In a major endorsement of
London’s standing as a global financial centre, Aon has announced
that it is to move its corporate headquarters from Chicago to
London. Chicago will continue as headquarters of the Americas for
Aon, the world’s largest reinsurance broker and second-largest
insurance broker.
According to Aon, there are a
number of reasons for its decision to move its
headquarters.
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They include greater access
to emerging markets, the ability to take better advantage of the
strategic proximity to Lloyd’s and London’s status as one of the
key international hubs of insurance and risk brokerage.
“The decisions we make today
will help drive our global strategy and strengthen our growth
opportunities in the years to come,” Aon CEO Greg Case said in a
release.
Aon believes the move to
London will have several other near- and long-term financial
benefits, including increased financial flexibility and improved
capital allocation.
Another significant aspect of
Aon’s shift from Chicago to London is a decision to change its
jurisdiction of incorporation from the US state of Delaware to
England. This aspect of its strategy will require shareholder
approval.
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