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The new deal to buy Willis Re is valued at $3.25 billion, with a $750 million earnout payable in 2025, Gallagher reported.
Aon will pay Willis Towers Watson a $1 billion termination fee, per their business combination agreement.
While the deal is moving along in Europe, U.S. regulators could stall its momentum.
Insurance brokerage transactions contributed to 85% of deal volume for the first five months of this year, PwC reported.
The transaction will add about 3,400 independent agencies in 33 U.S. states to Liberty Mutual's business.
The complaint says the deal will negatively affect American businesses that will likely pay higher fees for lower-quality services.
The divestments, which total more than $3.5 billion, are being made to move the Aon-WTW merger forward.
Willis Re is continuing to expand its reinsurance presence in the North American market by opening a new operation in Tampa, Fla.
Insurers are set to pay 300-500 million pounds (about US$480-800 million) to cover UK claims related to damage caused by the St Jude's Day storm, Willis Re estimates, keeping profits intact despite the human cost.
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