WTW
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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.
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In a statement, Garland argued that the decision will help preserve competition in the insurance brokerage sector in the US.
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Greg Case said the regulator had a "fundamental misunderstanding" of the industry, and that timing prevented the brokers from going to trial.
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The broker has also stated plans to invest in “organic and inorganic growth opportunities” over the next three years.
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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.
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The companies disclosed that Aon will pay Willis the $1bn break fee.
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The Week in 90 Seconds: Aon and DoJ return to the table; German flooding latest; Aki Hussain profilePlus the latest on UK BI legal wrangling and all the top news from this week.
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A number of employees have recently resigned from the carrier as high staff displacement continues in the D&O space.
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Details of potential additional divestitures are closely guarded, but they would likely include P&C broking assets.
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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.
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The merged entity must divest its corporate and commercial short-term insurance broking in the country, as well as offload several global businesses.
