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Aon and Willis were taken by surprise by the lawsuit, a CTFN report claims. -
The sale process follows that of rival MGA Euclid Transactional and a number of other MGA outfits looking to monetize.
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The CEO said that his company was ‘wide open’ to absorbing additional assets to satisfy regulators’ concerns.
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Shares in AJ Gallagher and Willis Towers Watson held broadly stable after the announcement from the US Department of Justice.
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The investment bank’s analysts suggested that staff and clients may leave as a result of uncertainty, during a prolonged US lawsuit over the Aon-Willis mega merger.
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It is understood that the MGA’s premium volumes took a hit in 2020.
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The broking houses also said they "remain fully committed to the benefits of [their] proposed combination".
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The move from the US regulator represents the biggest threat to the mega-merger since it was announced in March last year.
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The intermediary focuses on underwriting and placing property, casualty and errors and omissions coverage.
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An executive reshuffle at Hesse & Partner will follow Gallagher’s acquisition of all remaining shares in the Swiss broker.
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A recent spate of divestiture offers have reportedly failed to address fears around corporate broking business.
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BRP expects to add $38.8mn in annual revenue following the acquisition and hopes to expand its New England influence.
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