Aon
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The CEO said that his company was ‘wide open’ to absorbing additional assets to satisfy regulators’ concerns. -
Shares in AJ Gallagher and Willis Towers Watson held broadly stable after the announcement from the US Department of Justice.
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The investment bank’s analysts suggested that staff and clients may leave as a result of uncertainty, during a prolonged US lawsuit over the Aon-Willis mega merger.
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Inside P&C gives a blow-by-blow account of the regulator's antitrust complaint against the mega deal.
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The broking houses also said they "remain fully committed to the benefits of [their] proposed combination".
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The move from the US regulator represents the biggest threat to the mega-merger since it was announced in March last year.
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The US Department of Justice’s antitrust concerns around the Aon-Willis merger have not been fully addressed by the brokers’ recent spate of divestment plans.
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The news follows the agreement to sell several assets to AJ Gallagher, including Willis Re.
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The expansive syndicate was one of several players to join the D&O market after dramatic rate rises last year.
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The broker has offered to sell its group pharma purchasing and claims audit services in a bid to get the greenlight for its Willis takeover.
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The deal is designed to assuage the Department of Justice’s concerns over the Aon-Willis merger.
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Last year it secured just NZ$6.2bn of protection from major nat cat events, as premium spending went up by 11%.
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