Best Takes Aon Unit Off Watch
NU Online News Service, Jan. 28, 4:18 p.m. EST? The insurance rating firm A.M. Best Company has taken Chicago-based Aon Corp. insurance underwriting services off review status and affirmed the firm's A (Excellent) financial strength rating.
Best, based in Oldwick, N.J, said it placed the underwriting segments under review, with negative implications, after Aon announced it would not spin-off the underwriting unit Combined Insurance Company.
The latest rating came, Best said, after Aon said it would not pursue a specialty property and casualty underwriting strategy and that it plans to retain ownership of its underwriting entities.
Best said its action also takes into consideration Aon's recent capital raising initiatives and the renewed focus on its warranty and accident and health businesses.
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