Aon Explores Sale of Life of Virginia and Union Fidelity.CHICAGO--(BUSINESS WIRE)--Sept. 27, 1995--Aon Corporation (AOC AOC, n an acronym for the Aromatherapy Organizations Council. ) announced today that it will explore the sale of two domestic business units -- The Life Insurance Company of Virginia ("Life of Virginia") and Union Fidelity Life Insurance Company ("Union Fidelity"). This decision follows the completion by Aon of a study of strategic repositioning. Aon will further concentrate its operations in two global core market segments: insurance brokerage, risk management, benefits and consulting services for commercial, industrial and insurance company clients; and life, accident and health insurance and extended warranty The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. products for individual consumers, delivered through Combined Insurance Company of America and units in the Ryan Insurance Group, as controlled distribution channels. In commenting, Patrick G. Ryan, Aon's Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , said: "As the insurance industry continues to consolidate, prospective buyers of substantial quality have approached us with expressions of interest in Life of Virginia and Union Fidelity. "We believe that execution of these sales would help strengthen Aon's position, as we move forward into the next century, by enabling our company to become more sharply focused. The sales will be completed, however, only if our board is satisfied that full value is being received. Assuming that the sales are completed, we shall, of course, continue to maintain a strong presence in the life, accident and health arena, although significantly less of our capital will be devoted to these business lines. "Whatever the outcome, we will continue to support our operations consistent with our present practices and will continue to maintain the strong financial position of Aon and all of its operating units. Proceeds from sales would be utilized accordingly and in light of market conditions and opportunities then available." The Life Insurance Company of Virginia was founded more than 120 years ago and is headquartered in Richmond, Virginia Richmond IPA: [ɹɯʒmɐnɖ] is the capital of the Commonwealth of Virginia, in the United States. . It underwrites a broad range of capital accumulation Most generally, the accumulation of capital refers simply to the gathering or amassment of objects of value; the increase in wealth; or the creation of wealth. Capital can be generally defined as assets invested for profit. , life and annuity products, including variable life and annuities, universal and interest-sensitive whole life coverages, as well as individual and group term coverages. Union Fidelity, which is headquartered in Trevose, Pennsylvania Trevose is a town in Pennsylvania, which is north of and borders northeastern Philadelphia. It is adjacent to, and shares a zip code with Feasterville, PA. It is not a municipality. Trevose lies partly in the township of Bensalem and partly in the township of Lower Southampton. , underwrites life, health and accident policies, as well as medicare supplement policies. Aon has retained Lazard Freres & Co. LC and Morgan Stanley & Co. Incorporated to assist in exploration of the sales of Life of Virginia and Union Fidelity. The common stock of Aon Corporation (AOC) 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. . Aon Corporation is a holding company that comprises a family of insurance brokerage, consulting and insurance underwriting subsidiaries. CONTACT: Joan E. Steel 312/701-3016 |
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