Willis Towers Watson

The collapse of the Aon-Willis deal will have no noticeable impact on the ILS broking business, as the market waits to see what the fate of the Willis Re team will be.

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

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 Commerce Commission has extended its review of the merger by another six weeks.

The broker said a buoyant ILS market contributed to the reinsurance market nearing a new equilibrium at the end of mid-year renewals.

Public-private partnerships such as state-backed reinsurance pools can also enable a more “proactive” approach to climate innovation, the organisation said.

The CCCS has identified competition concerns around executive pay consulting services.

The broking houses also said they "remain fully committed to the benefits of [their] proposed combination".

The new accounting framework is being brought in to replace current GAAP reporting measures.

The deal is designed to assuage the Department of Justice’s concerns over the Aon-Willis merger.

The US government reportedly has around 20 attorneys at work in case it decides to sue to block the deal.