Aon to Acquire Auto Insurance Specialists

Aon Corp., the world’s second-biggest insurance broker, said it agreed in principle to buy Auto Insurance Specialists Inc. of Hermosa Beach. Terms were not disclosed. Auto Insurance Specialists, which has 16 offices throughout California, specializes in preferred, standard and nonstandard auto insurance, including coverage of high-risk motorists. It also offers personal life and homeowners insurance. “We think there are opportunities in personal lines, given the strength of our distribution systems,” said John Roskopf, Aon’s vice president. Aon shares fell 69 cents to close at $63.13 on the New York Stock Exchange. The move comes after acquisitions by the Chicago-based company in Europe and the U.S. in the last year that Aon said increased earnings by 52% in the first quarter. Aon’s subsidiary businesses include an insurance brokerage, consulting and insurance underwriting. The transaction is subject to approval by the company’s board and regulatory agencies.