Professional services are occupations in the service sector requiring special training in liberal arts and pure sciences education or professional development education . Some professional services, such as architects , accountants , engineers , doctors , and lawyers require the practitioner to hold professional degrees or licenses and possess specific skills. Other professional services involve providing specialist business support to businesses of all sizes and in all sectors; this can include tax advice , supporting a company with accounting , IT services , public relations services or providing management services .
44-604: Aon plc ( English: / ˈ eɪ ɒ n / ) is a global professional services firm that offers a range of risk-mitigation products. Aon has approximately 50,000 employees across 120 countries. Founded in Chicago by Patrick Ryan, Aon was created in 1982 when the Ryan Insurance Group merged with the Combined Insurance Company of America under W. Clement Stone . In 1987, the holding company
88-402: A 30% discount on the fine as a result of its cooperation with the investigation. Aon said its conduct was not deliberate, adding it had since "significantly strengthened and enhanced its controls around the usage of third parties". In December 2011, Aon Corporation paid a $ 16.26 million penalty to the U.S. Securities and Exchange Commission and the U.S. Department of Justice for violations of
132-473: A clear definition hard to attain. Some work has been directed at better defining professional service firms (PSF). In particular, Von Nordenflycht generated a taxonomy of professional service firms, defining four types: Frameworks such as this aid the ability of managers and academics to better understand how such firms manage themselves and how to judge benchmark practices. There is no definitive list of occupations in professional services, but examples include
176-608: A compensation and employee benefits consulting company. Later in that year, however, the company decided to cut 6% of its workforce as part of a restructuring effort. In 2003, the company saw revenues increase primarily because of rate hikes in the insurance industry. Also that year, Endurance Specialty, a Bermuda-based underwriting operation that Aon helped to establish in November 2001 along with other investors, went public. The next year Aon sold most of its holdings in Endurance. In
220-495: A formal procurement process for engaging professional services. Prices for services, even within the same field, may vary greatly. Professional-service providers may offer fixed rates for specific work, charge in relation to the number or seniority of people engaged, or charge in relation to the success or profit generated by the project. Munich Re Group Munich Re Group or Munich Reinsurance Company ( German : Münchener Rück; Münchener Rückversicherungs-Gesellschaft )
264-465: A global framework. Since adaptation to climate and environmental change is much more difficult for poorer countries, the focus of the foundation is primarily on people in the developing world. The Munich Re Art Collection's history begins with the company's founding by Carl von Thieme , who commissioned artists such as Reinhold Max Eichler and Fritz Erler to decorate the new company headquarters built on Munich's Königinstraße in 1912-13. The Collection
308-498: A graduate of Northwestern University , had started his company as an auto credit insurer in 1964. In 1976, the company bought the insurance brokerage units of the Esmark conglomerate. Ryan focused on insurance brokering and added more upscale insurance products. He also trimmed staff and took other cost-cutting measures, and in 1987 he changed Combined's name to Aon . In 1992, he bought Dutch insurance broker Hudig-Langeveldt . In 1995,
352-746: A specialised risk management firm focusing on cybersecurity. On 14 November 2016, Aon acquired CoCubes an online Indian Assessment firm, facilitating hiring of entry-level engineering graduates. On 10 February 2017, Aon plc agreed to sell its human resources outsourcing platform for US$ 4.8 billion (£3.8 billion) to Blackstone Group L.P. (BX.N), creating a new company called Alight Solutions. In September 2017, Aon announced its intent to purchase real estate investment management firm The Townsend Group from Colony NorthStar for $ 475 million, expanding Aon's property investment management portfolio. On 9 March 2020, Aon announced its merger with Willis Towers Watson for nearly $ 30 billion in an all-stock deal that creates
396-566: A symbol of Munich. Sculptures and installations from the Munich Re Art Collection by artists such as Olafur Eliasson ( "Light Curtain" Archived 2017-02-11 at the Wayback Machine , 2002) and Roxy Paine ( "Discrepancy" Archived 2019-05-31 at the Wayback Machine , 2011) are also found in the public spaces. Artists like Angela Bulloch , Keith Sonnier and James Turrell have designed light installations for
440-698: Is a German multinational insurance company based in Munich , Germany . It is the world's largest reinsurer . ERGO , subsidiary of Munich Re, serves as the primary insurance arm of the Group. Munich Re's shares are publicly listed. Munich Re is included in the DAX index at the Frankfurt Stock Exchange , the Euro Stoxx 50 , and other indices. In 1880 Carl von Thieme , a native of Erfurt who
484-453: Is a charitable organisation, which was founded by Munich Re; the foundation started its work on 7 April 2005. The foundation is equipped with a capital of €50 million and works predominantly in newly industrializing and developing countries. The main topics of the foundation are: The prime concern of the foundation is to develop solutions for people at risk. The knowledge of Munich Re's experts should therefore be translated into action. Hence,
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#1732782599161528-742: Is one of the largest primary insurers in Germany and Europe. Founded in 1999, MEAG MUNICH ERGO AssetManagement GmbH manages the assets of Munich Re, ERGO, and external clients. Their purpose is to manage and increase investments of Munich Re and ERGO and third parties. MEAG manages Munich Re's global investments amounting to €264bn. Free float is stated to be nearly 100%, with around 236,000 shareholders (June 2019). Shareholder profile: Most shareholders are located in Germany (around 39.4%), followed by North America (24.9%), other European countries (28.8%), UK (13.4%), other countries (0.5%). Accounts prepared according to IFRS . The Munich Re Foundation
572-668: The Combined Registry Co. As the Great Depression began, Stone reduced his workforce and improved training. Forced by his son's respiratory illness to winter in the South, Stone moved to Arkansas and Texas . In 1939 he bought American Casualty Insurance Co. of Dallas, Texas. It was consolidated with other purchases as the Combined Insurance Co. of America in 1947. The company continued through
616-631: The ERGO Insurance Group . ERGO writes all types of life and health insurance and most types of property and casualty insurance. Outside Germany, ERGO is present in more than 30 countries around the world, servicing around 35 million clients. Members of the ERGO Group include the insurance subsidiaries D.A.S., DKV and Europäische Reiseversicherung AG, and the IT service provider ITERGO . With a gross premium written of about €17.8bn in 2018, ERGO
660-548: The NSDAP and SS in 1933 and took the position as Reich Economy Minister for one year. In 1938 he became Director General of Munich Re and stayed in this position until the American military authorities relieved him of all offices at the end of the war. In February 2010, U.S. investor Warren Buffett became Munich Re's largest single shareholder. As of December 2015, he reduced his holdings to less than 3 percent. In 2018,
704-535: The supervisory board until 1924. Munich Re became renowned after the San Francisco earthquake of 1906 as the only insurer that remained solvent after paying out all the claims, a total of 15.5 million Marks . During the Nazi dictatorship Munich Re benefited from anti-Semitic persecution . Jewish customers had to cancel their life insurances prematurely leading to huge profits for the insurance companies. At
748-578: The 17 minutes they had between the two impacts. As a result, 176 employees of Aon were killed in the crash or died in the eventual collapse of the tower or from smoke inhalation. At 9:59 a.m., the tower collapsed, killing any survivors still within, including Eisenberg and Kevin Cosgrove . In 2004–2005, Aon, along with other brokers including Marsh & McLennan and Willis , fell under regulatory investigation under New York Attorney General Eliot Spitzer and other state attorneys general . At issue
792-475: The 1950s and 1960s, continuing to sell health and accident policies. In the 1970s, Combined expanded overseas despite being hit hard by the recession. In 1982, after 10 years of stagnation under Clement Stone Jr., the elder Stone, then 79, resumed control until the completion of a merger with Ryan Insurance Co. allowed him to transfer control to Patrick Ryan . Ryan, the son of a Ford dealer in Wisconsin and
836-769: The 92nd and 98th–105th floors of the South Tower of the World Trade Center at the time of the September 11 attacks . When the North Tower was struck by American Airlines Flight 11 at 8:46 a.m., an evacuation of Aon's offices was quickly initiated by executive Eric Eisenberg, and 924 of the estimated 1,100 Aon employees present at the time managed to get below the 77th floor before United Airlines Flight 175 crashed between Floors 77 and 85 at 9:03 a.m. Many, however, did not manage to get beneath in
880-547: The Collection also acquires works by up-and-coming artists. The offices on Berliner Strasse, designed by the architectural practice of Sauerbruch Hutton , hold regularly changing exhibitions of contemporary art. In Oct, 2019, Munich Re invested $ 250 million in NEXT Insurance Inc. in a funding round that valued the small-business insurance provider at more than $ 1 billion. In October 2022, Munich RE acquired
924-546: The UK by the Financial Services Authority, who stated that the fine related to the company's inadequate bribery and corruption controls, claiming that between 14 January 2005 and 30 September 2007 Aon had failed to properly assess the risks involved in its dealings with overseas firms and individuals. The Authority did not find that any money had actually made its way to illegal organisations. Aon qualified for
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#1732782599161968-731: The US Foreign Corrupt Practices Act . According to the Securities and Exchange Commission, Aon's subsidiaries made improper payments of over $ 3.6 million to government officials and third-party facilitators in Costa Rica , Egypt , Vietnam , Indonesia , the United Arab Emirates , Myanmar and Bangladesh , between 1983 and 2007, to obtain and retain insurance contracts. On 5 January 2007, Aon announced that its Aon Affinity group had acquired
1012-829: The WedSafe Wedding Insurance program. On 22 August 2008, Aon announced that it had acquired London-based Benfield Group . The acquiring price was US$ 1.75 billion or £935 million, with US$ 170 million of debt. On 5 March 2010, Hewitt Associates announced that it acquired Senior Educators Ltd. The acquisition offers companies a new way to address retiree medical insurance commitments. On 12 July 2010, Aon announced that it had agreed to buy Lincolnshire, Illinois -based Hewitt Associates for $ 4.9 billion in cash and stock. On 7 April 2011, Aon announced that it had acquired Johannesburg, South Africa-based Glenrand MIB. Financial terms were not disclosed. On 19 July 2011, Aon announced that it bought Westfield Financial Corp.,
1056-492: The company sold its remaining direct life insurance holdings to General Electric to focus on consulting. Aon built a global presence through purchases. In 1997, it bought The Minet Group, as well as insurance brokerage Alexander & Alexander Services, Inc. in a deal that made Aon (temporarily) the largest insurance broker worldwide. The firm made no US buys in 1998, but doubled its employee base with purchases including Spain's largest retail insurance broker, Gil y Carvajal, and
1100-609: The company's shareholders' equity amounted to €26.5 billion. The group's premium income for the year (gross premiums written) was €49.1 billion, with its consolidated result amounting to €2,275 million. Besides its reinsurance business, the Munich Re Group also transacts primary insurance business through the ERGO Group and, since 1999, asset management through MEAG (MUNICH ERGO AssetManagement GmbH). Munich Re has clients (insurance companies) worldwide. It assures part of
1144-499: The extensive network of underground passages that link the company's buildings in Schwabing, Munich . The Collection, which now comprises more than 3,000 works, is being constantly enlarged and is displayed in the company's Munich offices. Employees can also borrow art works from the Collection to display in their offices. In addition to internationally famous artists such as Jenny Holzer , Andy Hope 1930 and Wolfgang Tillmans ,
1188-410: The firm's decision to divest. This growth strategy manifested in November 2008 when Aon announced it had acquired reinsurance intermediary and capital advisor Benfield Group Limited for $ 1.75 billion. The acquisition amplified the firm's broking capabilities, positioning Aon one of the largest players in the reinsurance brokerage industry. In 2010, Aon made its most significant acquisition to date with
1232-705: The following: Professional services can be provided by sole proprietors , partnerships or corporations . A person providing the service can often be described as a consultant . In law, barristers normally organise themselves into chambers . Businesses in other industries, such as banks and retailers, can employ individuals or teams to offer professional services for their customers. Major cities such as London and New York are leading global centres for professional services firms. The marketing and selection of professional-service providers may depend on factors such as skill, knowledge, experience, reputation, capacity, ethics, and creativity. Large corporations may have
1276-643: The formation of Aon Korea. Responding to industry demands, Aon announced its new fee disclosure policy in 1999, and the company reorganised to focus on buying personal line insurance firms and to integrate its acquisitions. That year it bought Nikols Sedgwick Group, an Italian insurance firm, and formed RiskAttack (with Zurich US ), a risk analysis and financial management concern aimed at technology companies. The cost of integrating its numerous purchases, however, hammered profits in 1999. Despite its troubles, in 2000 Aon bought Reliance Group's accident and health insurance business, as well as Actuarial Sciences Associates,
1320-417: The late 2007, Aon announced the divestiture of its underwriting business. With this move, the firm sold off its two major underwriting subsidiaries: Combined Insurance Company of America (acquired by ACE Limited for $ 2.4 billion) and Sterling Life Insurance Company (purchased by Munich Re Group for $ 352 million). The low margin and capital-intensive nature of the underwriting industry was the primary reason for
1364-486: The most lucrative shirt deal in history at the time. In April 2013, Aon signed a new eight-year deal with Manchester United to rename their training ground as the Aon Training Complex and sponsor the club's training kits, reportedly worth £180 million to the club. Professional services Many industry groups have been used for academic research, while looking at professional services firms, making
Aon (company) - Misplaced Pages Continue
1408-521: The owner of insurance-industry consulting firm Ward Financial Group, from Ohio Farmers Insurance Co. Financial terms were not disclosed. On 22 October 2012, Aon announced that it agreed to buy OmniPoint, Inc, a Workday consulting firm. Financial terms were not disclosed. On 16 June 2014, Aon announced that it agreed to buy National Flood Services, Inc., a large processor of flood insurance, from Stoneriver Group, L.P. On 31 October 2016, Aon's Aon Risk Solutions completed acquisition of Stroz Friedberg LLC,
1452-511: The purchase of Hewitt Associates for $ 4.9 billion. Aside from drastically boosting Aon's human resources consulting capacity and entering the firm into the business process outsourcing industry, the move added 23,000 colleagues and more than $ 3 billion in revenue. In January 2012, Aon announced that its headquarters would be moved to London, although North American operations and jobs remained in Chicago. On 10 February 2017, Aon announced that it
1496-502: The risk covered by these insurance companies, as well as providing comprehensive advice on insurance business. In addition to its Munich head office, Munich Re has more than 50 Business Units around the world. Munich Re provides reinsurance cover for life, health, property, casualty, transport, aviation, space, fire and engineering business. In 2018, gross premiums written in the reinsurance segment amounted to around €31.3bn. Munich Re's primary insurance operations are mainly concentrated in
1540-578: The same time Munich Re could acquire several properties owned by Jews at prices below the market rate. Starting from 1940 the company was involved in Allianz ' insurance business with the SS : Munich Re served as reinsurance company for contracts insuring the barracks and operations in the concentration and extermination camps Auschwitz , Buchenwald , Dachau , Neuengamme , Ravensbrück , Sachsenhausen and Stutthof . Supervisory board member Kurt Schmitt joined
1584-423: The working motto of the foundation is 'Munich Re Foundation – from knowledge to action'. The main activities of the foundation concentrate on four fields: knowledge accumulation and implementation, clarification and sensitisation, networking of experts as well as direct help and support of local projects. The foundation works with local, national as well as international partners. The majority of projects fit within
1628-567: The world's largest insurance broker. As of 21 May 2020, Willis board was under probe over merger agreement with Aon. The deal was called off in July 2021. In December 2023, Aon agreed to acquire NFP, a middle-market provider of risk, benefits, wealth and retirement plan advisory services company, for $ 13.4 billion. In March 2024, Aon plc acquired the technology assets and intellectual property of Humn.ai, an AI-powered platform. This will enhance its commercial fleet proposition. On 3 June 2009, it
1672-464: Was geared to modern art, which from the outset has been successively expanded over the decades with works by important artists. It includes works by Rudolf Belling , Barbara Hepworth , Rupprecht Geiger ("Concave rounded", 1973), Norbert Kricke and Joseph Beuys . Purchases for the Collection increased from the mid-1990s. The Walking Man by Jonathan Borofsky has stood outside a Munich Re building on Leopoldstraße since 1995 and has since become
1716-624: Was published in a statement in April 2020 regarding the COVID-19 pandemic. On 30 June 2020, Aon announced it would repay staff in full, plus 5% of the withheld amount. In June 2020, Willis Towers Watson called its shareholders to two meetings to discuss its acquisition with Aon for August 26, 2020. It was revealed that the US Department of Justice has requested more information on the deal under antitrust rules. Aon's New York offices were on
1760-731: Was renamed Aon from aon , a Gaelic word meaning "one". The company is globally headquartered in London with its North America operations based in Chicago at the Aon Center . Aon is listed on the New York Stock Exchange under AON with a market cap of $ 65 billion in April 2023. W. Clement Stone 's mother bought a small Detroit insurance agency, and in 1918 brought her son into the business. Mr. Stone sold low-cost, low-benefit accident insurance, underwriting and issuing policies on-site. The next year he founded his own agency,
1804-445: Was reported that Aon had signed a four-year shirt sponsorship deal with English football giant Manchester United . On 1 June 2010, Aon replaced American insurance company AIG as the principal sponsor of the club. The Aon logo was prominently displayed on the front of the club's shirts until the 2014/2015 season when Chevrolet replaced them. The deal was said to be worth £80 million over four years, replacing United's deal with AIG as
Aon (company) - Misplaced Pages Continue
1848-444: Was selling its employee benefits outsourcing business to private equity firm The Blackstone Group for US$ 4.8 billion (£3.8 billion). In February 2020, Aon named Eric Andersen as president of Aon after co-president Michael O'Connor departed the company to pursue new opportunities. He will be reporting to Greg Case, the firm's CEO. In June 2020, Aon announced it was planning to repay the temporary 20% pay cut from 70% of employees that
1892-720: Was the representative in Bavaria of his father's Thuringia insurance company, founded in Munich Münchener Rückversicherungs-Gesellschaft together with Wilhelm von Finck (co-owner of the Merck Finck & Co. bank) and Theodor von Cramer-Klett . This was followed by the founding of Allianz Versicherungs-Gesellschaft in 1890 in Berlin . Carl von Thieme was head of Munich Re until 1921, and Wilhelm von Finck served as Chairman of
1936-408: Was the practice of insurance companies' payments to brokers (known as contingent commissions). The payments were thought to bring a conflict of interest, swaying broker decisions on behalf of carriers, rather than customers. In the spring of 2005, without acknowledging any wrongdoing, Aon agreed to a $ 190 million settlement , payable over 30 months. In January 2009, Aon was fined £5.69 million in
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