Aon
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CEO Case reiterated the message that the merger was pulled because of poor timing and "misunderstanding" from the DoJ. -
Willis Towers Watson must act quickly and decisively to either salvage the sale of Willis Re or lock down staff.
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Wells Fargo insurance analyst Elyse Greenspan said Willis Towers Watson stock “seems very inexpensive” in a note to investors on Monday.
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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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In a statement, Garland argued that the decision will help preserve competition in the insurance brokerage sector in the US.
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Greg Case said the regulator had a "fundamental misunderstanding" of the industry, and that timing prevented the brokers from going to trial.
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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 companies disclosed that Aon will pay Willis the $1bn break fee.
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The Week in 90 Seconds: Aon and DoJ return to the table; German flooding latest; Aki Hussain profilePlus the latest on UK BI legal wrangling and all the top news from this week.
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Details of potential additional divestitures are closely guarded, but they would likely include P&C broking assets.
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The Texas Big Freeze plus an active hurricane season could see losses balloon in 2021.
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The expansive broker has poached a number of senior staff from Aon as it builds its team.
