Magazine date:
Jan 2008 The American giant has started the reshape of its brokerage activity by letting go of direct insurance. Two moves illustrate this strategy: the transfer to Bermudien ACE of Combined Insurance Company of America (CICA) for 2.4 billion USD and the transfer of Sterling Life Insurance to Munich Re for the sum of 352 million USD.
CICA is managing a portfolio of 4 million insured members. As to Sterling Life Insurance which reported 805 million USD in turnover in 2007, it has 155 000 clients.
Started in 2005 following the secret commissions' affair, the restructuring of AON group provides for a plan designed to cut 2 700 jobs.