Aon will be relocating its corporate headquarters from Chicago to London, as part of its global growth strategy as well as to gain greater access to emerging markets.

Aon said moving its global operations base to Britain provides better advantage of the strategic proximity to Lloyd’s and the London market as well as one of the major international destination of insurance and risk brokerage.

The company said that the move will also provide several near and long term financial benefits, including increased financial flexibility and improved capital allocation.

The transaction is expected to close in the second quarter of 2012, which is subject to stockholder approval.

Each stockholder will receive one Class A Ordinary Share (US dollar denominated) of the newly formed English public limited company in exchange for each share of common stock of Aon the stockholder holds during the transaction.

Chicago will remain headquarters for the Americas and the company has plans to add more than 1,000 positions across its US operations in 2012.

As part of the transaction, Aon UK expects to be listed on the NYSE and to report earnings and other financial statements as per Securities and Exchange Commission regulations, including dollar denominated financial statements.