed spin-off of its underwriting operations, and the timing and terms associated therewith. 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.