Terms of the sale include $120 million cash plus a potential earn out of up to $34.7 million payable over the two-year period following the close of the transaction. The sale includes business transacted under the Auto Insurance Specialists, Inc., PoliSeek and Aon Recreation Insurance brands.
The sale is consistent with Aon's previously announced plan to shape the firm around risk management and commercial lines insurance brokerage, reinsurance brokerage, and human capital consulting.
The transaction is expected to close in the first quarter of 2009. AIS Management Group was placed into discontinued operations for the third quarter and further financial details will be provided in Aon Corporation's third quarter earnings call on Oct. 31.