Willis Towers Watson

The disruption of the Aon-Willis deal breakdown could arguably create almost as much of a shake-up of the competitive landscape amongst the second-tier challenger brokers as it will for the two would-be merger partners themselves.

The committee will be responsible for seeing through the broker’s four-pronged Aon United Blueprint.

A White House press spokesperson said the deal would have led to higher costs for businesses and consumers.

The search will need to be rapid and sure-footed to give the firm the best opportunity to address its issues.

Willis Towers Watson must act quickly and decisively to either salvage the sale of Willis Re or lock down staff.

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.

In a statement, Garland argued that the decision will help preserve competition in the insurance brokerage sector in the US.

Greg Case said the regulator had a "fundamental misunderstanding" of the industry, and that timing prevented the brokers from going to trial.

The broker has also stated plans to invest in “organic and inorganic growth opportunities” over the next three years.

Shares in rival broker AJ Gallagher, whose plans to buy several Willis assets at a knock-down price are now highly uncertain, were down by 2.3% at $139.

The companies disclosed that Aon will pay Willis the $1bn break fee.