M&A
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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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As part of expansion plans, Ki has also signed a stock purchase agreement to acquire an inactive insurance carrier that holds licenses in more than 40 states.
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The potential transaction is expected to complete in the third quarter.
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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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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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The French mutual has been looking to expand, with recent unsuccessful attempts to acquire Scor and PartnerRe.
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The broking houses also said they "remain fully committed to the benefits of [their] proposed combination".
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The deal is designed to assuage the Department of Justice’s concerns over the Aon-Willis merger.
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Century Equity Partners and WT Holdings are backing the new venture.