NU Online News Service, Dec. 7, 2:00 p.m. EST
Chicago-based insurance broker Aon said it plans to acquire Jericho, N.Y.-based Allied North America. Financial terms were not released.
Aon described Allied as a major independent surety and construction insurance brokerage firm in business for 30 years with 14 U.S. offices and over 400 employees. According to Aon, the company reported gross revenue of $85 million in 2008.
Aon said the acquisition would result in a significantly broader presence in strategic construction markets as Aon Construction Services Group would be available in every region of the United States. The acquisition, it said, will also help the broker to better serve international clients.
"This acquisition reinforces our leadership position in the construction sector and enables us to bring additional talent and skills to the benefit of our clients," said Steve McGill, chairman and chief executive officer of Aon Risk Services.
"Through the increased broking capability provided by Allied North America, we are enhancing our global construction powerhouse as well as our abilities to better serve our clients and grow our business around the world," added Gregory C. Case, president and chief executive officer of Aon Corp.
Bill Marino, current chairman of Allied, will assume the role of president of Aon's global construction business and vice chairman of Aon Construction Services Group.
The transaction is expected to close before the end of the year.
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