AJ Gallagher
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The firm should trade off maximum possible value for near-term certainty in crystallising shareholder value. -
“There are a lot of great people at Willis, and they would have been a great addition to our team,” the CEO said.
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The broker said CUOs insisting underwriters renew with price increases risked losing quality business.
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Willis Towers Watson must act quickly and decisively to either salvage the sale of Willis Re or lock down staff.
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The Illinois-based broker said it would also redeem $650mn in 10-year notes that it issued in May.
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Shares in rival broker AJ Gallagher, whose plans to buy several Willis assets at a knock-down price are now highly uncertain, were down by 2.3% at $139.
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The intellectual property specialist has also worked at Munich Re and Miller.
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The brokers have offered to divest Willis’ largest corporate risk and broking clients to Gallagher’s Crombie Lockwood.
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Capacity levels and competition amongst underwriters is increasing as renewal activity gathers pace.
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The carrier previously held a 30% stake in Mumbai-based Edelweiss Gallagher Insurance Brokers, but is now acquiring all remaining shares.
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Companies including Axa and CNA Financial have also been recent victims of cyber criminals.
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The deal was approved by regulators on the proviso of the disposal, as well as other divestitures already agreed.
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