WTW
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The acquisition is still subject to regulatory approval but expected to be completed in the fourth quarter. -
Following the breakdown of the Aon deal and with a potential activist circling, the firm finds itself at a crossroads.
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It is not yet clear if the fund – known for its activist campaigns – will look to take on management in this case.
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The Inside P&C Select Index outperformed the S&P 500 (5.7% to 2.9%) in August, despite Hurricane Ida making landfall.
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The broker also announces that Nicolas Aubert is set to leave the company to “pursue new interests”.
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A complex web of factors are creating uncertainty around the likely insured loss, but much early discussion centers on a $20bn-$25bn range.
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Outgoing CFO Michael Burwell is to receive a $1mn bonus.
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Andrew Krasner returns to Willis from AssuredPartners, where he served as CFO for just over six months.
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The brokers have signed a heads of terms and will move towards a full acquisition.
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The executive was previously leader for the Midwest, Northeast US and Canadian environmental business.
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The move comes after major defections to rivals from the firm’s retail broking and reinsurance operations earlier in the year.
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The executive will head up a 26-strong team, working across all major lines of business.
