Aon Corporation on Thursday announced the signing of a definitive agreement to sell Swett & Crawford, its U.S.-based wholesale broking operation, to an investor group including Hicks, Muse, Tate & Furst Incorporated, Banc of America Capital Investors and Emerald Capital. Merrill Lynch acted as financial advisor to Aon. The closing of the transaction is subject to normal and customary conditions.
Andrew Rosen, a partner of HMTF, noted, “Over the past two years, and building on our previous and successful investment experience in financial services, we have been quietly but actively exploring investment opportunities in this sector, including the wholesale insurance brokerage industry. We are delighted that, as a result of this process, we will now be acquiring the largest and best franchise in an industry with excellent fundamentals. With our active support of the company’s leadership team, which will now have a significant equity stake in the business, we believe Swett & Crawford can build upon its already outstanding competitive position, further grow its specialty underwriting and brokerage activities both organically and strategically, and create significant value.”
David Hartoch, chairman and CEO of Swett & Crawford, added, “On behalf of all S&C employees, I am excited to be partnering with HMTF to build our business at an exciting time in the history of our company and industry.”
Aon ( http://www.aon.com ) is a provider of risk management services, insurance and reinsurance brokerage, human capital and management consulting, and specialty insurance underwriting.