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The brokers have offered to divest Willis’ largest corporate risk and broking clients to Gallagher’s Crombie Lockwood. -
BMS Re seeks to consolidate its presence in key areas such as Florida, Los Angeles, North Carolina and the greater Boston area.
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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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First Florida founder and president Jeff Platz and his team will join the Hub Florida region.
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The deal marks JenCap’s second takeover this year and the 13th since it was founded in 2016.
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The deal doesn’t involve the transfer of employees or business, and BIC will be renamed Ascot Surety & Casualty following the deal’s close.
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The terms of the deal with Western National Mutual Insurance Company were not disclosed, but, prior to closing, Western National assumed all remaining liabilities.
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The keenly anticipated antitrust showdown has now been scheduled for November 18.
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Ward had a 50-year history as an independent broker placing personal and business cover.
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The two companies said they will work together to “transform small and mid-market US commercial insurance through digital technology, data analytics, and automation”.
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The Commerce Commission has extended its review of the merger by another six weeks.
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The carrier previously held a 30% stake in Mumbai-based Edelweiss Gallagher Insurance Brokers, but is now acquiring all remaining shares.
