Aon buys Arthur J. Gallagher units

CHICAGO, Feb. 23 (UPI) -- Aon Corp. says it plans to pay $30 million in cash for Arthur J. Gallagher & Co. reinsurance brokerage units in the United States and the United Kingdom.

Aon also will pay an additional sum based on the performance of the businesses during the next year, the Chicago Tribune reported Saturday.

Gallagher, an insurance broker based in Itasca, Ill., said it could see up to $15 million more, depending on the performance revenues, the Tribune reported.

Gallagher expects to record a $22 million pretax loss in connection with the sale, the Tribune said, noting the buyout bolsters Aon's presence in key markets in the United States and the United Kingdom.