Gallagher cancels proposed buyout of Willis Re, other WTW assets

U.S.-based insurance broker Arthur J. Gallagher & Co. has canceled its proposed deal to acquire certain assets of broker Willis Towers Watson PLC’s after the planned merger of Aon PLC and WTW has been scrapped, Verdict reported. WTW agreed to divest Willis Re Ltd. and certain corporate risk and broking and health and benefits businesses to Gallagher for $3.57 billion to allay competition concerns around its now-terminated merger with Aon.