Aon Corp. said it has a definitive agreement to sell its discontinued AIS Management Group unit to Mercury Insurance Group, a California-based personal automobile insurance carrier, for $120 million.
The Chicago-based insurance broker said terms of the sale include $120 million cash plus a potential earn-out of up to $34.7 million payable over the two-year period following the close of the transaction.
The sale includes business transacted under the Auto Insurance Specialists Inc., PoliSeek and Aon Recreation Insurance brands. According to their Web sites, the brands are providers of personal lines insurance.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
