NU Online News Service, Jan. 13, 11:24 a.m.EST

Aon says it plans to move its corporate headquarters to Londonto be closer to the Lloyd's market, but the move will not result inloss of any jobs in the Chicago area.

In a statement released today, the insurance broker says themove “provides greater access to emerging markets and takes betteradvantage of the strategic proximity to Lloyd's and the Londonmarket as one of the key international hubs of insurance and riskbrokerage.”

The broker says the move will also have “several near- andlong-term financial benefits, including increased financialflexibility and improved capital allocation.”

The move, which is subject to shareholder approval, is expectedto be completed during the second quarter of this year.

Aon will change its corporate domicile from Delaware to England,which requires shareholder approval. The new company is expected tobe listed on the New York Stock Exchange as AonUK.

According to filings with the Securities and ExchangeCommission, Greg Case, chief executive officer; Christa Davies, chief financial officer;Stephen P. McGill, chairman and CEO of Aon RiskSolutions; and Michael J. O'Connor, chief operating officer ofAon Risk Solutions, will be reassigned to London and compensatedfor the move along with receiving foreign service, housing, cost ofliving and relocation allowances.

As part of its plans, Chicago will continue to be headquartersof the Americas for Aon.

The company plans to move 750 jobs into the Aon Centerindowntown Chicago where it signed a letter-of-intent on a 15 yearlease.

Case calls Chicago “the foundation” for one of Aon's 'mostimportant markets” and will continue to be central to the successof the firm.

Aon adds that it expects to add another 1,000 positions acrossitsUnited Statesoperations this year “based on continued growth andinvestment opportunities.”

“The decisions we make today will help drive our global strategyand strengthen our growth opportunities in the years to come,” saysCase. “The continued investment in our international operations andemerging markets is important to the growth of our firm.”

In another SEC filing, Aon says the move toLondon will give itaccess to approximately $300 million of excess capital heldinternationally on its balance sheets. It will also benefit from“reduction in our global tax-rate over the long term” from “changesin geographical distribution of income.”

In another corporate move, Aon says it made two new appointmentsat Aon Benfield, its reinsurance brokerage arm, in its Asia Pacificdivision.

Henry To was named non-executive chairman, greater China. He hasbeen with the firm for 30 years, most recently serving as CEO ofAon Benfield, greater China.

Stephen Warwick was named CEO, greaterChinaand will report toMalcolm Steingold, CEO of Aon Benfield Asia Pacific.Warwickhas 32years experience within the reinsurance brokerage divisions of AonGroup.