AON to acquire business Fredy & Ilan Beck
Aon international
News from Aon
AON to acquire business Fredy & Ilan Beck
ROTTERDAM/TEL AVIV, 28 August 2006 -
Today, Aon Aminim announced that it has acquired the business of Fredy & Ilan Beck
Insurance Brokers in Haifa, Israel, subject to approval of the relevant authorities. The
businesses of Aon Aminim, Tel Aviv, and Fredy and Ilan Beck will be merged to become Aon
Risk Services Israel. The new organisation will be one of the largest retail insurance
brokerage companies in the country. Terms of the transaction were not disclosed.
Ilan Beck will become a shareholder of the combined company and the Chief Executive of
Aon's Risk Services business in Israel. Beck works with the founder of Aon Aminim,
Ephraim Kriel, in bringing the two teams together. Kriel will also chair a country board
established to represent all of Aon's interests in Israel. He states: 'We had been
considering for a while giving a new dynamism to continue to drive our business forward
and I am delighted that my initial discussions with Ilan Beck have proved so successful
and resulted in this coming together. I am confident this acquisition will place us at
the forefront of the insurance broking community in Israel.'
Ilan Beck stated: 'My father established the foundations of our business and we have
successfully grown from our base in Haifa to not only serve clients there but also in Tel
Aviv, throughout Israel and internationally. We will now be able to adopt a pan-Israel
service level to all our mutual clients and I am looking forward to working with Ephraim
and other colleagues of Aon, to continue expanding our service to clients locally and
their interests across the world.'
Clive Bate, Managing Director, Aon International, commented on the acquisition: 'The
businesses are highly compatible. The resources and intellectual capital, plus the global
network of Aon will bring significant advantages to the clients of Ilan Beck. I am pleased
with the leadership capacity that Ilan will bring to the company and am confident that he
will help us continue to grow.'
- Ends -
Notes to editors
For further information contact:
Ephraim Kriel
Tel: (+972) 3. 510 9601
ephraim_kriel@aon-aminim.com
Ilan Beck
Tel: +972 4 8567007
ilan@ilan-beck.com
Nienke Groen
Tel: +31 10 448 7026
nienke_groen@aon.nl
About Aon
Aon International in Rotterdam, The Netherlands - a subsidiary of Aon Corporation,
Chicago, USA (AOC) - is the largest risk services brokerage and risk management
consultancy operation in Europe, Middle East, Africa and Asia Pacific.
Aon is a leading provider of risk management services, insurance and reinsurance
brokerage, human capital and management consulting, and specialty insurance underwriting.
There are 46,000 employees working in Aon's 500 offices in more than 120 countries. Backed
by broad resources, industry knowledge and technical expertise, Aon professionals help a
wide range of clients develop effective risk management and workforce productivity
solutions. More information about Aon can be found on www.aon.com.
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This press release contains certain statements related to future results, or states our
intentions, beliefs and expectations or predictions for the future which are
forward-looking statements as that term is defined in the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially from either historical
or anticipated results depending on a variety of factors. Potential factors that could
impact results include: general economic conditions in different countries in which we do
business around the world, changes in global equity and fixed income markets that could
affect the return on invested assets, fluctuations in exchange and interest rates that
could influence revenue and expense, rating agency actions that could affect our ability
to borrow funds, funding of our various pension plans, changes in the competitive
environment, our ability to implement restructuring initiatives and other initiatives
intended to yield cost savings, our ability to execute the stock repurchase program, our
ability to execute the planned sale of the Aon Warranty Group, changes in commercial
property and casualty markets and commercial premium rates that could impact revenues,
changes in revenues and earnings due to the elimination of contingent commissions, other
uncertainties surrounding a new compensation model, the impact of investigations brought
by state attorneys general, state insurance regulators, federal prosecutors, and federal
regulators, the impact of class actions and individual lawsuits including client class
actions, securities class actions, derivative actions, and ERISA class actions, the cost
of resolution of other contingent liabilities and loss contingencies, and the difference
in ultimate paid claims in our underwriting companies from actuarial estimates. Further
information concerning the Company and its business, including factors that potentially
could materially affect the Company's financial results, is contained in the Company's
filings with the Securities and Exchange Commission.
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