Aon Corp. insurance brokerage said it has agreed to acquire Carpenter Moore Insurance Services Inc. from The NASDAQ OMX Group Inc. Financial terms were not disclosed.
New York-based Carpenter Moore provides executive liability risk management services with expertise in technology, pharmaceuticals, health care, durable goods, transportation, energy and financial services.
Under the terms of the agreement, Chicago-based Aon said it and NASDAQ will enter into a five-year exclusive marketing agreement that will incorporate outreach and support for NASDAQ issuers and prospective issuers in the area of liability insurance.
The two organizations also will collaborate on the development and distribution of the annual Carpenter Moore Benchmarking Survey, a survey which provides companies with valuable information about their liability insurance pricing as compared to peers in their industry.
"This acquisition gives Aon a unique asset in the executive liability risk management sector," said Michael D. Rice, National Practice Leader of Aon's Financial Services Group (FSG), in a statement.
Mr. Rice added, "Carpenter Moore brings a similar passion for delivering client value, excellent relationships with the insurance marketplace, and a strong team in the public company directors and officers liability market. Pairing the intellectual capital of our new colleagues with FSG's unmatched data-driven approach to support the diverse business goals of our clients enhances our position as the leading broker in executive liability product lines."
Ralph Semeraro, president of Carpenter Moore, said, "This transaction allows our clients to seamlessly access a broader and deeper set of products and services in executive liability and risk management. Our consultative approach to client service fits with Aon's vision, and we are also pleased to continue the strong association with NASDAQ through our marketing agreement."
When NASDAQ acquired the privately held Carpenter Moore in 2005, the San Francisco-based firm allowed the financial exchange to expand to seven offices and serve over 2,000 clients, including 12 of the NASDAQ--100 companies. It placed NASDAQ in the top 10 of brokers providing management liability insurance.
Earlier this month Woodruff-Sawyer & Co. acquired the Western region direct practice of Carpenter Moore.
This story was updated at 3:59 p.m. EDT
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