Global insurance and reinsurance broker Aon is to retire the long-used Aon Benfield and Aon Risk Solutions brand, as it looks to consolidate its service offering under a simplified, single brand as Aon.
The move will put reinsurance broking and risk solutions arm all under the Aon name, giving a simpler, single brand name for clients and prospects to look out for.
Along with the retiring of the older brands, two senior executives are to take on new roles, with Eric Andersen, Chief Executive Officer of Aon Benfield the reinsurance broking arm, and Michael O’Connor, Chief Executive Officer of Aon Risk Solutions the corporate and commercial broking unit, both being appointed as Co-Presidents of Aon.
The pair will continue to report to Aon’s Chief Executive Officer, Greg Case, in the new roles. Additionally, Aon will create an integrated global Operating Committee, co-led by Andersen and O’Connor.
The re-organisation, management changes and retirement of the two brands is a move that Aon said would, “Increase the rate of innovation across the firm and make it easier for colleagues to work together to bring the best of Aon to clients.”
Aon CEO Greg Case explained, “Aon’s evolution into a leading global professional services firm has been driven by the tireless efforts of colleagues to work across our portfolio to deliver the best advice and solutions to clients. This announcement recognizes those efforts and takes steps to remove structural barriers so that we can innovate new sources of value and realize the full potential of our firm.
“The appointment of Mike and Eric as co-presidents reflects the enormous contributions that they have made to the ongoing success of our firm. Both have proven track records and have played critical leadership roles across Aon, ensuring that they understand the breadth of our capabilities and how to bring them together to best serve our clients.”
“I’ve worked side-by-side with Mike for the better part of a decade and am excited by the opportunity to continue that partnership in this new role,” commented Eric Andersen. “As much success as Aon has enjoyed, I believe that we have only just begun to realize our potential. By working together more closely, we can create more value for clients and exciting new opportunities for colleagues.”
Mike O’Connor said, “I look forward to taking on this broader role and am energized by the idea of doing so with Eric. Our new global operating committee has an opportunity to further unite the business in a way that makes the whole of Aon greater than the sum of its parts. In doing so, we can bring our best to clients and deliver on the full potential of our integrated firm.”
Case continued, “By almost any measure, Aon has never been stronger or better positioned in the marketplace. That strength comes from the depth of our senior leadership team. I’m grateful to them for their support of these decisions and for agreeing to take on additional responsibilities. Our other exceptional solution line leaders, Cary Grace, CEO of Retirement Solutions, and John Zern, CEO of Health Solutions, as well as our Chief Operations Officer, John Bruno, will each add substantially to their remit.”
“Cary Grace will now be responsible for Global M&A Integration in addition to her global leadership of Retirement Solutions, reinforcing the importance of adding new capabilities to address emerging client need and John Zern will add to his global Health Solutions responsibilities by also becoming CEO of North America for Commercial Risk Solutions, further underscoring the opportunity we have to work together across solution lines to create client value,” Case said. “Now, more than ever, we believe that the insights we deliver through Data & Analytics are critical to unlocking the next wave of value for our clients and driving our long-term growth. That is why I have asked our Chief Operations Officer, John Bruno, to take on the additional role of CEO, Data & Analytic Services, and work closely with me and our CFO, Christa Davies, to enhance our current offerings and accelerate the commercialization of new data-driven, content solutions.”
Aon had previously revealed a single P&L structure, which it said is part of an ongoing initiatives to increase connectivity among its workforce and accelerate reinvestment in innovation for its clients. That initiative is being overseen by Aon’s global CFO Christa Davies, whose contract has been extended by the Board of Directors until April of 2023.
Aon is simplifying its offering under a single brand name and positioning its leadership to drive innovation across the group offering, which will make the experience of working with the services of Aon a more seamless one for clients and prospects.
The transition to the single brand is likely to take some time, meaning the reinsurance brand of Aon Benfield is sure to continue to crop up as the company simplifies and consolidates its naming.
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