Aon plans spinoff of insurance unit |
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Published
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Tue, 31 Jul 2007 22:15
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CHICAGO (AP) - Aon Corp. plans to spin its insurance subsidiary off to shareholders, the insurance brokerage said Tuesday.Aon is preparing to spin off its Combined Insurance Company of America unit, which underwrites accident, health and life insurance for middle-class people in the U.S., Canada, Europe and Asia.In the meantime, Chief Executive Greg Case said the company will consider bids from potential buyers.Aon hired Credit Suisse Securities LLC, Merrill Lynch & Co., and Aon Capital Markets as advisers for any potential transaction.Combined Insurance collected $1.23 billion in premiums last year, which represented most of the revenue the insurance brokerage collected from premiums.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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