WTW

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.

Plus the latest on UK BI legal wrangling and all the top news from this week.

A number of employees have recently resigned from the carrier as high staff displacement continues in the D&O space.

Details of potential additional divestitures are closely guarded, but they would likely include P&C broking assets.

The DoJ was given a deadline to provide Aon’s lawyers with pertinent evidence collected from third parties during its investigation into the $30bn mega-merger.

The merged entity must divest its corporate and commercial short-term insurance broking in the country, as well as offload several global businesses.

The brokers have offered to divest Willis’ largest corporate risk and broking clients to Gallagher’s Crombie Lockwood.

The competition watchdog has approved the acquisition of Willis Towers Watson by Aon if the latter complies with a ‘substantial set of commitments’, including the divestment of central parts of Willis’s business to Gallagher.

GC Access was launched last year to match carriers and MGAs and help them plan new ventures.

The keenly anticipated antitrust showdown has now been scheduled for November 18.

Aon will have to wait until November at the earliest to argue the case in Federal Court for its $30bn merger with Willis Towers Watson.