Aon Corporation has announced that its founder and executive chairman, Patrick Ryan, will retire on August 1, 2008.

Mr Ryan has founded Aon, which has its origin in a small insurance agency he started in 1964. That agency eventually became Ryan Insurance, a firm focused on a strategy of providing advice, consulting services and distribution of insurance products to the automotive industry.

The company continued to expand through organic growth and acquisition, and in 1987 changed its name to Aon Corporation.

Gregory Case, president and chief executive officer of Aon Corporation, said, Pat Ryan is one of the great visionaries and leaders in the insurance industry. His vision of creating a truly global company in the fields of risk management and human capital consulting became a reality that serves thousands of clients around the world every day.

Mr Ryan added: The transition to a new management team under the sound leadership of Greg Case is complete. Aon is extremely well-positioned for continued growth and success. After 41 years as CEO and three years as executive chairman, it is time to retire from active involvement. I will of course continue to be a dedicated and interested shareholder.