A sizable number of Aon clients have accepted the Chicago-based brokerage's offer to settle claims that the firm improperly steered them to insurers who made undisclosed bonus fee arrangements.

Al Orendorff, director of public relations for Aon, said 74 percent of the $190 million, or about $140 million, is expected to be paid out to clients as per the terms of an agreement reached last March with New York Attorney General Eliot Spitzer.

Aon is still calculating the actual number of clients who have accepted. No firm figure is available because some received more than one settlement notice based on their insurance placements. Of Aon's top 1,000 clients, more than 90 percent have accepted the agreement, said Mr. Orendorff.

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.