Britain's competition watchdog said on Monday it will not refer insurance broker Arthur J Gallagher & Co's planned $3.25 billion purchase of Willis Towers Watson's treaty reinsurance brokerage business to an in-depth investigation. The Competition and Markets Authority said it has taken its decision based on the information currently available to it. The deal, announced in August, came weeks after Willis and rival Aon Plc called off their $30 billion merger that would have created the world's largest insurance broker following opposition from the U.S. Department of Justice.
Inga Beale, the former chief executive officer of Lloyd's of London, is one of the newly-appointed directors, the insurance broker said, adding that industry veterans Fumbi Chima, Michael Hammond and Michelle Swanback are also joining the board. Willis also announced Chairman Victor Ganzi would not stand for re-election at the annual shareholder meeting in 2022 after his current term expires.
Marsh & McLennan's (MMC) arm MMA buys Pelnik Insurance in North Carolina to enhance its portfolio.