London that provides risk, retirement and health entrepreneurial decision process pdf. Aon has approximately 500 offices worldwide, serving 120 countries with 50,000 employees.
In 2011, Aon was ranked as the largest insurance broker in the world based on revenue. In January 2012, Aon announced that its headquarters would be moved to London. Clement Stone’s mother bought a small Detroit insurance agency, and in 1918 brought her son into the business. Stone sold low-cost, low-benefit accident insurance, underwriting and issuing policies on-site.
Stone reduced his workforce and improved training. Forced by his son’s respiratory illness to winter in the South, Stone moved to Arkansas and Texas. The company continued through the 1950s and 1960s, continuing to sell health and accident policies. In the 1970s, Combined expanded overseas despite being hit hard by the recession. In 1982, after 10 years of stagnation under Clement Stone Jr.
Ryan, the son of a Ford dealer in Wisconsin, had started his company as an auto credit insurer in 1964. Ryan focused on insurance brokering and added more upscale insurance products. The following year, it began offering hostile takeover insurance policies to small and mid-sized companies. Aon built a global presence through purchases.
Responding to industry demands, Aon announced its new fee disclosure policy in 1999, and the company reorganised to focus on buying personal line insurance firms and to integrate its acquisitions. The cost of integrating its numerous purchases, however, hammered profits in 1999. Despite its troubles, in 2000 Aon bought Reliance Group’s accident and health insurance business, as well as Actuarial Sciences Associates, a compensation and employee benefits consulting company. In 2003, the company saw revenues increase primarily because of rate hikes in the insurance industry. Also that year, Endurance Specialty, a Bermuda-based underwriting operation that Aon helped to establish in November 2001 along with other investors, went public. The next year Aon sold most of its holdings in Endurance. In late 2007, Aon announced the divestiture of its underwriting business.