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ABOUT THIS COMPANY:
In October 2010, Aon Corporation completed its purchase Hewitt Associates in order to expand the reaches of its consulting arm. This purchase was valued at almost $5 billion, and nearly tripled the size of their consulting divisions. As a result of the merger, the newly formed Aon Hewitt intends to operate as an independent business line of the larger corporation. In addition, their consulting services intend to eliminate redundancy by firing around 1,500 employees, saving the company an estimated $280 million.
Aon, which means “oneness” in Gaelic, is the world’s largest commercial insurance broker. Aon focuses on three areas: risk management services, human capital consulting, and insurance and reinsurance brokerage. Risk and insurance brokerage services increased 5 percent from the previous year to $6.2 billion in 2008. The company’s brokerage operations include retail and wholesale insurance for groups and businesses. In the late 1980s, the company launched Aon Consulting, which focuses on employee benefits, M&A (mergers and acquisitions) and outsourcing. Aon also offers supplementary health, accident and life insurance through its older and smaller insurance underwriting division, which includes its original underwriting business—Combined Insurance.
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