Chicago-based Aon Corp. announced it will sell $750 million in new securities to fund underwriting expansions and to strengthen its capital base.
Aon said it had filed a shelf registration statement with the U.S. Securities and Exchange Commission related to securities offerings. A substantial portion of the securities covered in the filing will be a common stock offering in the first quarter of 2002.
The proceeds of the offering will be used to bolster underwriting operations and strengthen the firm’s capital base, Aon said.
Aon is set to spin off its underwriting operation, Combined Specialty Corp., next year, and is in the process of setting up a new Bermuda-based insurance company called Endurance Specialty Insurance Ltd. to take advantage of soaring insurance premiums after Sept. 11.