Aon agrees deal to sell US brokerage
The investor group which bought Swett & Crawford, a provider of wholesale insurance broker services to the commercial sector across the US, was led by venture capitalists Hicks, Muse, Tate & Furst, with support from Bank of America Capital Investors and Emerald Capital. The purchase price was not disclosed but Swett & Crawford is the largest wholesale insurance broker currently in the US. Last year it brought in nearly $3 billion in premium volume. David Hartoch, chairman and CEO of Swett & Crawford, commented, "On behalf of all Swett & Crawford employees, I am excited to be partnering with Hicks, Muse, Tate & Furst to build our business at an exciting time in the history of our company and industry."