1. Aon revealed another restructuring program
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No stranger to restructuring projects over the past 15 years, Aon PLC announced in October another major initiative, in an effort to trim 4% from its annual costs.
The latest program, which includes job cuts and technology investments, follows a previous program that was completed in 2021, and that followed several other restructuring efforts over the prior dozen years.
The brokerage will incur about $900 million in costs related to the latest program, but once it is completed the company expects to see $350 million in annual savings.
The story detailing the restructuring at Aon was the most-read risk management-related story on the Business Insurance website in 2023.
The brokerage had already made several senior managerial changes in 2023, including in May naming new leadership for its risk capital and human capital operations, restructuring its U.K. reinsurance leadership in July and making senior appointments in its main commercial insurance brokerage unit in August.
In November, Aon combined its United Kingdom and Europe, Middle East and Africa operations under Julie Page as part of its latest restructuring.
In December, the brokerage announced another major development with the proposed acquisition of NFP Corp., which will significantly expand its mid-market business.
