Aon Corporation, one of the world's leading providers of risk management, insurance, and reinsurance brokerage, has a rich and diverse history spanning over a century. Founded in 1919 by Frank B. Fowle as the Insurance Agency of Frank B. Fowle, the company has undergone numerous transformations, mergers, and acquisitions to become the global giant it is today. With a strong presence in over 120 countries, Aon has established itself as a pioneer in the insurance industry, providing innovative solutions to its clients and driving growth through strategic expansions.
Early Years and Expansion (1919-1982)
The early years of Aon were marked by steady growth and expansion. In 1921, the company was renamed the Rollins Burdick Hunter Company, and by the 1950s, it had established itself as a prominent insurance agency in the Midwest. The 1960s saw the company’s first major expansion, with the acquisition of several regional insurance agencies. This period also saw the introduction of new insurance products, including reinsurance services, which would become a key area of focus for the company in the years to come.
Mergers and Acquisitions (1982-1997)
The 1980s marked a significant turning point in Aon’s history, with the company embarking on a series of strategic mergers and acquisitions. In 1982, the company merged with the Combined Insurance Company of America, and in 1987, it acquired the insurance brokerage firm of Alexander & Alexander. These acquisitions not only expanded Aon’s global reach but also diversified its service offerings, including the introduction of risk management and consulting services. The 1990s saw further expansion, with the acquisition of several regional insurance agencies and the establishment of new offices in key markets, including London and New York.
| Year | Acquisition | Location |
|---|---|---|
| 1982 | Combined Insurance Company of America | Chicago, IL |
| 1987 | Alexander & Alexander | New York, NY |
| 1995 | Minet Group | London, UK |
Modern Era (1997-Present)
In 1997, Aon acquired the insurance brokerage firm of Bain Hogg, and in 2000, it merged with the insurance company of IBJ Schroder. These acquisitions marked a significant milestone in Aon’s history, as the company became one of the largest insurance brokers in the world. The 2000s saw further expansion, with the establishment of new offices in key markets, including Asia and Latin America. In 2010, Aon acquired the insurance brokerage firm of Hewitt Associates, further diversifying its service offerings and solidifying its position as a global leader in the insurance industry.
Service Offerings and Innovation
Today, Aon offers a wide range of services, including insurance brokerage, reinsurance brokerage, risk management, and consulting services. The company has also invested heavily in innovation, with the development of new technologies and platforms to support its clients. Aon’s data analytics platform, for example, provides clients with real-time insights into their risk exposure and helps them make informed decisions about their insurance programs.
- Insurance Brokerage: Aon's insurance brokerage services provide clients with access to a wide range of insurance products, including property, casualty, and health insurance.
- Reinsurance Brokerage: Aon's reinsurance brokerage services provide clients with access to a global network of reinsurers, helping them manage their risk exposure and optimize their reinsurance programs.
- Risk Management: Aon's risk management services provide clients with a comprehensive approach to managing risk, including risk assessment, mitigation, and transfer.
What services does Aon offer?
+Aon offers a wide range of services, including insurance brokerage, reinsurance brokerage, risk management, and consulting services.
What is Aon's global presence?
+Aon has a presence in over 120 countries, with offices in key markets, including London, New York, and Chicago.
In conclusion, Aon Corporation’s history is marked by significant milestones, including strategic mergers and acquisitions, innovative service offerings, and a commitment to excellence. As a global leader in the insurance industry, Aon continues to drive growth and expansion, providing its clients with a comprehensive range of services and solutions to manage risk and optimize their insurance programs.
