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CHICAGOChicago, Illinois-based insurance broker Aon Corp. said in a statement that its board of directors have increased the company's authorized share repurchase program by $1 billion to a total of $2 billion.
Through the close of trading on November 17, 2006, Aon had repurchased 23.1 million shares for $861 million under its existing $1 billion share repurchase program authorized in November 2005.
"The increased share repurchase program is an indication of the board's belief in the underlying strength of the business and is an effective use of capital to maximize long-term shareholder value," said Greg Case, Aon's president and chief executive officer.