AON Unit Makes Acquisition

By Mark E. Ruquet

NU Online News Service, July 16, 9:53 a.m.EST?Aon, Corp. announced it's insurance company, CombinedSpecialty Group Inc., has acquired the non-admitted insurerSheffield Insurance Corp.

The Chicago?based insurance broker said that Combined acquiredSheffield Insurance Corp. from Vesta Insurance Group, based inBirmingham, Ala., and will be renamed Combined Excess & SurplusLines Insurance Co. Terms of the deal were not announced.

Aon said it plans to spin-off Combined into a separate insurancecompany sometime during the latter part of this year.

Dennis Reding, chairman and chief executive officer of Combined,said the acquisition is part of the company's strategy to expandthe property?casualty business into the specialty p-c market. Hesaid he expected to begin immediate underwriting through the newacquisition.

Robert P. Mancuso, a spokesman for Aon, said that until thispoint the insurer has not had an excess and surplus linesfacility.

Aon also announced the naming of six executives for theinsurer:

? John Intondi, has been appointed senior vice president,claims. He will be responsible for all claims matters for the p-cgroup.

? Michael Wisner was appointed senior vice president, p-c groupoperations. He will be responsible for premium and loss transactionprocessing for the p-c group.

? Dean Maxwell is appointed senior vice president, internalaudit executive. Mr. Maxwell will be responsible for internal auditfunctions for all operating units of Combined.

? Phillip S. McCrorie was appointed vice president, controllerfor the p-c group. He will be responsible for finance andaccounting functions.

? Ed Velasquez was appointed executive vice president,management liability and professional liability lines. He will beresponsible for managing commercial and financial institutiondirectors and officers products, fiduciary liability, employmentpractices liability and miscellaneous professional liabilityproducts.

? Michael Flaherty was appointed senior vice president, E &S Umbrella and excess. He will be responsible for management of thewholesale umbrella and excess liability practice for the p-cgroup.

Mr. Intondi, Mr. Wisner, Mr. Maxwell, Mr. Flaherty and Mr.McCrorie will be based in Atlanta. Mr. Velasquez will work out ofNew York City.