CHICAGO, March 19 Patrick G. Ryan, founder andexecutive chairman of Aon Corporation, today announced he intends to retirefrom Aon effective August 1, 2008. Aon is the world's largest insurance andreinsurance intermediary, and a global leader in human capital consulting.
Ryan commented, "The transition to a new management team under the soundleadership of Greg Case is complete. Aon is extremely well-positioned forcontinued growth and success. After 41 years as CEO and three years asExecutive Chairman, it is time to retire from active involvement. I will ofcourse continue to be a dedicated and interested shareholder."
Ryan, 70, founded Aon, which has its origin in a small insurance agency hestarted in 1964. That agency eventually became Ryan Insurance, a firm focusedon a strategy of providing advice, consulting services and distribution ofinsurance products to the automotive industry.
In 1978, Ryan Insurance purchased the insurance brokerage subsidiaries ofEsmark Corporation, expanding into risk management solutions for commercialand industrial clients. In 1982, following a merger with Combined InsuranceCompany of America, the company acquired Rollins Burdick Hunter, then the 7thlargest insurance broker in the world. The company continued to expandthrough organic growth and acquisition, and in 1987 changed its name to AonCorporation. Through the late 1980s and into the 1990s the company continuedits strategy of acquisition and became a global leader in theinsurance/reinsurance brokerage and human capital consulting fields. TodayAon operates with more than 500 offices in 120 countries generating revenuesin excess of $7 billion.
Gregory C. Case, president and chief executive officer of Aon Corporation,said, "Pat Ryan is one of the great visionaries and leaders in the insuranceindustry. His vision of creating a truly global company in the fields of riskmanagement and human capital consulting became a reality that serves thousandsof clients around the world every day. He has been enormously helpful to meand the senior leadership team over the past three years, and I thank him forhis support and guidance."
Andrew J. McKenna, lead director of Aon's Board of Directors, noted, "Notonly has Pat distinguished himself through the founding and success of Aon, heand his wife Shirley continue to take leadership roles in many civic,cultural, educational and philanthropic endeavors. The Chicago area is abetter place to live and work because of the many contributions they havemade. On behalf of the Aon Board of Directors, we want to thank Pat for hisoutstanding leadership."
Ryan will continue as chairman of the Board of Trustees of NorthwesternUniversity, and as chairman & chief executive officer of Chicago 2016, theeffort to bring the 2016 Olympic and Paralympic games to Chicago.
Aon Corporation (NYSE: AOC) is the leading global provider of riskmanagement services, insurance and reinsurance brokerage, human capital andmanagement consulting, and specialty insurance underwriting. Through its43,000 professionals worldwide, Aon readily delivers distinctive client valuevia innovative and effective risk management and workforce productivitysolutions. Our industry-leading global resources, technical expertise andindustry knowledge are delivered locally through more than 500 offices in morethan 120 countries. Aon was ranked by A.M. Best as the number one globalinsurance brokerage in 2007 based on brokerage revenues, and voted bestinsurance intermediary, best reinsurance intermediary, and best employeebenefits consulting firm in 2007 by the readers of Business Insurance. Formore information on Aon, log onto http://www.aon.com.
SOURCE Aon Corporation