Chicago-based insurance broker Aon said it has consolidated five business units under the umbrella of one chief executive and made other management changes.
Aon Global, the new entity, will consist of the company's former Global Large Corporate business unit, Captives Services Group, International Risk Management Group, Risk Consulting and Risk Engineering business units, among others.
Dennis Mahoney will assume the role of chairman for Aon Global, while Steve McGill will be the new unit's chief executive officer.
Mr. McGill will also continue in his role as CEO, Aon Risk Services Americas, based in Chicago.
As part of the reorganization, Mr. Mahoney will relocate to Bermuda.
"Our broking and placement capabilities are a cornerstone of client service," said Greg Case, president and chief executive officer, Aon Corporation. "[Mr. Mahoney's] leadership and experience are unmatched in the industry.
"By being in Bermuda, leading the coordination and placement of major and complex risks for the world's largest companies, Aon can leverage [Mr. Mahoney's] world-class broking skills on a global scale, where they can have the most significant impact on client value," Mr. Case added.
Peter Harmer, who has served as chief executive officer of Aon Holdings Australia for seven years, will succeed Mr. Mahoney as chief executive, Aon Limited and country manager for Aon UK (in addition to the insurance and reinsurance businesses of Aon Limited and Aon Consulting UK). Mr. Harmer will report to Mr. Case.
Mr. Mahoney will continue to serve as chairman, Aon Limited, to assist and ensure a successful leadership transition. He will then be succeeded by Mr. McGill, who will serve as nonexecutive chairman, Aon Limited, the company said.
Aon also said that Jonathan Palmer-Brown, chairman, Specialty Global Industries, has been appointed deputy chairman of Aon Limited.
Mr. Harmer's and Mr. McGill's appointments are subject to approval by the UK Financial Services Authority.
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