Aon Corp. on WatchNeg

May 21, 2001

The ratings of Aon Corp. and its 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 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.

From This Issue

Insurance Journal West May 21, 2001
May 21, 2001
Insurance Journal West Magazine

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