GLENVIEW, Ill. - August 20, 2003 - Aon Warranty Group, a unit of Aon Corporation (NYSE: AOC) today named Michael F. Frosch, 42, president, Aon Home Warranty Services.

"We're very pleased to have Mike join our executive management team as president of our home warranty division," said David L. Cole, chairman, president and CEO of Aon Warranty Group. "With Michael's experience leading major businesses and years of industry expertise, including his tenure with Aon, Michael returns as a valuable asset to our company."

Mr. Frosch's career spans over 20 years and has earned him numerous executive-level positions in operations, sales and marketing. He began his career at Independent Dealer Services in 1985 as national account manager with marketing and sales responsibilities. In 1991 Mr. Frosch joined The Wiz, a $1.5 billion dollar consumer electronics specialty retailer as senior vice president, sales and operations.

In 1998, Mr. Frosch joined Aon subsidiary Aon Innovative Solutions as senior vice president, sales and marketing. Since 2000 Mr. Frosch has been executive vice president and operations officer at Niteo Partners, an NEC Company.

Mr. Frosch will report to Mr. Cole, and will be based in Glenview.

Aon Warranty Group is a unit of Aon Corporation (http://www.aon.com), a holding company that is comprised of a family of insurance brokerage, consulting and insurance underwriting subsidiaries.

This press release contains certain statements relating to future results, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from either historical or anticipated results, depending on a variety of factors. Potential factors that could impact results include the general economic conditions in different countries around the world, fluctuations in global equity and fixed income markets, exchange rates, rating agency actions, pension funding, changes in commercial property and casualty markets and commercial premium rates, the competitive environment, the actual costs of resolution of contingent liabilities and other loss contingencies, the heightened level of potential errors and omissions liability arising from placements of complex policies and sophisticated reinsurance arrangements in an insurance market in which insurer reserves are under pressure, and the timing and resolution of related insurance and reinsurance issues relating to the events of September 11, 2001. Further information concerning the Company and its business, including factors that potentially could materially affect the Company's financial results, are contained in the Company's filings with the Securities and Exchange Commission.