Aon is a global professional services firm focused on insurance brokerage and consulting. Aon operates two segments: Risk Capital (~66% of revenue) and Human Capital (~34% of revenue). In Risk Capital, Aon acts as a broker and adviser helping organizations buy commercial insurance and reinsurance — covering property, casualty, cyber, and specialty risks — earning commissions on placements without taking on insurance risk itself. Aon also helps insurers manage their own portfolios through reinsurance brokerage, insurance-linked securities, and catastrophe bonds. In Human Capital, Aon advises employers on health benefits design and retirement programs, earning fees for consulting, actuarial, and advisory services. Aon's revenue is highly recurring, driven by mid-90% client retention, with new business wins consistently contributing the largest share of organic growth. Margins expand through operating leverage, supported by Aon Business Services (ABS), a centralized technology and analytics platform that standardizes operations globally and powers proprietary risk analytics tools. In April 2024, Aon acquired NFP for ~$13B, extending its reach into the North American middle market, where NFP's producers maintain client relationships independently while accessing Aon's global capabilities. Aon's growth strategy centers on integrating its risk and human capital offerings, deepening enterprise client coverage, and pursuing the data center insurance opportunity — where Aon has launched a proprietary insurance program and placed the first data center-specific reinsurance treaty to serve hyperscalers investing in AI infrastructure.