"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," said Greg Case, president and chief executive officer. "We continue to make substantial investments across our businesses with the rollout of our Global Risk Insight Platform and the introduction of Inpoint, our insurance carrier consulting business, as well as the addition of key talent in Consulting. 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."

THIRD QUARTER FINANCIAL SUMMARY

Total revenue decreased 2 percent to $1.8 billion due to a 5 percent decline resulting from foreign currency translation and a 69 percent decline in investment income, partially offset by a 9 percent increase from acquisitions, primarily Benfield, net of dispositions.

Total operating expenses were similar to the prior year quarter at $1.6 billion, including an $82 million favorable impact from foreign currency translation, partially offset by a $45 million increase in restructuring charges and operating expenses from the Benfield merger.

Restructuring expenses related to the 2007 and Aon Benfield restructuring programs were $99 million in the third quarter compared to $54 million in the prior year quarter. An analysis of restructuring-related expenses by segment and type for both the 2007 and Aon Benfield restructuring programs are detailed on page 13 of this release.

Restructuring savings in the third quarter related to the 2007 restructuring program are estimated at $68 million compared to $29 million in the prior year quarter. Of the estimated restructuring savings in the third quarter, $57 million were related to the Brokerage segment primarily for workforce reduction. Before any potential reinvestment of savings, the 2007 restructuring program is now expected to deliver cumulative cost savings of approximately $240-245 million in 2009 and $467 million of annualized run-rate cost savings by the end of 2010, primarily as a result of additional cost savings opportunities to streamline support functions globally.

Restructuring savings in the third quarter related to the Aon Benfield restructuring program are estimated at $14 million. Before any potential reinvestment of savings, the Benfield restructuring program is now expected to deliver cumulative cost savings of $45-50 million in 2009, $90-100 million in 2010 and $122 million in 2011.

Currency fluctuations in the third quarter negatively impacted income from continuing operations by $0.01 per diluted share when the Company translates prior year quarter results at current quarter foreign exchange rates.

Effective tax rate on continuing operations was 26.7 percent for the third quarter compared to 27.1 percent for the prior year quarter. The rate in the third quarter includes an underlying tax rate on operations of 28.0 percent.

Average diluted shares outstanding decreased to 292.1 million in the third quarter compared to 293.9 million in the prior year quarter. As a result of accounting guidance introduced in the first quarter, share-based payment awards which receive non-forfeitable dividends are now included in the calculation of basic and diluted shares outstanding. Average diluted shares outstanding increased by approximately 3.4 million in the third quarter and 3.6 million in the prior year quarter as a result of these share-based awards being included in the calculation of diluted earnings per share.

During the quarter, the Company repurchased 3.0 million shares of common stock for $125 million. As of September 30, the Company had approximately $605 million of remaining share repurchase authorization.

Discontinued Operations after-tax income was $3 million or $0.01 per share compared to an after-tax loss of $38 million or $0.13 per share for the prior year quarter. Discontinued operations include adjustments to the gains and losses of previously sold companies. The prior year quarter includes the results of Automobile Insurance Specialists (AIS) and post-close adjustments related to the sale of Combined Insurance Companies of America (CICA) and Sterling Life Insurance (Sterling).

Aon Corp. is a global provider of risk management services, insurance and reinsurance brokerage, and human capital consulting. Through its more than 37,000 colleagues worldwide, Aon readily delivers distinctive client value via innovative and effective risk management and workforce productivity solutions.

((Comments on this story may be sent to newsdesk@closeupmedia.com))

In a press release on November 06, IBM Announces Debt Exchange Offers

ARMONK, N.Y., Nov 06, 2009 IBM (NYSE: IBM) today announced that it has commenced offers to exchange (the "exchange offers") any and all of its 7.125 percent debentures due 2096, 7.000 percent debentures due 2045 and 8.000 percent notes due 2038 for a new series of 5.600 percent senior notes due 2039 (the "new notes") and cash. To encourage holders to tender early, IBM is offering an early exchange premium to holders who validly tender their old notes before 5:00 p.m. EST, on Friday, November 20, 2009 (the "early exchange date"). The exchange offers expire at 12:00 a.m. EST, on Monday, December 7, 2009 (the "expiration date"). We are conducting the exchange offers to retire high coupon long-dated debt in a favorable interest rate environment. The terms and conditions of the exchange offers are described in IBM's exchange circular dated November 6, 2009 (the "exchange circular").

The new notes will mature on November 30, 2039 and will bear interest from November 30, 2009, the early settlement date, at a rate per annum of 5.600 percent. The new notes will be unsecured senior obligations of IBM and will rank equally with all of IBM's other unsecured senior indebtedness.

About IBM

International Business Machines Corporation (IBM), is an information technology (IT) company. The Company's major operations include Global Technology Services segment (GTS), Global Business Services segment (GBS), Software segment, Systems and Technology segment, and Global Financing segment. On January 31, 2008, the Company acquired 100% of Cognos, Inc. On April 3, 2008, IBM acquired 100% of Telelogic, AB. In July 2008, the Company acquired Platform Solutions, Inc. In December 2008, its internal global logistics operations were acquired by SNCF Transport and logistics division of Geodis. In July 2009, IBM acquired Ounce Labs, Inc., a privately held company based in Waltham, Massachusetts, whose software helps companies to reduce the risks and costs associated with security and compliance concerns. In August 2009, the Company announced the launch of its China Analytics Solution Center, part of a network of global centers.

-- November 06, 2009 Constellation Energy (NYSE:CEG) trading at $32.76 on a volume of 664,964 shares

In a press release on November 06, Constellation Energy and EDF Group Complete Nuclear Joint Venture

BALTIMORE & PARIS, Nov 06, 2009 Constellation Energy (NYSE:CEG) and EDF Development Inc. (a wholly-owned subsidiary of EDF S.A.) today announced that EDF has completed its investment in Constellation Energy Nuclear Group, LLC, which is structured as a new joint venture. With the close of the transaction, the companies look forward to working together to deliver the expected economic, environmental and clean energy benefits created by the joint venture.

About Constellation Energy

Constellation Energy (www.constellation.com) is a leading supplier of energy products and services to wholesale and retail electric and natural gas customers. It owns a diversified fleet of generating units located in the United States and Canada, totaling approximately 7,100 megawatts of generating capacity, and is among the leaders pursuing the development of new nuclear plants in the United States. The company delivers electricity and natural gas through the Baltimore Gas and Electric Company (BGE), its regulated utility in Central Maryland. A FORTUNE 500 company headquartered in Baltimore, Constellation Energy had revenues of $19.8 billion in 2008.

-- November 06, 2009 Aon Corporation (NYSE: AOC) trading at $39.25 on a volume of 1.44M shares.

In a press release out on November 06, Aon Consulting Hires Leader for South Korea

Opinion leader and Industry veteran Dr. Ki Ryung (Charlie) Kim to lead Korea business

SINGAPORE, Nov 06, 2009 Aon Consulting, the global human capital consulting organization of Aon Corporation (NYSE: AOC), today announced that opinion leader and industry veteran Dr. Ki Ryung (Charlie) Kim has joined the firm as Chief Executive Officer of Aon Consulting Korea.

In his new role, Kim will lead his team in expanding the solutions in health & benefits and human capital consulting in South Korea. In addition, he will be developing consulting solutions for Korean multinationals around the world.

About Aon

Aon Corporation (NYSE: AOC) is the leading global provider of risk management services, insurance and reinsurance brokerage, and human capital consulting. Through its more than 37,000 colleagues worldwide, Aon readily delivers distinctive client value via innovative and effective risk management and workforce productivity solutions. Aon's industry-leading global resources and technical expertise are delivered locally through more than 500 offices in more than 120 countries. Named the world's best broker by Euromoney magazine's 2008 and 2009 Insurance Survey, Aon also ranked highest on Business Insurance's listing of the world's largest insurance brokers based on commercial retail, wholesale, reinsurance and personal lines brokerage revenues in 2008. A.M. Best deemed Aon the number one insurance broker based on brokerage revenues in 2007 and 2008, and Aon was voted best insurance intermediary, best reinsurance intermediary and best employee benefits consulting firm in 2007 and 2008 by the readers of Business Insurance. For more information on Aon, log onto http://www.aon.com/.

-- November 06, 2009 Entergy Corporation (NYSE: ETR) last at $77.01 a volume of 417,651 shares

In a press release out on November 06, Entergy launches Web site to entice businesses

Nov 05, 2009 Economic development officials in Southeast Texas, like others around the state and the nation, continually try to attract new businesses. Entergy Texas Inc. has decided to lend a hand -- and possibly attract new customers of its own -- by launching a Web site specifically designed to help companies find commercial and industrial real estate in the region.

About Entergy Corporation

Entergy Corporation (NYSE:ETR) is an integrated energy company engaged primarily in electric power production and retail electric distribution operations. Entergy owns and operates power plants with approximately 30,000 megawatts of electric generating capacity and Entergy is a nuclear power generator in the United States. Entergy delivers electricity to 2.7 million utility customers in Arkansas, Louisiana, Mississippi and Texas. The Company operates through two business segments: Utility and Non-Utility Nuclear. Entergy also operates the non-nuclear wholesale assets business. The non-nuclear wholesale assets business sells to wholesale customers the electric power produced by power plants that it owns. In March 2008, Entergy Gulf States Louisiana, L.L.C. acquired the Calcasieu Generating Facility. In September 2008, Entergy Arkansas Inc. acquired the Ouachita Plant.

-- November 06, 2009 Allied World Assurance Company Holdings, Ltd (NYSE: AWH) last at $47.31 on a volume of 274,905 shares

In a press release out on November 06, Allied World's Nicole Baummer and Marjorie Thompson to Speak at PLUS International Conference

PEMBROKE, Bermuda, Nov 06, 2009 Allied World Assurance Company Holdings, Ltd (NYSE: AWH) announced today that Allied World U.S.' Nicole Baummer, Assistant Vice President for Private/Not-for-Profit & Governmental Claims and Marjorie Thompson, Vice President, Professional Lines Claims, will be speaking at this year's Professional Liability Underwriting Society (PLUS) international conference, to be held in Chicago, Illinois, November 11-13, 2009.

PLUS is a not-for-profit organization with membership open to persons interested in the promotion and development of the professional liability industry. Membership consists of over 6,000 individuals, representing over 1,000 companies active in the many fields of professional liability. Ms. Thompson will participate on a panel entitled "Surveying and Surviving the Wreckage Below: All About Excess," on Thursday, November 12, 2009 at 10 am. Ms. Baummer will participate on a panel entitled "I Can't Get Them to Settle," on Thursday, November 12, 2009 at 3:30 pm.

About Allied World Assurance Company

Allied World Assurance Company Holdings, Ltd, through its subsidiaries, is a global provider of innovative property, casualty and specialty insurance and reinsurance solutions, offering superior client service through offices in Bermuda, the United States, Europe and Hong Kong. Our insurance and reinsurance subsidiaries are rated A (Excellent) by A.M. Best Company. For further information on Allied World, please visit our website at www.awac.com.

-- November 06, 2009 UBS (NYSE: UBS) trading at $16.75 on a volume of 1.15M shares

In a press release out on November 06, UBS Investment Bank Strengthens Financial Sponsors Group with Addition of Two Managing Directors

NEW YORK, Nov 06, 2009 UBS Investment Bank announced today that it has hired two senior investment bankers within the firm's Financial Sponsors Group. Allen Bouch and Scott Norby will join the firm's Investment Banking Department (IBD) as Managing Directors, reporting to Steven Smith, Global Head of Leveraged Finance and Americas Head of Financial Sponsors. Bouch and Norby will be based in San Francisco and New York, respectively.

About UBS

UBS (NYSE: UBS) is a global provider of financial services to private, corporate and institutional clients. The Company's financial businesses are organized on a worldwide basis into three business divisions and the Corporate Center. Global Wealth Management & Business Banking consists of three segments: Wealth Management International & Switzerland, Wealth Management US and Business Banking Switzerland. The business divisions Investment Bank and Global Asset Management constitute one segment each. On February 10, 2009, UBS announced the split of Global Wealth Management & Business Banking into two divisions: Wealth Management & Swiss Bank and Wealth Management Americas. In February 2009, JPMorgan Chase & Co. acquired the Company's global agricultural business. In February 2008, it acquired 100% of the Caisse Centrale de Reescompte Group. In August 2008, UBS sold its 24.9% stake in Adams Street Partners. On May 6, 2009, UBS AG acquired the commodity index business of AIG Financial Products Corp

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((M2 Communications disclaims all liability for information provided within M2 PressWIRE. Data supplied by named party/parties. Further information on M2 PressWIRE can be obtained at http://www.presswire.net on the world wide web. Inquiries to info@m2.com.

In his new role, Kim will lead his team in expanding the solutions in health & benefits and human capital consulting in South Korea. In addition, he will be developing consulting solutions for Korean multinationals around the world.

"I am pleased to welcome Charlie to Aon Consulting," said Edouard Merette, Chief Executive Officer of Aon Consulting in Asia Pacific. "With a respected academic and industry expert joining our leadership team, I am confident Charlie will bring innovative solutions to the Korean market that will help clients achieve long-term value."

A well-known opinion leader in Korea in the area of HR management, Kim is a regular columnist with The Magazine of Human Resource Management. He joins Aon from Hay Group, where he was the Representative Director in Korea. Kim specializes in strategy development and execution, leadership, change management, organizational culture, and talent management. Prior to that, he was with Mercer as Worldwide Partner and the Representative Director for Mercer Korea.

Kim has a PhD and Master's degree in Psychology from the State University of New York at Buffalo. He is an Academic Professor with Le Cordon-Bleu Hospitality MBA, and an Advising Professor for the Federation of Korean Industries. He is also a Director at the Korea Academy of Leadership.

Based in Seoul, Kim joined Aon Consulting Oct. 1.

About Aon Consulting

Aon Consulting Worldwide is among the top global human capital consulting firms, with 2008 revenues of $1.358 billion and more than 6,300 professionals in 229 offices worldwide. Aon Consulting works with organizations to improve business performance and shape the workplace of the future through employee benefits, talent management and rewards strategies and solutions. Aon Consulting was named the best employee benefit consulting firm by the readers of Business Insurance magazine in 2006, 2007 and 2008. For more information on Aon, please visit www.aon.mediaroom.com.

About Aon

Aon Corporation (NYSE: AOC) is the leading global provider of risk management services, insurance and reinsurance brokerage, and human capital consulting. Through its more than 37,000 colleagues worldwide, Aon readily delivers distinctive client value via innovative and effective risk management and workforce productivity solutions. Aon's industry-leading global resources and technical expertise are delivered locally through more than 500 offices in more than 120 countries. Named the world's best broker by Euromoney magazine's 2008 and 2009 Insurance Survey, Aon also ranked highest on Business Insurance's listing of the world's largest insurance brokers based on commercial retail, wholesale, reinsurance and personal lines brokerage revenues in 2008. A.M. Best deemed Aon the number one insurance broker based on brokerage revenues in 2007 and 2008, and Aon was voted best insurance intermediary, best reinsurance intermediary and best employee benefits consulting firm in 2007 and 2008 by the readers of Business Insurance. For more information on Aon, log onto http://www.aon.com/.

    Contact:
    Elisa Bakri
    +65 6239 7540
    elisa_bakri@aon-asia.com

SOURCE Aon Corporation

http://www.aon.com

Total revenue decreased 2.1% year over year to $1.8 billion primarily due to a 5.0% decline from foreign currency translation and a 69.0% decline in investment income. It was partially offset by a 9.0% increase from the Benfield acquisition.

In Risk and Insurance Brokerage Services, total revenue for the reported quarter increased 1.1% year over year to $1.5 billion. However, in the Consulting segment, total revenue decreased 8.6% year over year to $308 million, affected by a 4.0% unfavorable impact from foreign currency translation and a 5.0% organic revenue decline in commissions and fees.

Total operating expenses remained flat year over year at $1.6 billion, including an $82 million favorable impact from foreign currency translation, partially offset by the inclusion of operating expenses from the Benfield merger and a $45 million increase in restructuring charges.

Effective tax rate on continuing operations increased to 26.7% from 27.1% in the prior-year quarter.

Foreign currency translation decreased net income by 1 cent per share compared to the prior-year quarter due to fluctuations in the U.S. dollar against most major currencies.

After-tax income from discontinued operations was $3 million or 1 cent per share, compared to a loss of $38 million or 13 cents per share in the prior-year quarter.

During the reported quarter, Aon repurchased 3 million of its common stock for $125 million.

Restructuring plan

Savings in the reported quarter related to 2007 restructuring program were estimated at $68 million compared to $29 million in the prior year quarter. The restructuring plan, prior to any potential reinvestment of savings, is now expected to deliver approximately $240-245 million of savings in 2009, approximately $467 million in 2010. Earlier, it was expected to deliver $240-265 million of savings in 2009, approximately $370 million in 2010.

Savings related to Benfield restructuring program were estimated at $14 million. The restructuring plan, prior to any potential reinvestment of savings, is expected to deliver approximately $45-50 million of savings in 2009, approximately $90-100 million in 2010 and approximately $122 million in 2011. Earlier, it was expected to deliver approximately $33-41 million of savings in 2009, approximately $84-94 million in 2010 and approximately $122 million in 2011.

Aon continues to heavily invest in client-servicing capabilities through the acquisition of Benfield and the introduction of Client Promise and Global Risk Insight Platform in Brokerage, which we think will drive value. Further, while Aon continues to win new clients from its business rivals and derive significant cost savings from its restructuring programs, continued weakness in the economy will hurt the results in the near term.

After reviewing the results, we are maintaining our Hold recommendation on the shares.

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