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The Commerce Commission has extended its review of the merger by another six weeks. -
The legacy unit is marketing legacy books in Germany and the UK as it unwinds its third-party book.
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The unit is the fourth MGA sold from the underwriting platform.
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The carrier previously held a 30% stake in Mumbai-based Edelweiss Gallagher Insurance Brokers, but is now acquiring all remaining shares.
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Aon’s legal team said it was concerned that the proposed timetable could kill off the deal before the trial begins.
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The deal was approved by regulators on the proviso of the disposal, as well as other divestitures already agreed.
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Although superficially a good match, Axa would run significant risks in pursuing a sale of its reinsurance arm to the French mutual.
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If Covea agrees a sale price in this range for the operations, parent Axa could book a EUR1bn gain, Berenberg claimed.
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“We are not about to let [the] delay…compromise the deal”, says Latham & Watkins lawyer Dan Wall.
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Sources said Cinven-Tysers talks are focused on valuing the contingency business and issues around cultural fit.
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The reinsurer is looking to anchor its UK motor co-insurance and reinsurance capacity with a fully integrated platform for distribution and claims handling.
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The total consideration for the combined transactions, including MPI Generali, is RM1.3bn ($311mn), subject to closing adjustments.
