Mason Hawkins Comments on Aon

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Feb 17, 2014

For Aon (AON), the world's largest insurance broker and a leading benefits manager, increasing cash flow and healthy share repurchases helped our position gain 53% for the year. As noted in our third quarter commentary, higher interest rates should improve fiduciary income and help close thepensiongap.Aon'sprivatehealthcare exchange for corporate employees gained critical mass with the addition of Walgreens to the client base. CEO Greg Case and his management team have built value per share through their customer- focused, shareholder-oriented leadership.

From Mason Hawkins (Trades, Portfolio)' 2013 Longleaf Partners Fund management discussion.