3. Aon considers bid for rival Willis Towers Watson
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Like some grand magic act, Aon PLC’s potential bid for Willis Towers Watson PLC vanished almost as quickly as it appeared in March.
Aon confirmed it was considering a bid for its rival in a terse statement — saying that it “confirms that it is in the early stages of considering an all-share business combination with Willis Towers Watson.” The story was the third most read risk management story on Business Insurance’s website in 2019.
The announcement came after at Bloomberg report saying the brokerage was preparing to submit a bid.
The next day, however, Aon issued a statement saying it “does not intend to pursue this business combination.”
Willis Towers Watson had itself recently completed the integration of the merger between the former Willis Group Holdings PLC and the consulting operations of the former Towers Watson & Co. that created the firm.
If it had been completed, the union of the world’s second and third largest brokerages would have created the largest brokerage in the business with more than $19 billion in annual revenue, topping longtime leader Marsh & McLennan Cos. Inc.
Marsh & McLennan Cos. Inc.’s $5.6 billion acquisition of Jardine Lloyd Thompson Group PLC, which was completed this year, remains the biggest deal in the broker sector.
