Restructured 17/3

By James Thaler

March 16 - Aon president Eric Andersen is to leave the firm after nearly 30 years while long-serving CEO Greg Case will continue in his post, senior broking sources told The Insurer.

Further details regarding Andersen’s departure could not immediately be confirmed.

Andersen agreed to a new three-year contract that went into effect in July 2023, which included a one-year notice period and a two-year non-compete.

Details regarding Andersen’s successor could also not immediately be confirmed.

Andersen’s exit follows that of longtime Aon CFO Christa Davies, who stepped down from her post after certifying the firm’s second quarter results last year. She had been in the role since 2008.

In announcing Davies’ retirement last April, Aon said that Case’s employment contract with the intermediary had been extended another two years to 2028.

Two senior broking sources said Case’s decision to continue in the role he has now held for 20 years is likely to have been at least one factor in Andersen’s decision to exit the firm.

Andersen has served as Aon’s sole president since early 2020, following the departure of his former co-president Michael O’Connor.

After O’Connor’s exit Andersen was widely seen throughout the industry and within the firm as Case’s most likely successor.

Andersen and O’Connor were both named co-presidents in 2018.

Andersen previously served as CEO of Aon’s reinsurance solutions business, and was the Americas CEO of its risk solutions unit where he oversaw 14,000 colleagues on teams in the U.S., Canada, Bermuda and Latin America.

Other senior roles Andersen has held include Aon risk solutions' U.S. retail field leader, national co-managing director of Aon’s financial services group, and resident managing director of Aon in Southern California.

He joined Aon in 1997 via the acquisition of Minet.

Andersen’s most recent contract came with a $1.25 million base salary and a minimum target bonus of $2.50 million. His total compensation in 2023 amounted to around $24.7 million, including more than $23 million in shares that were awarded.

He also received total payouts of around $6 million in 2021 and 2022.

Aon’s Form DEF 14A for 2024 has not yet been filed.

Case has led Aon since 2005 when he succeeded Pat Ryan, who went on to found wholesaler Ryan Specialty.

Aon’s succession plans have been closely watched for years, with Steve McGill, O’Connor, and Andersen all at one point viewed as frontrunners to take over the top job.

A spokesperson for Aon did not immediately respond to a request for comment.