Posted on 07 Jan 2009
Aon Corp., based in Chicago, IL, and the world's largest insurance broker, announced yesterday it has completed the sale of Auto Insurance Specialists LLC to auto insurer Mercury General Corp.
Aon received $120 million in cash for all the issued and outstanding equity interests of AIS Management LLC, which is Auto Insurance Specialists' parent company. Aon may also receive up to $34.7 million over the next two years if certain performance benchmarks are met.
The transaction, which was announced in October, closed on Friday.