Finance History | Aon — Credit Life Sold Through a Chevrolet Desk
· 1964-1
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Finance History | Aon — Credit Life Sold Through a Chevrolet Desk
kevin
People treat Aon as the white slab at 200 East Randolph that always brokered global risk from London and Chicago.
The first book was a two-man auto-credit shop.
In 1962 Patrick G. Ryan, a Northwestern graduate selling life policies for Penn Mutual in Chicago, put a finance-and-insurance desk inside Dick Fencl Chevrolet in the suburbs.
The product was credit life and related cover sold at the same counter where a buyer signed for a car.
In 1964, at twenty-six, he incorporated Pat Ryan and Associates with backing from Continental Assurance.
By 1968 the firm was writing about $15 million a year in premiums.
Ryan borrowed to buy a dormant insurer so he could underwrite what his agents sold.
The company went public in 1972, took the name Ryan Insurance Group, and in 1976 bought Esmark's brokerage units.
The 1982 deal was the balance-sheet event.
Ryan Insurance, then about $200 million in annual revenue, merged upstream into Combined International, W. Clement Stone's accident-and-health house, then about $800 million.
Ryan became chief executive.
Within a month Combined bought Rollins Burdick Hunter, then the seventh-largest U.S. broker.
Shareholders renamed the holding company Aon in 1987, from a Gaelic word for one, to stop confusion with the Combined subsidiary.
The tower on Randolph later took the same name.
The first mechanism was not a skyline broker.
It was a licensed agent sitting in a dealership F and I office.
Photo: Knowledge Seeker, public domain, via Wikimedia Commons
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