Aon Korea Inc. Is First Non-Korean Broker Licensed in Korea.CHICAGO--(BUSINESS WIRE)--Oct. 13, 1998--Aon Korea Inc. is the first non-Korean insurance broker to be licensed in Korea by that country's Insurance Supervisory Board Supervisory board The board of directors that represents stakeholders in the governance of the corporation. . All other foreign-owned insurance intermediaries are registered as representative offices or as insurance agents of local insurance companies. As a licensed insurance broker rather than an agent of local insurers, Aon Korea is able to provide clients with the full range of services available from Aon, the world's premier insurance brokerage and consulting organization. In addition, Aon Korea can act as a full 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. broker and as an intermediary on local reinsurance placements. In this way, Aon Korea can serve all the needs of Korean companies as well as multinational companies based in Korea. "The Korean market is substantial and rapidly changing, and we are proud and delighted that we can serve it as a fully licensed broker," says Clive Bate bate 1 tr.v. bat·ed, bat·ing, bates 1. To lessen the force or intensity of; moderate: "To his dying day he bated his breath a little when he told the story" , chairman of Aon Asia. "This license demonstrates Aon's commitment to the Asian market, where Aon was the first to establish operations in Malaysia, Singapore, Thailand, Vietnam and Korea. The Aon network in this region is second to none." With 60 professionals and staff, Aon Korea Inc. is the largest provider of insurance services to Korean companies operating overseas. Aon Corporation is a holding company that includes a family of insurance brokerage and consulting and insurance underwriting subsidiaries. Aon Corporation's common stock (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. . |
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