Aon and State Farm Announce Agreement; New Insurance Protection Available For Policyholders.Business Editors BLOOMINGTON & CHICAGO, Ill.--(BUSINESS WIRE)--Oct. 11, 2000 Aon Corporation (NYSE NYSE See: New York Stock Exchange : AOC AOC, n an acronym for the Aromatherapy Organizations Council. ) and State Farm Mutual Automobile Insurance Company today announced an agreement under which State Farm will market commercial insurance specialty products developed and serviced by Aon. The products, which will be sold by State Farm's network of 16,000 agents, will expand State Farm's commercial insurance offerings, which now include more than one million commercial policies. Those offered initially will include coverage of professional liability; employment practices liability; directors and officers liability for small businesses and not-for-profit organizations; and errors and omissions errors and omissions n. short-hand for malpractice insurance which gives physicians, attorneys, architects, accountants and other professionals coverage for claims by patients and clients for alleged professional errors and omissions which amount to negligence. liability for service providers--including technology service businesses such as Web developers and information technology consultants. Additional products will be offered later. As part of the agreement, Aon has formed Prairie State Administrative Services, Inc., which will function as the administrative services provider on behalf of State Farm. Prairie State will operate under the license designation, "State Farm Specialty Products," which will design and administer the products. State Farm will underwrite the policies. "This agreement will give State Farm agents the opportunity to bring new insurance products to our customers," said Edward B. Rust, Jr., 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. of State Farm. "We are very pleased to begin this exciting new venture with State Farm," said Patrick G. Ryan, chairman and CEO of Aon. "State Farm's reputation for customer service, its financial strength and its strong agent network provide a unique opportunity to develop new commercial products designed to address the needs of State Farm policyholders." Marketing of the initial product offerings will begin in the Chicago metropolitan area “Chicagoland” redirects here. For for the racing venue, see Chicagoland Speedway. The Chicago metropolitan area is the metropolitan area associated with the city of Chicago in the United States. during the first quarter of 2001. The products will progressively become available nationwide. Aon Corporation (www.aon.com) is a holding company that comprises a family of insurance brokerage, consulting and underwriting subsidiaries. Aon's common stock 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, Frankfurt 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. . State Farm (statefarm.com(TM)) is the nation's largest writer of property-casualty insurance products, and State Farm Bank provides deposit and loan services. State Farm has more than 81,000 employees 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. and Canada. This press release may contain certain statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc future results, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 and the actual cost of resolution of contingent liabilities. 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 |
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