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Aon unloads underwriting units for $2.75 billion

Posted Dec 18th 2007 10:40AM by Tom Taulli (RSS feed)
Filed under: Deals,

AON (NYSE: AOC) logo Aon (NYSE: AOC) thinks that risk brokerage and consulting has the best future, in terms of margins and growth.

To that end, the company announced Monday that it is selling off its underwriting businesses. Combined Insurance Company was sold for $2.4 billion to ACE Limited (NYSE: ACE), while Munich Re bought Aon's Sterling Life segment for $352 million.

Yes, even in the massive insurance business, this is a good chunk of change for Aon.

Continue reading Aon unloads underwriting units for $2.75 billion

Newspaper wrap-up: MGM to build a $5B resort in Atlantic City

Posted Oct 10th 2007 9:15AM by Eric Buscemi (RSS feed)
Filed under: Newspapers, Magazines, , Sears Holdings (SHLD)

MAJOR PAPERS:

Negotiations continued last night on a new labor agreement between Chrysler and the UAW, but it is unclear if an agreement will be reached by today's 11am deadline, reported the Wall Street Journal (subscription required).
MGM Mirage (NYSE: MGM) is today expected to announce plans to build a $5B resort in Atlantic City, NJ that will be completed in 2012, reported the Wall Street Journal.
The CEO of Swiss pharmaceutical company Roche Holding (OTC: RHHBY), Franz Humer, said he has no intention of increasing his company's $75 per share bid for U.S. diagnostics company Ventana Medical Systems (NASDAQ: VMSI), and is "very confident" that the offer will succeed, reported the Financial Times (subscription required).

OTHER PAPERS:

Crain's Chicago Business reported that Aon Corporation (NYSE: AOC) has won back the insurance brokerage business of Sears Holdings Corporation (NASDAQ: SHLD).

WEBSITES:

Harry Reid, the Senate Majority Leader, confirmed that there's little chance this year -- due to a crowded legislative calendar -- that there will be legislation to increase taxes on the private equity industry, reported TheDeal.com (subscription required).

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Aon unloads underwriting units for $2.75 billion