Aon Corporation has begun an internal investigation into its compliance with anti-bribery laws.
The global broker said in a regulatory filing that it had appointed an external law firm to investigate its compliance with certain US and non-US anti-bribery laws, including the US Foreign Corrupt Practices Act.
This followed a request from the US regulator.
Aon said: “An outside law firm with significant experience in the area is overseeing the review.”
Aon has advised the FSA, the US Securities and Exchange Commission, the US Department of Justice, and certain other non-US regulators of the review.
It has also agreed with the US regulators to suspend any applicable statute of limitations pending completion of the review.
“Based on current information, the company is unable at this time to predict when the review will be completed or what regulatory or other outcomes may result."
An Aon spokesman would not comment on whether the matter would impact on the broker’s operations in the UK.
He said the company was complying fully and was “taking the matter very seriously”.
Wholesale travel book sold to Citybond
Aon has sold its wholesale travel insurance book to Citybond.
Independent insurer Citybond, which handles Â£35m in gross written premiums, bought the book for an undisclosed fee.
Aon said the wholesale travel book was not part of its â€œcore businessâ€, and that it would concentrate on retail personal lines travel insurance.
Ben Holroyd-Doveton, Aonâ€™s personal and group programme finance director, said: â€œWe are not planning any further sales of our travel business, and are focusing instead on personal lines rather than wholesale travel insurance.
â€œWe are very comfortable with the remaining business left in our travel section.â€
He added: â€œItâ€™s not part of our core business, and a relatively small part of Aonâ€™s overall operations.â€