Aon Completes Bain Hogg Group Acquisition.CHICAGO--(BUSINESS WIRE)--Oct. 21, 1996--Aon Corporation (Aon) today announced that it completed another important step in building its worldwide brokerage and consulting resources by closing the acquisition of the Bain Hogg hogg castrated male sheep usually 10 to 14 months old. Also used to describe an uncastrated male pig. Group from Inchcape, plc. The Bain Hogg Group will become part of Aon's insurance services and consulting arm, Aon Group, Inc., which is the world's fastest- growing international brokerage organization. As a result of this acquisition, Aon Group is now the largest retail broker in both the UK and in the Far East. Patrick G. Ryan, chairman and chief executive officer of Aon Corporation said, "The Bain Hogg Group provides a strategic, cultural and financial fit that will benefit our clients, stockholders and the Aon organization. The talent and expertise of the Bain Hogg organization complements Aon's leadership in markets around the world and creates new opportunities to provide clients access to the interdependent in·ter·de·pen·dent adj. Mutually dependent: "Today, the mission of one institution can be accomplished only by recognizing that it lives in an interdependent world with conflicts and overlapping interests" resources within our dynamic organization. Importantly, the Bain Hogg Group owns a 40% interest in CECAR, one of the premier brokerage firms in France serving many of the largest industrial and commercial companies in Europe. "The Bain Hogg Group provides a platform for Aon's continued growth and further development in the UK and continental Europe Continental Europe, also referred to as mainland Europe or simply the Continent, is the continent of Europe, explicitly excluding European islands and, at times, peninsulas. , Asia, Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. , the Caribbean, Africa and Australia. We continue to look for quality brokerage and consulting acquisition opportunities," added Mr. Ryan. Aon acquired the Bain Hogg Group, the world's eleventh largest insurance broker, for 160 million pounds sterling (approximately $250 million). Bain Hogg reported revenues for 1995, including investment income, of approximately $350 million. The transaction closed on Friday, October 18, 1996. Aon Corporation is an insurance services holding company that comprises a family of insurance brokerage, consulting and consumer insurance companies. Aon's common stock (Symbol AOC AOC, n an acronym for the Aromatherapy Organizations Council. ) is listed on the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Chicago and London Stock Exchanges London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. . CONTACT: Aon Corporation, Chicago William J. Fasel, 312/701-3983 |
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