Britain’s competition watchdog said on Monday it will not refer insurance broker Arthur J Gallagher & Co’s planned $3.25 billion purchase of Willis Towers Watson’s treaty reinsurance brokerage business to an in-depth investigation.
The Competition and Markets Authority said it has taken its decision based on the information currently available to it.
The deal, announced in August, came weeks after Willis and rival Aon Plc called off their $30 billion merger that would have created the world’s largest insurance broker following opposition from the U.S. Department of Justice.
Treaty reinsurance involves reinsuring the whole of an insurer’s book of business, rather than individual projects or risks.
(Reporting by Huw Jones, editing by Louise Heavens)
Related:
- UK Competition Authority Investigating Gallagher Bid to Buy Willis Re
- Sale of Willis Re Still Possible After Collapse of Aon Merger, Gallagher Deal
Was this article valuable?
Here are more articles you may enjoy.
‘Unusual’ Isaias Brings Winds, Downed Trees But Fewer Claims Than Expected 
Broad AI Exclusions in Insurance Policies Could Create Uncertainty, Marsh CEO Says 
Supervisor’s Punching of Employees Enough for Tort Suit, NC Appeals Court Says 
AI Bubble Risks Worst S&P 500 Crash Since 2008, Strategist Says 
