Aon to Halt Iran Business

The Chicago Tribune:

Aon Corp. will stop doing business in Iran after New York City Comptroller William Thompson raised concerns about corporate connections to countries that allegedly sponsor terrorism. Aon will indefinitely suspend operations in Iran on April 1, Patrick Ryan, the Chicago-based insurance brokerage's chairman, said in a Jan. 19 letter to Thompson. READ MORE

At his request, Aon's policy committee reviewed potential financial and reputational risks of doing business in Iran. Thompson manages $83 billion in New York City employee pension funds, including $34 million in Aon shares. "Aon has made the right decision, and one that I hope other companies will achieve as well," Thompson said. Aon has two units based in Iran, according to its 2004 annual report. Spokesman Al Orendorff said Aon would continue to do business in other companies in the Middle East and planned to expand in the region.