Posted on 07 Dec 2009
Aon Risk Services, the risk management and insurance brokerage business of Aon Corporation, today announced that it has signed a definitive agreement to acquire Allied North America, one of the largest independent surety and construction insurance brokerage firms in the United States. Financial terms of the acquisition were not disclosed. Closing is expected by year's end.
"This acquisition reinforces our leadership position in the construction sector and enables us to bring additional talent and skills to the benefit of our clients," said Steve McGill, chairman and chief executive officer of Aon Risk Services. "We very much welcome our colleagues from Allied to the firm."
"Through the increased broking capability provided by Allied North America, we are enhancing our global construction powerhouse as well as our abilities to better serve our clients and grow our business around the world," added Gregory C. Case, president and chief executive officer of Aon Corporation.
Peter Arkley, chairman and chief executive officer of Aon's global construction business and Aon Construction Services Group, noted, "Aon's acquisition of Allied North America brings together the two premier U.S. construction brokerage firms to create a specialty construction brokerage unmatched in depth of talent. The combined organization will have unprecedented leadership, market access and technical knowledge that will provide a unique asset and a tremendous opportunity for our clients."
"Pairing Allied's solid relationship with leading construction carriers, our depth in surety and risk management as well as our professional safety services with Aon's existing talent and intellectual capital enhances our collective position as the leading risk management partner to the construction industry," said Bill Marino, current chairman of Allied. Marino will assume the role of president of Aon's global construction business and vice chairman of Aon Construction Services Group, post-acquisition.
Allied's and Aon's leadership positions in their respective offices will result in a significantly broader presence in strategic construction markets. Aon Construction Services Group's operating model will allow the combined entity to serve contractors with industry-leading expertise on a local basis in every region of the United States. In addition, the ARS global network will empower the team to better serve international clients.