Aon
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The Q2 results update came at the end of a week in which an agreement to acquire Willis Towers Watson collapsed.
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The collapse of the Aon-Willis deal will have no noticeable impact on the ILS broking business, as the market waits to see what the fate of the Willis Re team will be.
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The companies disclosed that Aon will pay Willis the $1bn break fee.
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The broker said ILS capital had reached $96bn at the end of Q1.
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It took year to date private cat bond volumes up to $580mn, according to Trading Risk data.
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The brokers have offered to divest Willis’ largest corporate risk and broking clients to Gallagher’s Crombie Lockwood.
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A spell of tornadoes, rain and hailstorms across the continent drove the loss activity.
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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.
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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.
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The Commerce Commission has extended its review of the merger by another six weeks.
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Austria and the Czech Republic are likely to record their most costly convective storms on record.
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The CCCS has identified competition concerns around executive pay consulting services.