Aon is closing down Agency Specialty Product Network (ASPN), a subsidiary, by the end of the year.
“Aon values the long-term relationships developed with local agents and brokers and we remain committed to developing, underwriting and distributing specialty products and services tailored to agent distribution through our Aon Affinity and managing general underwriting businesses,” said an Aon spokesperson, who confirmed ASPN’s planned closing.
“We continue to work side-by-side with local agents and brokers to determine how best to serve their product search and distribution needs.”
ASPN is a special brokerage, marketing unit. It provided other agents and brokers access to various insurance products, markets and services they might not otherwise have access to. It offers services to clients including carriers, wholesalers, managing general underwriters, and insurance services companies.
Based in Chicago, Agency Specialty Product Network Insurance Services was previously known as Aon Specialty Product Network. It was founded in 2001 and operates as a subsidiary of Aon Corporation.
One industry executive who spoke on condition of anonymity said it wasn’t too surprising that ASPN is closing shop. “The entity that had ASPN under its control didn’t seem to think it was something it wanted to go forward with. The new manager that oversaw the operations of ASPN decided to close it down, by Dec. 31 apparently,” according to the executive. “It was a simple business decision. ASPN is now quite small.”
“A big business like Aon changes over time. And some new guy came in and probably just said, ‘Look, I don’t want to deal with it.’ Maybe it wasn’t making enough money,” the industry exec said. “They just decided they don’t want to do it anymore.”
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