Aon Services Group Announces Acquisition of Olympic Financial Holding Corp

Business Wire, Oct 5, 1998

CHICAGO--(BW HealthWire)--Oct. 5, 1998--Aon Services Group Inc. (ASG) announced completion of the acquisition of Olympic Financial Holding Corp. and its affiliated companies, including Olympic Health Management Systems Inc. and Olympic Health Management Services Inc.

Olympic, a national health-care consulting practice, systems administrator and managing general agency specializing in Medicare-related products for hospitals and physician groups, will become part of ASG's Aon Healthcare Alliance operation. Terms and conditions of the transaction were not disclosed.

With headquarters in Bellingham, Wash., Olympic has more than 40 offices nationwide and is staffed by more than 400 employees. Olympic's president, C. Paul Gauthier, believes that the affiliation with the Aon Healthcare Alliance provides "significant opportunities to tap into Aon's vast distribution network.

"Over the years, Olympic has dedicated its resources to providing some of the most competitive products and services in the Medicare arena, thereby improving Medicare options for individual consumers," he added.

"With our affiliation with Aon, we have access to tremendous resources that will support our introduction of expanded product lines and entry into new markets. We now have combined our unique expertise with all the advantages available to members of the world's leader in the insurance-brokerage industry."

Corbette Doyle, chief executive officer of Aon Healthcare Alliance, sees the Olympic acquisition as "further solidifying Aon's continuing commitment to provide leading-edge products and services and to deliver revenue-enhancing initiatives to health-care providers.

"Olympic is a recognized leader and pioneer in the field of supplemental Medicare products and services and is uniquely positioned to maximize the broad array of opportunities in the rapidly changing over-65 marketplace," Doyle added.

Doyle cited recent amendments to the Balanced Budget Act of 1997 as opening the door to additional options in Medicare managed-care plans and products.

"Olympic has strongly positioned itself to offer an expanded array of products and services to both providers and patients in the Medicare community," she said. "With the inevitable maturing of the `baby boom' generation, there will be an increasing demand for these products and services."

Aon Services Group is one of the world's leading providers of business insurance through its international network of brokerage and underwriting operations. It serves specialty insurance markets through health-care resources, wholesale insurance brokers, third-party administrators, and affinity group and association programs.

Aon Services Group is part of Aon Corp. (Aon), an insurance-services holding company that comprises a family of insurance-brokerage, consulting and consumer-insurance companies. Aon's common stock (symbol AOC) is listed on the New York, Chicago and London stock exchanges.