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Reacting to Aon insurance brokerage’s announcement that its insurance unit is being sold, Bear Stearns dropped its earnings per share estimate for the firm, saying the loss of insurance investment income and increased expenses will cut Aon earnings.

In an analyst’s note issued last night, David Small said Bear Stearns lowered the fourth-quarter earning estimate on the Chicago-based insurance broker from 80 cents a share to 65 cents a share. The earnings per share estimate for the year was lowered from $2.93 a share to $2.77.

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