Case Named Aon CEO
NU Online News Service, April 4, 12:40 a.m. EDT?Gregory Case has been named president and chief executive officer of Chicago-based Aon Corp., effective immediately, according to a company news release.[@@]
Mr. Case will replace founding CEO Patrick Ryan, who will serve as executive chairman of the board of directors. Mr. Ryan announced last September he would give up the CEO title once a successor was found.
Aon, the world’s second largest insurance broker, agreed last month to pay $190 million to settle a bid-rigging probe in New York, Illinois and Connecticut.
The deal also resolved a suit filed by New York Attorney General Eliot Spitzer, as well as a citation issued by the New York Insurance Department, which alleged for years Aon received special payment from insurers to the detriment of clients. The payments were described as “above and beyond normal sales commissions.”
Mr. Ryan at the time issued a public statement apologizing for Aon’s conduct of making contingent agreements with carriers that created conflicts. “I deeply regret we took advantage of those conflicts,” he said.
Mr. Case most recently served as head of the financial services practice at McKinsey & Company, the strategic management consulting firm. Previously, he was in charge of the firm’s global insurance management.