Aon Unifies Global Company Risk Management in Bermuda

January 25, 2007

Aon has announced a major realignment in its London and Bermuda offices that handle major corporate global risks. The world’s number 2 broker is centralizing those operations in Bermuda, and is moving a high level executives from the London office to do so.

Aon is creating a “single unified service platform,” Aon Global, which, it said, “will incorporate the Company’s former Global Large Corporate business unit, Captives Services Group, International Risk Management Group (IRMG), Risk Consulting and Risk Engineering business units among others.” Dennis Mahoney, who previously headed Aon’s London office, will assume the role of chairman for Aon Global and is relocating to Bermuda. Steve McGill will be the new unit’s CEO. He will also continue in his role as CEO, Aon Risk Services Americas, based in Chicago.

The two men are charged with formalizing “a worldwide placement organization that will drive product innovation, coordinate carrier and market relationships, further share best practices across Aon and develop enhanced broking protocols.”

“Our broking and placement capabilities are a cornerstone of client service,” stated Greg Case, Aon’s president and CEO. “Dennis’ leadership and experience are unmatched in the industry. By being in Bermuda, leading the coordination and placement of major and complex risks for the world’s largest companies, Aon can leverage his world-class broking skills on a global scale, where they can have the most significant impact on client value.”

Peter Harmer, who has headed Aon Holdings Australia as CEO for the past seven years, has been appointed to succeed Mahoney as chief executive, Aon Limited and country manager for Aon UK (which in addition to the insurance and reinsurance businesses of Aon Limited, also includes Aon Consulting UK). He will report directly to Case.

The announcement also noted that Mahoney “will continue to serve as chairman, Aon Limited to assist and ensure a successful leadership transition, and will then be succeeded by Steve McGill, who will serve as non-executive chairman, Aon Limited. In addition, Jonathan Palmer-Brown, chairman, Specialty Global Industries, has been appointed deputy chairman of Aon Limited. Both Dennis and Steve will continue to report directly to Greg Case.”

“Peter is an exceptional, results-oriented leader with an outstanding track record in Australia, where he grew business and achieved results at every stage in his career,” Case indicated. “Under Peter’s stewardship, the Aon businesses in Australia have strengthened their market position through a unified strategy and an integrated approach to developing client solutions.

“With the support of Steve, a 27-year veteran of the London marketplace, and Jonathan, also a long-standing figure in the London market, Peter and his leadership team will be able to write the next chapter for Aon in the UK, ensuring that all the company’s resources in the UK are combined and deployed to maximum effect, connection with the global network and even greater success in retail. By focusing on recruiting and retaining high quality professionals, and driving organizational flexibility and productivity, I am confident this leadership team will continue to deliver distinctive value and impact to clients every day.”

The new appointments are subject to approval by the UK Financial Services Authority.

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