The chief executive of Aon said the firm decided to sell its insurance unit, Combined Insurance Company of America, after determining it could not drive the type of business it needed in order for it to be profitable.
Speaking today in New York at the Goldman Sachs Financial Services Conference, Greg Case, president and chief executive officer of the Chicago-based insurance brokerage firm, said an analysis of how to measure and grow the underwriting business caused executives to reevaluate the company's position as an underwriter.
Mr. Case said an analysis highlighted the fact that “unless we could substantially improve the core underwriting performance of our underwriting businesses, it was going to be hard for us to drive performance.”
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