Aon To Move Corporate Headquarters To London

UPDATED 01/13/12 2:01 p.m.

CHICAGO (CBS) — Insurance giant Aon says it is moving its corporate headquarters from Chicago to London.

Aon says it will keep its headquarters for the Americas in Chicago, but the move will not mean any job losses in the United States. In fact, Mayor Rahm Emanuel said it will mean more jobs in Chicago.

But Aon is moving its worldwide corporate headquarters to London to improve access to emerging markets. The company says the move will also help it take advantage of strategic proximity to Lloyd’s and the London market, which it calls one of the key international hubs of insurance and risk brokerage.

The company will change its jurisdiction of incorporation from Delaware to England. Shareholders will receive one share of the newly formed English public limited company for each share of common stock.

Mayor Rahm Emanuel released a statement Friday afternoon about the move, calling it disappointing, but adding that it will actually mean the addition of 750 jobs locally.

“Chicago will remain Aon’s North American headquarters, and as Aon doubles down on its commitment to our city, they will add 750 jobs for Chicagoans,” the mayor said. “And while I am sorry to see the official headquarters move to London, Aon remains an outstanding corporate citizen in Chicago and we look forward to their continued growth and investment in the city’s business landscape.”

The move needs shareholder approval, and Aon expects it to close in the second quarter.

Aon provides risk management, insurance and reinsurance brokerage and human resources services. In total, it has about 500 offices worldwide.

The global headquarters for the company are located in the Aon Center, Chicago’s third tallest building, at 200 E. Randolph St. There have been no reports on whether the departure of Aon’s corporate headquarters will affect the name and occupancy of the building, which was once known as the Standard Oil Building and the Amoco Building.

(TM and © Copyright 2012 CBS Radio Inc. and its relevant subsidiaries. CBS Radio and EYE Logo TM and Copyright 2012 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed. The Associated Press contributed to this report.)

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