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The Massachusetts-based company is one of over 100 acquisitions The Hilb Group has made thus far, expanding its footprint further into the New England region.
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The Hong Kong reinsurer said the move was a ‘natural next step’ in line with the company’s diversification strategy.
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A White House press spokesperson said the deal would have led to higher costs for businesses and consumers.
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CEO Case reiterated the message that the merger was pulled because of poor timing and "misunderstanding" from the DoJ.
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The firm must now grapple with the related questions of leadership, ownership and the future shape of the group.
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The Illinois-based broker said it would also redeem $650mn in 10-year notes that it issued in May.
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Greg Case said the regulator had a "fundamental misunderstanding" of the industry, and that timing prevented the brokers from going to trial.
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The companies disclosed that Aon will pay Willis the $1bn break fee.
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BRP said today that New York-headquartered Founder Shield had grown revenues by 53% in the 12 months to May 2021 to around $10mn.
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The broker has closed five M&A deals in 2021 alone, propelling its annual revenue above $300mn.
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The deal follows Bolttech’s $180mn Series A funding round this month.
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Tandem has a presence in 37 US states, underwriting and distributing medical GAP insurance.