Aon Preps for Spitzer Suit With $890M Line of Credit

November 11, 2004

Chicago-based Aon Corp., the world’s No. 2 insurance broker, said it is negotiating with lenders to access about $890 million in credit should Spitzer choose the company as his next target, according to Bloomberg News and the Associated Press.

Aon records have already been subpoenaed in the matter, and it is under investigation by several other states. The company’s market value has dropped by 25 percent since New York Attorney General Spitzer announced his suit against Marsh for rigging bids and misrepresenting its commission structure to clients. Aon CEO Patrick Ryan said an internal investigation has not yet discovered any activity similar to the bid-rigging found at Marsh.

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