The ratings of Aon Corp. (Aon) and fellow subsidiaries were put on CreditWatch with negative implications by Standard & Poor’s (S&P) on April 20.
The rating action came subsequent to Aon’s announcement that it would be spinning off its underwriting businesses to existing shareholders. Companies affected by the proposed spin-off include Combined Insurance Co. of America, Combined Life Insurance Co. of NY, Virginia Surety Co. Inc., London General Insurance Co. Ltd. and Aon Warranty Group Inc.
S&P’s expressed concerns that note holders of Aon paper will lose the benefits of diversification and capital support afforded by Aon’s ownership of the insurance operations.
Topics Aon
Was this article valuable?
Here are more articles you may enjoy.
Endless Shrimp Deal Was Scheme to Squeeze Red Lobster, Suit Says 
‘Ghost Broker’ Who Procured 1,120 Policies Through Fraud Arrested 
Mamdani Delivers Rent Freeze in Milestone for New York City Tenants 
Bayer’s Supreme Court Win in Roundup Case No ‘Silver Bullet’ 
