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The deal marks JenCap’s second takeover this year and the 13th since it was founded in 2016. -
The keenly anticipated antitrust showdown has now been scheduled for November 18.
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The newly rebranded business will "remain independent" but is considering bringing in a new investor.
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The Goldman-Sachs backed broking group brings an MGA service provider on board.
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The Commerce Commission has extended its review of the merger by another six weeks.
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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.
