WTW

In a statement, Garland argued that the decision will help preserve competition in the insurance brokerage sector in the US.

Greg Case said the regulator had a "fundamental misunderstanding" of the industry, and that timing prevented the brokers from going to trial.

The broker has also stated plans to invest in “organic and inorganic growth opportunities” over the next three years.

The companies disclosed that Aon will pay Willis the $1bn break fee.

Details of potential additional divestitures are closely guarded, but they would likely include P&C broking assets.

Advocates of firm action by the Federal Government against competition law violations welcomed Kanter’s appointment.

The DoJ was given a deadline to provide Aon’s lawyers with pertinent evidence collected from third parties during its investigation into the $30bn mega-merger.

The merged entity must divest its corporate and commercial short-term insurance broking in the country, as well as offload several global businesses.

The brokers have offered to divest Willis’ largest corporate risk and broking clients to Gallagher’s Crombie Lockwood.

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.

The keenly anticipated antitrust showdown has now been scheduled for November 18.

Aon will have to wait until November at the earliest to argue the case in Federal Court for its $30bn merger with Willis Towers Watson.