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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. -
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.
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The merged AmGeneral and Liberty Insurance Berhad operations will create the largest auto insurer and second-largest P&C insurer in Malaysia.
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Chandler says he is keen to build a company culture akin to that of Benfield, which sold to Aon for $1.75bn in 2008, at BMS Re.
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The broker consolidator’s organic growth for 2020 was 4.4%, while revenue was up 28%.
