Aon Names Dennis B. Reding CEO of Combined Specialty Corporation; Insurance Veteran to Lead Expansion of Lines of Business, Planned Spin-off From Aon.

Business Editors

CHICAGO--(BUSINESS WIRE)--Jan. 22, 2002

Aon Corporation (NYSE: AOC) today named Dennis B. Reding, CPCU, 53, Chief Executive Officer of Combined Specialty Corporation. In his new position, Mr. Reding will assume responsibility for Aon's insurance underwriting operations and will lead the expansion of those businesses into direct property and casualty insurance and reinsurance. Mr. Reding will also be responsible for completing the spin-off of Combined Specialty Corporation from Aon, scheduled for spring of this year.

Mr. Reding, who has over thirty years of insurance industry experience, joins Aon from ACE, an global insurance and reinsurance company, where he has served in a variety of executive positions, most recently as President of ACE INA and President and CEO of ACE USA.

"We're very pleased to have Dennis joining our team as CEO of Combined Specialty," said Patrick G., Ryan, Chairman and Chief Executive Officer of Aon Corporation. "He has a wealth of management and underwriting experience, and world class leadership skills to build upon the strength of our current specialty insurance businesses and grow the property and casualty lines."

In April, 2001, Aon announced its plans to spin-off its current underwriting operations -- Combined Insurance Company of America, Virginia Surety Company, and Aon Warranty Group -- to its common stockholders as Combined Specialty Corporation. In October, 2001, Aon announced that it would be expanding its insurance underwriting business to include direct property and casualty insurance and reinsurance policies in response to clients' growing demand for insurance coverage.

Dennis B. Reding is a 1970 graduate of the State University of New York at Buffalo. He currently serves on the Board of Directors of the American Institute for Chartered Property Casualty Underwriters, the American Insurance Association, and the Insurance Information Institute.

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, and events surrounding terrorists attacks of September 11, 2001, including the timing and resolution of related insurance and reinsurance issues. 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.