Tánaiste and Minister for Enterprise, Trade and Employment, Ms. Mary Coughlan, T.D., today (Tuesday, 9th December 2008) announced that Aon Corporation is to establish a new Global Centre of Excellence in Dublin.  The investment is expected to create approximately 100 highly skilled jobs, with the support of the Government through IDA Ireland.  The Centre will drive key business initiatives central to Aon’s global corporate strategy.

Aon is the world’s leading global provider of risk management services, insurance and reinsurance brokerage, and human capital consulting.  In Ireland, Aon has been creating value for clients in retail brokerage since 1920, and also serves employee benefit and captive management businesses.

Aon’s Global Centre of Excellence will provide advanced research and development technology, enabling the firm to drive product, process and business model innovation across several disciplines.  The Centre will systematically aggregate information from around the world using sophisticated mathematical and analytical techniques, which Aon will translate into real-time insights and innovative insurance products and risk solutions tailored to client’s needs.

Making today’s announcement the Tánaiste said: “Establishment of this Global Centre of Excellence by Aon represents a very significant step-up in the corporation’s R&D capabilities and in the importance of its Irish operation.  It also represents another significant win for Ireland in the face of considerable competition from international locations and is representative of the Government’s strategy to secure investments that deepen and enhance the mandate of financial services companies in Ireland.

“Today’s investment will further enhance Aon’s market leading position in Ireland and increase its ability to drive key strategic initiatives on a global basis.  The project, a first for the brokerage industry, will develop a competitive advantage for Aon that could potentially transform the industry.  Commercially, the investment is significant for Aon in Ireland as it will now innovate and develop new global products and processes,” concluded Ms. Coughlan.

In a world where risk is becoming increasingly complex and dynamic, Aon believes the Global Centre of Excellence provides the firm with a critical competency that will give it a significant competitive edge. Stephen Cross, Chief Executive Officer of Aon Global Risk Consulting, said “Ireland will become a focal point for global innovation within Aon and we expect the Centre to grow rapidly as new, innovative initiatives are researched and developed into further business opportunities. With this new Centre in place, we can look forward to a steady stream of innovative new products to be used throughout Aon’s global business,” he said. 

Mr. Cross said despite significant competition from other countries around the world, Aon Corporation had chosen Ireland as a base for its new Centre of Excellence for a number of reasons, including the strength of its existing Irish operation.

“Ireland was attractive to us, not only because of its geographical position, time zone, and availability of a well-educated workforce, but because we were able to leverage an already attractive business with a strong portfolio and an established track record in the market here,” he concluded. 

(This press release is available on the Departments website at www.entemp.ie)
ENDS\ETE1988

Notes for Editors:
Aon Corporation (NYSE: AOC) is the leading global provider of risk management services, insurance and reinsurance brokerage and human capital consulting services.   Through its 36,000 colleagues worldwide, Aon readily delivers distinctive client value via innovative and effective risk management and workforce productivity solutions. Our industry-leading global resources, technical expertise and industry knowledge are delivered locally through more than 500 offices in more than 120 countries. Aon was named the world’s best broker by Euromoney magazine’s 2008 Insurance Survey.  In 2008 Aon ranked highest on the Business Insurance ranking of the world’s largest insurance brokers based on commercial, retail, wholesale, reinsurance and personal lines brokerage revenues.  Aon was also ranked by A.M. Best as the number one insurance broker based on brokerage revenues in 2007 and 2008 and was voted best insurance intermediary, best reinsurance intermediary and best employee benefits consulting firm in 2007 and 2008 by the readers of Business Insurance. In Ireland, Aon’s activities are focussed on the domestic Irish market in the Retail and Employee Benefit sectors as well as its internationally focussed Captive Management business  employing approximately 460 people in total located in Dublin, Limerick, Cork, Mullingar and Belfast.  Sign up to receive Aon news alerts by email or RSS feed at: http://aon.mediaroom.com/index.php?s=58

For all Aon enquiries relating to recruitment, services etc. please contact:
Juris Grinbergs, Third Floor, The Metropolitan Building, James Joyce Street, Dublin 1. Tel: 01 266 6000

For media and PR, please contact:

Aon:  Debbie O’Brien,  01 6690159/ 085 280 5079

IDA Ireland: Trevor Holmes, Head of Communications   01 6034023/087 2425560  

Department of Enterprise, Trade and Employment: Press Office Tel: 01- 6312200