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The US regulator has proposed Willis sells its San Francisco and Houston CRB businesses, and its Bermudian insurance broking arm.
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The target operates in lines including real estate, construction, oil and gas, financial lines and property.
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Participants in the IPO will purchase American Depository Receipts, securities linked to a Cayman Islands holding company Waterdrop Inc.
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The number four broker is seeking to acquire both Willis Re and the European insurance broking businesses.
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The AmTrust-owned MGA will be able to offer policy limits of EUR40mn per transaction.
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The development follows an explosion in the use of blank check vehicles in the US.
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The move follows the brokers’ submission of a remedies package last week to allay competition concerns.
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Credit Agricole served as the debt arranger, with Sompo Japan and Aioi Nissay Dowa Insurance acting as insurers.
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Both parties continue to look determined to take the steps needed to get the deal to the line.
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Further details of the proposed remedies to the European Commission are revealed.
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Proposed remedies match prior reporting from this publication over the last month.
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The move follows Willis’ explorations of sales of Willis Re and European units.
