Aon Corporation announced that it has sold virtually all of its equity investment in Bermuda-based Endurance Specialty Holdings Ltd.
The statement follows Aon’s sale of 9.8 million shares in the company to investment bank Goldman Sachs. Aon founded Endurance along with Zurich Financial Services and other investors after the Sept. 11 attacks (See IJ Website Dec.3).
Aon said it had sold the shares “at a net realized price of $32.70 per share resulting in proceeds of $320.5 million.” The price was slightly below the company’s previous closing price of $34.50. Aon also noted that it “will retain 4.1 million stock purchase warrants.”
Aon’s Chairman and CEO Patrick G. Ryan commented: “We are very proud to have participated in the founding of Endurance in December 2001, at a time when the insurance industry needed additional capacity. The additional capacity created by the establishment of Endurance and other insurers during that period has contributed to the present easing of property/casualty insurance premium pricing.”
See also related article on Aon in “national” section