Aon
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The Parrish poaching case sits awkwardly alongside Aon’s insistence to regulators that talent and clients are portable. -
Following strong year-to-date performance, P&C stocks were down in June after a change of tone in a Fed meeting.
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Marsh claimed Aon is trying to ‘flip the narrative’ from its poor management decisions and uncertain future in its response to the suit.
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Aon’s legal team said it was concerned that the proposed timetable could kill off the deal before the trial begins.
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The deal was approved by regulators on the proviso of the disposal, as well as other divestitures already agreed.
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The CCCS has identified competition concerns around executive pay consulting services.
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The lawsuit accuses Michael Parrish of masterminding the raid, despite still being a paid Aon employee.
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“We are not about to let [the] delay…compromise the deal”, says Latham & Watkins lawyer Dan Wall.
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Frederick Streeton will join in September from Liberty Mutual Group, where he was head of underwriting strategy for the its global risk solutions business.
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The Chicago-based executive has also worked for Credit Suisse.
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With the DoJ’s suit creating question marks around closing, the junior merger partner’s standalone prospects must be weighed.
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The parties will likely look to deliver a carve-out of large P&C and health benefits broking in the US to target a DoJ settlement.
