Aon plc - AON STOCK NEWS

Aon announced a $350 million insurance program with the U.S. International Development Finance (DFC) aimed at accelerating economic recovery and investment in Ukraine. This initiative includes a $50 million reinsurance facility to support war-related risks and a $300 million insurance capacity for Ukraine's healthcare and agriculture sectors.

U.S. Special Representative Penny Pritzker played a key role in garnering support from both the public and private sectors. Aon will collaborate with ARX, a Ukrainian subsidiary of Fairfax Financial, to build a war risk insurance portfolio for businesses in Ukraine. The program aims to attract new capital, ensure risk pricing, and promote private market participation for Ukraine's economic recovery.

Aon has appointed Edmund Reese as its new CFO, effective July 29, 2024. Reese will succeed Christa Davies, who will certify the second quarter 2024 results before transitioning to a senior advisory role until her retirement. Reese brings over 25 years of financial leadership experience from prominent roles at Broadridge Financial Solutions, American Express, Merrill Lynch, and Citigroup Smith Barney. He will be tasked with overseeing Aon's finance function and capital allocation strategy, aligning with the company's 3x3 Plan to accelerate its Aon United strategy for enhanced client, colleague, and shareholder outcomes.

Binary Defense has announced a collaboration with Aon to become Aon's exclusive Managed Detection and Response (MDR) provider for small and medium-sized enterprises. Binary Defense's MDR solutions offer advanced threat detection, leveraging existing technologies, and a unique attacker-perspective strategy. Recognized by Gartner and Forrester for its capabilities, Binary Defense aims to provide comprehensive security services. Aon's Cyber Resilience Report highlights that many companies are vulnerable to cyber threats due to outdated software and lack of SOC controls. The collaboration seeks to enhance cyber resilience, enabling faster threat visibility, improved recovery times, and better data-driven insights. This partnership aims to reduce cyber risk and financial impacts on businesses.

Aon plc released the 2024 Client Trends Report highlighting megatrends in Trade, Technology, Weather, and Workforce, affecting business decisions. The report offers actionable insights to navigate increased volatility and complexity. Aon's 3x3 Plan aims to provide global expertise to address enterprise-wide risks.

Aon has launched a suite of risk analyzer tools to help brokers and risk managers in North America quickly assess current risks, quantify loss potential, and make better decisions based on the total cost of risk. The tools, part of the new Aon Actionable Analytics, aim to provide valuable insights to clients and will be showcased at the Risk Management Society's RiskWorld conference in May.

Aon plc reported a 5% increase in total revenue to $4.1 billion for the first quarter of 2024, with organic revenue growth of 5%. Operating margin decreased by 210 basis points to 36.0%, while adjusted operating margin increased by 100 basis points to 39.7%. EPS rose by 6% to $5.35, with adjusted EPS up by 9% to $5.66. Cash flows from operations were $309 million, and free cash flow decreased by 29% to $261 million.

Aon plc announces the expected early settlement date of April 26, 2024, for cash tender offers and consent solicitations for outstanding debt securities of NFP Corp. The offers cover various notes issued by NFP Corp, with total consideration details provided. The expiration date for the offers is April 30, 2024.

Aon plc completes the acquisition of NFP for an enterprise value of $13.0 billion, including $7.0 billion cash and assumed liabilities, as well as $6.0 billion in equity. The acquisition is expected to bring more capability to clients and contribute to accretion and free cash flow benefits sooner than anticipated. NFP will operate as an independent and connected platform within Aon, delivering Risk Capital and Human Capital capabilities.

Chubb has entered into a definitive agreement to acquire Healthy Paws, a leading pet insurance provider, from Aon plc. The transaction aims to expand Chubb's presence in the pet insurance market with substantial growth potential. Financial terms were not disclosed, and the deal is expected to close in the second quarter. Healthy Paws, with over 500,000 pets under coverage, will continue its operations under Chubb to empower more pet owners with medical care funding.