Aon
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| Aon | |
|---|---|
| Name | Aon plc |
| Type | Public |
| Industry | Insurance, Reinsurance, Human resources, Risk management |
| Founded | 1982 (as Aon Corporation, predecessor firms date to 1919) |
| Headquarters | London, United Kingdom; Chicago, Illinois, United States |
| Key people | Greg Case (former CEO), Jim Kavanaugh (CEO) |
| Revenue | US$14.1 billion (2023) |
| Num employees | ~50,000 (2023) |
| Website | aon.com |
Aon
Aon is a global professional services firm providing insurance brokerage, reinsurance, risk management, human resources consulting, and retirement solutions. The company operates across multiple regions including North America, Europe, Asia Pacific, Latin America, and Middle East and Africa, serving clients ranging from multinational corporations to public institutions. Aon's activities intersect with major actors such as Marsh McLennan, Willis Towers Watson, Zurich Insurance Group, Allianz, and AXA in the global insurance and financial services sectors.
History
Aon's origins trace to early 20th-century firms that evolved through mergers and rebrandings involving entities like Ryan Insurance Group and Skandia. The modern corporate form emerged in the late 20th century amid consolidation in the insurance brokerage industry, alongside contemporaries Marsh & McLennan and Willis Group. Notable corporate events include public listings on the New York Stock Exchange and strategic expansions during periods of deregulatory change in the United Kingdom and United States financial markets. In the 21st century Aon pursued growth through acquisitions that reshaped the competitive landscape alongside deals involving Benfield Group, Towers Watson merger attempts, and engagement with regulators such as the Competition and Markets Authority and the U.S. Department of Justice.
Business operations
Aon organizes operations into regional and functional business units covering Commercial Risk, Reinsurance Solutions, Retirement Solutions, and Health Solutions. The firm competes with other intermediaries like Arthur J. Gallagher & Co., Brown & Brown, Inc., and Lockton Companies while interacting with carriers including Lloyd's of London, Munich Re, Swiss Re, Berkshire Hathaway, and Chubb Limited. Aon's client base spans sectors such as energy, aviation, healthcare, technology, and financial institutions including relationships with entities like ExxonMobil, Delta Air Lines, Pfizer, and Deutsche Bank.
Services and products
Aon provides brokerage services for property insurance, casualty insurance, cyber insurance, marine insurance, and professional liability; reinsurance placement and advisory for programs involving catastrophe modeling and retrocession; and human capital consulting covering talent management, benefits administration, actuarial consulting, and pension plan design. The firm develops analytical and data products integrating platforms and vendors such as ISO, AIR Worldwide, RiskMetrics Group, Moody's Analytics, and S&P Global to support underwriting, risk transfer, and loss mitigation. Aon also markets captive management, insurance-linked securities underwriting support, and employee well-being programs used by multinational employers and public pension plans like CalPERS.
Corporate governance and leadership
Corporate governance at Aon has involved boards and executives with backgrounds in firms and institutions including Goldman Sachs, Morgan Stanley, General Electric, Procter & Gamble, and McKinsey & Company. Past and present chief executives and directors have engaged with regulatory and standards bodies such as the Financial Conduct Authority, the International Accounting Standards Board, and the Securities and Exchange Commission. Leadership transitions have attracted attention from investors including BlackRock, Vanguard Group, and State Street Corporation and were subject to scrutiny during major transactions and strategic reviews involving investment banks like J.P. Morgan Chase and Bank of America Merrill Lynch.
Financial performance
Aon's financial metrics—revenue, operating income, and assets under administration—are reported quarterly and annually to markets on the New York Stock Exchange and reflected in indices such as the S&P 500 and FTSE 100. Revenue drivers include brokerage commissions, consulting fees, and recurring premiums; counterparties include reinsurers like Hannover Re and PartnerRe. Financial performance has been influenced by macro events including Global Financial Crisis (2007–2008), major catastrophe seasons affecting Hurricane Katrina-style losses, and regulatory changes such as Solvency II and tax reforms in the United States.
Controversies and legal issues
Aon has faced regulatory investigations, class-action litigation, and disputes over brokerage practices and fee disclosures involving firms affected by probes from the U.S. Department of Justice, the U.K. Financial Conduct Authority, and class-action suits in federal courts such as the United States District Court for the Southern District of New York. High-profile controversies have touched on bid-rigging allegations in placement markets, adviser conflicts of interest scrutinized alongside firms like Marsh & McLennan and Willis Towers Watson, and data security incidents prompting engagement with agencies including the European Data Protection Board and U.S. Federal Trade Commission. Settlement agreements and compliance programs have involved external monitors, compliance firms, and governance reforms influenced by shareholder activists such as Elliott Management.