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Aon to sell two underwriting units

December 18, 2007|From Times Wire Services

Insurance brokerage Aon Corp. is selling two underwriting units for $2.75 billion in separate cash deals to focus on more profitable lines of business in the face of falling insurance rates.

Aon said it would use the sale proceeds to ramp up its share buyback program.

The company said it was selling its Combined Insurance Co. of America to Ace Ltd. for $2.4 billion and its much smaller Sterling Life Insurance Co. to Munich Re for $352 million.

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