CHICAGO, Dec. 15 Aon Risk Services (ARS), the risk management and insurance brokerage business of Aon Corporation, today announced that it will acquire FCC Global Insurance Services, the in-house captive brokerage subsidiary of FCC. FCC Global Insurance Services is a subsidiary of Fomento De Construcciones Y Contratas, S.A.
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Financial terms of the acquisition were not disclosed. The transaction is expected to close by the end of the year. As a result, ARS will become the exclusive global insurance broker for FCC for a term of 10 years.
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"This acquisition strengthens the ARS position in both the construction and public services sectors in Europe," said Steve McGill, chairman and chief executive officer of Aon Risk Services. "FCC is a large diversified international company with a substantial and complex risk profile. Aon Risk Services is pleased to be selected as the long-term partner of FCC for the management of their risk portfolio, as well as in our ability to quickly help FCC monetize their internal captive business. Aon Risk Services is truly the partner of choice for any multinational organization with similar strategic objectives."
Rafael Esteban, chief executive officer of Aon Spain, added, "This agreement reinforces Aon Spain's preeminent position as the insurance broker with the largest capacity in providing risk management services to the construction, infrastructure and energy sectors."
FCC is the second largest construction conglomerate in Spain and the 7th largest in Europe, specializing in infrastructure, environmental and related public services. FCC is one of the leading European companies in providing related public services, operating in 54 countries with more than 94,000 colleagues worldwide. FCC specializes in infrastructure, environmental, construction, renewable energy and water managing services.
"The fast worldwide expansion of FCC Group over the last five years means that half of FCC's revenues come from overseas. Increasing premiums, risk complexity and difficulty to locally provide adequate service helped us to decide to become partners with a leading specialist such as Aon. FCC is very satisfied with this agreement and we think it is with no doubt the best option for a multinational organization like ours", said Baldomero Falcones, chairman and chief executive officer of FCC.
About Aon
Aon Corporation (NYSE: AON) is the leading global provider of risk management services, insurance and reinsurance brokerage, and human capital consulting. Through its more than 36,000 colleagues worldwide, Aon readily delivers distinctive client value via innovative and effective risk management and workforce productivity solutions. Aon's industry-leading global resources and technical expertise are delivered locally through more than 500 offices in more than 120 countries. Named the world's best broker by Euromoney magazine's 2008 and 2009 Insurance Survey, Aon also ranked highest on Business Insurance's listing of the world's largest insurance brokers based on commercial retail, wholesale, reinsurance and personal lines brokerage revenues in 2008. A.M. Best deemed Aon the number one insurance broker based on brokerage revenues in 2007 and 2008, and Aon was voted best insurance intermediary, best reinsurance intermediary and best employee benefits consulting firm in 2007, 2008 and 2009 by the readers of Business Insurance. For more information on Aon, log onto http://www.aon.com
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This press release contains certain statements related to future results, or states our intentions, beliefs and expectations or predictions for the future 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 either historical or anticipated results depending on a variety of factors. Potential factors that could impact results include: general economic conditions in different countries in which we do business around the world, changes in global equity and fixed income markets that could affect the return on invested assets, fluctuations in exchange and interest rates that could influence revenue and expense, rating agency actions that could affect our ability to borrow funds, funding of our various pension plans, changes in the competitive environment, our ability to implement restructuring initiatives and other initiatives intended to yield cost savings, changes in commercial property and casualty markets and commercial premium rates that could impact revenues, the outcome of inquiries from regulators and investigations related to compliance with the U.S. Foreign Corrupt Practices Act and non-U.S. anti-corruption laws, the impact of investigations brought by U.S. state attorneys general, U.S. state insurance regulators, U.S. federal prosecutors, U.S. federal regulators, and regulatory authorities in the U.K. and other countries, the impact of class actions and individual lawsuits including client class actions, securities class actions, derivative actions, ERISA class actions, the cost of resolution of other contingent liabilities and loss contingencies, our ability to integrate Benfield successfully and to realize the anticipated benefits of the Benfield merger. Further information concerning the Company and its business, including factors that potentially could materially affect the Company's financial results, is contained in the Company's filings with the Securities and Exchange Commission.
Contact: David Prosperi 312-381-2485 [email protected] Scott Malchow 312-381-3983 [email protected]
SOURCE Aon Corporation
