What’s New: In Brief (November 02, 2009)

Aon reported a net income attributable to stockholders of US$120 million for 2009 Q3 as compared to US$117 million for 2008 Q3.
Total operating expenses for the third quarter were similar to the same quarter in 2008 at US$1.6 billion, which included a US$82 million favourable impact from foreign currency translation, partially offset by a US$45 million increase in restructuring charges and operating expenses from the Benfield merger.
“Our third quarter results reflect solid operational discipline, as highlighted by a 140 basis point adjusted pretax margin improvement in our brokerage segment, despite difficult economic and industry conditions and a 69 percent decline in total investment income,” Greg Case, president and CEO at Aon, said in a release.
“As we invest in future growth opportunities, our 2007 and Aon Benfield restructuring programs will continue to deliver additional cost savings as we have achieved less than 40 percent thus far, of the total $589 million of estimated annual savings under these two programs. Lastly, our balance sheet and strong cash flow provide significant financial flexibility to create shareholder value, as highlighted by the repurchase of an additional $125 million of stock during the quarter.”

Steve Dobronyi has been appointed president and COO of EGI Financial Holdings Inc. effective Nov. 23, 2009.
He recently served as senior vice president of business development at Manulife Financial.
“Steve Dobronyi’s addition to the company reflects EGI Financial’s determination to ensure that we will possess the necessary experience and skills which are critical in the advancement of the company’s growth strategies in Canada and the United States,” Doug McIntyre, CEO of EGI Financial, said in a release.