NU Online News Service, July 9, 11:05 a.m. EDT
Praxis Consulting Inc. has acquired Aon Recovery Inc., a subrogation specialty business unit of Aon Global Risk Consulting, which is a subsidiary of Chicago-based insurance broker Aon Corp.
Financial terms of the transaction were not disclosed.
In a statement, Rob Ford, founder and chief executive officer of Praxis, a specialty provider of recovery and consultative services based in Muncie, Ind., called the deal a "significant step" to "enhance [Praxis'] existing suite of recovery services," "fortifying our position in the marketplace."
In a separate statement, Aon said clients would "continue to receive high-quality service and benefits" and that Praxis "has a strong track record of success in this arena," partnering with Aon to "ensure a smooth transition of service responsibility."
Founded in 1997, Praxis Consulting is a service provider specializing in subrogation benchmarking, outsourcing and closed-file reviews.
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