WTW

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.

The Commerce Commission has extended its review of the merger by another six weeks.

Reinsurance rate increases are tapering off, but the recent influx of capacity will not cause pricing to “fall off a cliff” thanks to continuing market discipline, according to Willis Re’s James Vickers.

The broker noted slowing price increases across most lines as stronger capacity, low cat losses and improved results take effect.

The forfeiture of the account follows a series of deals moving in the other direction, including Airbus.

Public-private partnerships such as state-backed reinsurance pools can also enable a more “proactive” approach to climate innovation, the organisation said.

Marsh claimed Aon is trying to ‘flip the narrative’ from its poor management decisions and uncertain future in its response to the suit.

Aon’s legal team said it was concerned that the proposed timetable could kill off the deal before the trial begins.

The deal was approved by regulators on the proviso of the disposal, as well as other divestitures already agreed.