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The Hong Kong reinsurer said the move was a ‘natural next step’ in line with the company’s diversification strategy.
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A White House press spokesperson said the deal would have led to higher costs for businesses and consumers.
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CEO Case reiterated the message that the merger was pulled because of poor timing and "misunderstanding" from the DoJ.
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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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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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The companies disclosed that Aon will pay Willis the $1bn break fee.
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Any transaction would be predicated on a major reorganisation of the acquisition target, slowing deal progress.
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The deal follows Bolttech’s $180mn Series A funding round this month.
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CEO Alan Schnitzer said the transaction gave the business “a window into a successful management team” and addressed its underweight position in E&S.
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Most of the deals are concentrated in the insurance brokerage sector with 375 transactions.
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The purchase of a U.S.-based carrier enables Greg Hendrick-led Vantage Group to write coverage under its own subsidiary after partnership.
