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The deal is designed to assuage the Department of Justice’s concerns over the Aon-Willis merger. -
The US government reportedly has around 20 attorneys at work in case it decides to sue to block the deal.
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RSA CFO Charlotte Jones will remain on the board, after originally expecting to stand down.
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The voluntary tender builds on a 2020 deal in which the bidder took a 24% stake in its target.
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The vehicle would need to raise in excess of £200mn if the proposed listing rules go into effect.
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The transaction will create London’s largest independent specialty and wholesale broking business.
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The parties reiterated their expectation of a 1 June close for the deal.
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The Commerce Commission has delayed its decision for the third time.
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The merging brokers have also agreed a two-year non-compete agreement on transferring Willis business.
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The week also saw further reshaping in contingency and marine markets, and Insurance Insider’s InsurTech conference.
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The amount of special purpose acquisition company (SPAC) capital currently available points to a continued elevated period of InsurTechs using SPACs as a means to go public, according to a panel of investors in the sector.
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An exit would carry a multi-hundred-million price tag.
