BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.
To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.
To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.
Aon PLC reported double-digit revenue growth for the third quarter, but the more than $1 billion it paid in costs related to the scuttled merger with Willis Towers Watson PLC dragged the company into the red for the period.
Aon reported $2.7 billion in revenue in the third quarter, a 13% increase over the prior-year period, when revenue grew less than 1% in the economic slowdown during the COVID-19 pandemic, and up 12% on an organic basis.
In its core commercial retail insurance operations, Aon reported $1.51 billion in revenue, up 14% compared with the prior-year quarter and up 13% on an organic basis. Its reinsurance business reported $353 million in revenue, up 10% and 8% on an organic basis, which excludes the effects of acquisitions, divestitures and foreign exchange.
CEO Greg Case said on a conference call with analysts Friday that the broker recorded 9% organic growth year-to-date and expects to report mid-single-digit organic growth or greater for “the full year 2021, 2022 and over the long term.”
Operating expenses increased 80% to $3.5 billion due to $1.3 billion in charges related to the failed merger with rival Willis, which was scrapped in the face of regulatory opposition. Aon had to pay Willis a previously agreed-upon $1 billion breakup fee when the deal was terminated in July.
The company reported a loss of $891 million for the quarter compared with a $282 million profit for the same period last year.
Mr. Case noted that the company began a stock award program for all Aon staff during the quarter.
A federal judge has denied motions to dismiss a lawsuit alleging fiduciaries of the Centerra Group L.L.C.’s 401(k) plan violated the Employee Retirement Income Security Act by selecting poorly performing collective investment trusts for the plan and allowing for excessive recordkeeping fees, reports Planadvisor. After Aon Hewitt Investment Consulting was hired by Centerra’s benefits committee as the plan’s discretionary investment manager Aon Hewitt replaced 11 actively managed equity, fixed-income and target-date funds with five CITs, managed by a banking affiliate of Aon Hewitt, which plaintiffs allege created a conflict of interest.