WTW
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The Commerce Commission has extended its review of the merger by another six weeks.
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The Parrish poaching case sits awkwardly alongside Aon’s insistence to regulators that talent and clients are portable. -
Marsh claimed Aon is trying to ‘flip the narrative’ from its poor management decisions and uncertain future in its response to the suit.
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Aon’s legal team said it was concerned that the proposed timetable could kill off the deal before the trial begins.
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The deal was approved by regulators on the proviso of the disposal, as well as other divestitures already agreed.
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The CCCS has identified competition concerns around executive pay consulting services.
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“We are not about to let [the] delay…compromise the deal”, says Latham & Watkins lawyer Dan Wall.
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The Willis veteran becomes the latest fac executive to depart, following the recent exits of Alf Garner and Antonio Tosti.
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With the DoJ’s suit creating question marks around closing, the junior merger partner’s standalone prospects must be weighed.
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The parties will likely look to deliver a carve-out of large P&C and health benefits broking in the US to target a DoJ settlement.
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Citi analyst Suneet Kamath wrote that P&C underwriters have more exposure to inflation pressures, due to higher claim costs compared with brokers and life insurers.
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Aon and Willis were taken by surprise by the lawsuit, a CTFN report claims.
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