Aon Corp. announced the close of the sale of Aon Warranty Group (AWG) and its worldwide operations (including Virginia Surety Company) to Warrior Acquisition Corp., an affiliate of Onex Corp., and the close of the sale of Construction Program Group (CPG) to Old Republic Insurance Company.
The sale of AWG and CPG is expected to result in sales proceeds and dividends in excess of $800 million. Net cash proceeds are subject to final transaction costs and certain post closing adjustments. The Company currently expects to record a pretax gain and a modest after-tax loss associated with these transactions during the fourth quarter 2006.
Chicago-based Aon Corp.is a provider of risk management services, insurance and reinsurance brokerage, human capital and management consulting, and specialty insurance underwriting.
Source: Aon Corp.