Aon Plans Sale of Sheffield
By Mark E. Ruquet
NU Online News Service, Nov. 18, 10:12 a.m. EST?Chicago-based insurance broker Aon Corp. announced that it intends to sell Sheffield Insurance Corporation to Bermuda-based AXIS Specialty Ltd.
Terms of the deal for the specialty property-casualty insurance subsidiary were not disclosed. The deal is subject to regulatory approval, the broker said.
The firm also announced that Dennis B. Reding has left his position as chief executive officer of Combined Specialty, Aon's insurance arm.
Mr. Reding left his position as president and chief executive officer of Philadelphia?based ACE USA in January of this year to join Combined. At the time, Aon intended to spin-off the insurance arm into a separate company, but later this year decided not to, citing a poor investment climate.
Aon announced that David L. Cole would succeed Mr. Reding as chairman and CEO, and he would continue to run the broker's extended warranty business.
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