Aon Corporation, the leading global provider of risk management services, today announced that it has agreed to acquire Carpenter Moore Insurance Services, a leading provider of executive liability risk management services and a wholly-owned subsidiary of The Nasdaq OMX Group (Nasdaq:NDAQ).
Financial terms of the acquisition were not disclosed.
"This acquisition gives Aon a unique asset in the executive liability risk management sector," said Michael D. Rice, National Practice Leader of Aon's Financial Services Group (FSG). "Carpenter Moore brings a similar passion for delivering client value, excellent relationships with the insurance marketplace, and a strong team in the public company directors' and officers' liability market. Pairing the intellectual capital of our new colleagues with FSG's unmatched data-driven approach to support the diverse business goals of our clients enhances our position as the leading broker in executive liability product lines."
Under the terms of the agreement, Aon and NASDAQ will enter into a five-year exclusive marketing agreement that will incorporate outreach and support for NASDAQ issuers and prospective issuers in the area of liability insurance. The two organizations also will collaborate on the development and distribution of the annual Carpenter Moore Benchmarking Survey, a survey which provides companies with valuable information about their liability insurance pricing as compared to peers in their industry.
Ralph Semeraro, President of Carpenter Moore, commented, "This transaction allows our clients to seamlessly access a broader and deeper set of products and services in executive liability and risk management. Our consultative approach to client service fits with Aon's vision, and we are also pleased to continue the strong association with NASDAQ through our marketing agreement."
Carpenter Moore, based in New York, was formed through the merger of Carpenter Moore and NASDAQ Insurance Agency in 2005. It provides industry expertise in technology, pharmaceuticals, healthcare, durable goods, transportation, energy and financial services.