Aon, one of the world's largest insurance companies, announced on Monday it will sell two insurance units for $2.75 billion, reports the Associated Press.
The Chicago-based Aon sold its Combined Insurance Company of America to Ace Ltd. for $2.4 billion. It also sold its Sterling Life Insurance Co. to Munich Re AG for $352 million, acompany statement said.
According to the AP, proceeds from the sales will increase Aon's share buyback power to $2.78 billion.
Both companies will be placed into discontinued operations in the fourth quarter of 2007, said the company.
Ace Limited, based in the Chicago suburb of Glenview, told the AP that it expects to close the purchase of the Combined Insurance Company of America in the second quarter of 2008. Chairman and chief executive at Ace, EvanGreenberg, called the acquisition a "milestone" and was an opportunity for considerable growth.
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