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Aon Welcomes Announcement of Provisional Authorisation by Financial Services Authority
UK's leading insurance broker receives its 'Minded to Authorise' letter from the FSA

 

London – 11 November 2004 –  Aon Limited has announced that it has today received its ‘Minded to Authorise’ letter from the Financial Services Authority (FSA). The formal announcement marks a significant milestone for the company as the insurance broking industry moves to full FSA regulation from 14 January 2005.

Commenting on the announcement, Dennis Mahoney, Chairman and Chief Executive Officer of Aon Limited, said: “I am delighted that we have received our ‘Minded to Authorise’ letter from the FSA.

“We began the process some two and a half years ago, of positioning our business in anticipation of regulation by the FSA. Since then we have invested significantly in adapting our business processes, systems and employee training programmes. While we have had a team of up to forty people working full time on the FSA project, everybody within Aon Limited has taken full responsibility and is playing their part. I would like to pay tribute to everyone involved.

“Aon’s core values are based upon providing the best possible service for our clients and we share the FSA’s objectives, particularly the need to treat customers fairly. The review of our business, initiated as part of our drive to achieve FSA regulation, has enabled us to continue to structure our services around our clients and, by acting as their advocate at all times, delivering to them the best of what Aon and the industry can deliver.

“As we look ahead into 2005, I believe that Aon is uniquely placed to build on our past and current success as the UK’s leading insurance broking and consulting organisation. FSA regulation is good for our clients, ourselves and our industry; we welcome it and we look forward to continuing to help our clients successfully manage the evermore complex risks their businesses face.”

Notes to Editors

About Aon


Aon Limited is the UK arm of Aon Corporation. Aon Corporation (www.aon.com) is a leading provider of risk management services, insurance and reinsurance brokerage, human capital and management consulting, and specialty insurance underwriting. The company employs approximately 51,000 professionals in its 600 offices in more than 120 countries.  Backed by broad resources, industry knowledge and technical expertise, Aon professionals help a wide range of clients develop effective risk management and workforce productivity solutions.

This press release contains certain statements relating to future results, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995.  These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from either historical or anticipated results, depending on a variety of factors.  Potential factors that could impact results include the general economic conditions in different countries around the world, fluctuations in global equity and fixed income markets, exchange rates, rating agency actions, resolution of regulatory issues, including those related to compensation arrangements with underwriters, pension funding, ultimate paid claims may be different from actuarial estimates and actuarial estimates may change over time, changes in commercial property and casualty markets and commercial premium rates, the competitive environment, the actual costs of resolution of contingent liabilities and other loss contingencies, and the heightened level of potential errors and omissions liability arising from placements of complex policies and sophisticated reinsurance arrangements in an insurance market in which insurer reserves are under pressure.  Further information concerning the Company and its business, including factors that potentially could materially affect the Company’s financial results, is contained in the Company’s filings with the Securities and Exchange Commission.

 

 

Aon Limited is authorised and regulated by the Financial Services Authority in respect of insurance mediation activities only.

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