Aon to sell auto insurance unit to Mercury General

Home : Insurance News : National Insurance News : Aon to sell auto insurance unit to Mercury General

Email to a friend |

Print this |

PDF version

See your advertisement here

Aon to sell auto insurance unit to Mercury General

by AP Associated Press - Oct 17,2008

CHICAGO - Insurance broker Aon Corp. said Wednesday it has agreed to sell its Auto Insurance Specialist Management Group unit to Mercury General Corp. for $120 million.

In addition, the deal also includes a potential earn out of up to $34.7 million payable over the two years following the transaction closing date, the company said.

Los Angeles-based Mercury General (nyse: MCY - news - people ) offers automobile and homeowners insurance.

The deal, which is expected to close in the first quarter of 2009, includes business transacted under the Auto Insurance Specialists Inc., PoliSeek and Aon (nyse: AOC - news - people ) Recreation insurance brands.

Shares of Aon closed at $39.97 on Tuesday, while Mercury General shares closed at $51.65.

----------------------------------------------------------------------------------------------------

Related news

A.M. Best Affirms Ratings of Mercury General Corporation and Its Operating Subsidiaries by Business-Wire posted on May 03,2006

Mercury Insurance Group settles by Business-Journal posted on Jun 27,2008

Mercury Insurance Launches New Advertising Campaign by Yahoo-Finance posted on Jul 21,2006

ACE Completes Combined Insurance Buy by AP-News posted on Apr 01,2008

Mom's fish intake may boost child's brain power by Reuters-News posted on Apr 02,2008

Prudential in talks to sell stake, buy AIG unit by Reuters-News posted on Oct 21,2008

Hartford sells Omni auto unit for $100 mln by Reuters-News posted on Jul 19,2006

Did you enjoy this article? (total 0 votes)

Comments (0 posted)