NU Online News Service, July 19, 2:53 p.m. EDT
Chicago-based insurance broker Aon Corp. says it has acquired Westfield Financial Corp. and its subsidiary, the Ward Financial Group, from Ohio Farmers Insurance Co.
Ward is a provider of benchmarking and best-practices research studies for insurance companies in North America. Aon says Ward has executed more than 1,500 benchmarking initiatives for approximately 350 insurance companies throughout North America.
The firm is also known for its Ward's 50, a distinction given to the top-performing companies in property and casualty and life and health insurance.
Ward will be integrated with Aon's McLagan Partners, an Aon Hewitt company. McLagan is a consulting firm dealing with a broad range of financial-services firms.
Jeff Rieder, current president of Ward, will continue to lead the group, reporting to Michael Burke, president of McLagan Partners.
Aon says Ward's employees are expected to transition to McLagan and remain in Cincinnati at its current headquarters.
According to an Aon spokesman, Ward has approximately 16 people and about $4 million in revenue.
Terms of the transaction were not disclosed.
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