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Member, Beacon International Group, Ltd.
CHICAGOFollowing its acquisition of Benfield Group Ltd., Chicago-based Aon Corp. has announced restructuring plans that will see as many as 700 job losses at the merged group and a new business building role at Aon for Benfield's former chief executive.
Aon announced Friday the completion of its acquisition of London-based reinsurance brokerage Benfield, now merged with Aon's reinsurance broking business to form Aon Benfield.
The merged reinsurance brokerage arm will be headed by Andrew Appel, as chief executive officer, and Michael O'Halleran, as executive chairman. The two will lead a global restructuring plan to integrate and streamline operations at Aon Benfield.
The restructuring planwhich includes some 500 to 700 job lossesare expected to result in cost savings of about $185 million over a three-year period, Aon said.
The company has also launched Aon Specialty, a $1 billion revenue unit that brings together Aon's specialty brokerage businesses with Benfield Corporate Risk under one global unit.
Grahame Chilton, Benfield's former chief executive, has been named chairman of Aon Specialty and vice chairman of Aon Group. Working directly with Greg Case, Aon's CEO and president, Mr. Chilton will also lead a five-year effort to improve growth across all areas of Aon, the brokerage said in a statement.