Aon to buy Willis Towers Watson in $30 billion deal
Emma Greedy, March 12, 2020
The deal will combine the world’s second- and third-largest insurance brokers, which could create the world’s largest insurance broker worth $76 billion
Willis Towers Watson said the acquisition will provide opportunities to expand and further accelerate execution of both companies’ existing strategies.
The new combined company take the Aon name and will keep its headquarters in London.
The firm will be led by Aon CEO Greg Case and Aon chief financial officer Christa Davies. Willis Towers Watson’s CEO John Haley will become executive chairman with the new board of directors made up of directors from both firms’ current boards.
The announcement stated the new firm will combine ‘diverse colleague experience and shared values to drive distinctive outcomes for clients’. It also claimed merging the two businesses will create an organisation ‘more relevant and responsive to client needs’.
Haley said: “The combination of Willis Towers Watson and Aon is a natural next step in our journey to better serve our clients in the areas of people, risk and capital.
“This transaction accelerates that journey by providing our combined teams the opportunity to drive innovation more quickly and deliver more value,” he added.
For Case, the merger of both companies will create a more innovative platform.
“Our world-class expertise across risk, retirement and health will accelerate the creation of new solutions that more efficiently match capital with unmet client needs in high-growth areas like cyber, delegated investments, intellectual property, climate risk and health solutions,” said Case.
HR magazine has contacted the parties involved to learn what will happen to existing Aon and Willis Towers Watson staff post-merger.