Aon Services Group Announces Acquisition of Olympic Financial Holding Corp.CHICAGO--(BW HealthWire)--Oct. 5, 1998--Aon Services Group Inc. (ASG ASG Assign ASG Allen Systems Group (Naples, FL) ASG Abu Sayyaf Group (terrorist group) ASG Associated Student Government ASG Area Support Group ASG Adaptive Services Grid ASG Assistant Secretary General ) announced completion of the acquisition of Olympic Financial Holding Corp. and its affiliated companies Affiliated Companies A situation that occurs when one company owns a minority interest (less than 50%) in another company. Also refers to companies that are related to each other in some way. Notes: An affiliated company is sometimes referred to as a subsidiary. , including Olympic Health Management Systems Inc. and Olympic Health Management Services Inc. Olympic, a national health-care consulting practice, systems administrator and managing general agency specializing in Medicare-related products for hospitals and physician groups, will become part of ASG's Aon Healthcare Alliance operation. Terms and conditions of the transaction were not disclosed. With headquarters in Bellingham, Wash., Olympic has more than 40 offices nationwide and is staffed by more than 400 employees. Olympic's president, C. Paul Gauthier Paul Gauthier is the name of:
"Over the years, Olympic has dedicated its resources to providing some of the most competitive products and services in the Medicare arena, thereby improving Medicare options for individual consumers," he added. "With our affiliation with Aon, we have access to tremendous resources that will support our introduction of expanded product lines and entry into new markets. We now have combined our unique expertise with all the advantages available to members of the world's leader in the insurance-brokerage industry." Corbette Doyle, chief executive officer of Aon Healthcare Alliance, sees the Olympic acquisition as "further solidifying so·lid·i·fy v. so·lid·i·fied, so·lid·i·fy·ing, so·lid·i·fies v.tr. 1. To make solid, compact, or hard. 2. To make strong or united. v.intr. Aon's continuing commitment to provide leading-edge products and services and to deliver revenue-enhancing initiatives to health-care providers. "Olympic is a recognized leader and pioneer in the field of supplemental Medicare products and services and is uniquely positioned to maximize the broad array of opportunities in the rapidly changing over-65 marketplace," Doyle added. Doyle cited recent amendments to the Balanced Budget Balanced budget A budget in which the income equals expenditure. See: budget. balanced budget A budget in which the expenditures incurred during a given period are matched by revenues. Act of 1997 as opening the door to additional options in Medicare managed-care plans and products. "Olympic has strongly positioned itself to offer an expanded array of products and services to both providers and patients in the Medicare community," she said. "With the inevitable maturing of the `baby boom' generation, there will be an increasing demand for these products and services." Aon Services Group is one of the world's leading providers of business insurance through its international network of brokerage and underwriting operations. It serves specialty insurance markets through health-care resources, wholesale insurance brokers, third-party administrators, and affinity group A special interest group. This is a marketing term for a group of people with similar interests. and association programs. Aon Services Group is part of Aon Corp. (Aon), 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. . |
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