Aon Group Inc. introduces Hostile Takeover Defense Insurance Product.CHICAGO--(BUSINESS WIRE)--May 16, 1996--Aon Group Inc. (Aon Group) today announced that its retail insurance brokerage and risk management consulting Noun 1. management consulting - a service industry that provides advice to those in charge of running a business service industry - an industry that provides services rather than tangible objects arm, Aon Risk Services Companies Inc. (Aon Risk Services), and its subsidiary Nicholson Leslie Group are offering a new Hostile Takeover Hostile Takeover A takeover attempt that is strongly resisted by the target firm. Notes: Hostile takeovers are usually bad news, as the employee moral of the target firm can quickly turn to animosity against the acquiring firm. Defense Insurance Product in the 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. . The new product will reimburse insured corporations for the expenses associated with the successful defense of a hostile takeover attempt or a proxy contest Proxy contest A battle for the control of a firm in which a dissident group seeks, from the firm's other shareholders, the right to vote those shareholders' shares in favor of the dissident group's slate of directors. Also called proxy fights. . Limits are available in increments of $1 million to $5 million in the aggregate, with additional capacity available subject to underwriter discretion. This product, which is underwritten by certain Lloyds underwriters, is offered exclusively through Aon Risk Services companies in the United States. Arthur F. Quern, chairman of Aon Risk Services commented, "This coverage product will service as a financial tool to preserve or enhance shareholder value in the face of a hostile takeover attempt or a proxy contest and, if the corporation's defense is successful, it will be able to collect under the terms of the policy. In view of the increasingly volatile marketplace, we believe this new coverage will meet an important need for our clients." Aon Group comprises the commercial insurance services and consulting arm of Aon Corp. The common stock of Aon Corp. is traded 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: John Roskopf 312/701-4026 |
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