AJ Gallagher

Sources have said a deal could be signed as soon as the middle of the week, with a valuation higher than the last agreement.

“There are a lot of great people at Willis, and they would have been a great addition to our team,” the CEO said.

The broker expressed disappointment in not completing its planned acquisition of some Willis Towers Watson brokerage operations, but touted the success of its tuck-in acquisition strategy.

In its mid-year construction trends report, Gallagher emphasizes the need for brokers specializing in construction to help the industry address challenges.

The executive has more than two decades of experience in tech and finance.

The broker said CUOs insisting underwriters renew with price increases risked losing quality business.

The Illinois-based broker said it would also redeem $650mn in 10-year notes that it issued in May.

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.

The brokers have offered to divest Willis’ largest corporate risk and broking clients to Gallagher’s Crombie Lockwood.

The carrier previously held a 30% stake in Mumbai-based Edelweiss Gallagher Insurance Brokers, but is now acquiring all remaining shares.

Companies including Axa and CNA Financial have also been recent victims of cyber criminals.

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