• Contact Us
  • About
  • Advertise
  • Privacy & Policy
Tuesday, March 28, 2023
  • Login
  • Register
Business Post
E3P Motor Insurance
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
No Result
View All Result
Business Post
No Result
View All Result
Home News

Aon-WTW Merger: European Commission Shares Competition Concerns

Nwanne Ikemefune by Nwanne Ikemefune
December 27, 2020
in News
0 0
0
shadow merger talks
0
SHARES
35
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

Following much media speculation, it has now been confirmed that Aon Plc’s swoop for fellow broking behemoth, Willis Towers Watson (WTW), is undergoing closer examination by the European Commission (EC) under the merger regulation of the European Union.

“Aon and Willis Towers Watson are two leading companies in the market for insurance and reinsurance brokerage,” said Margrethe Vestager, the EC’s executive vice president responsible for competition policy, in a release. “They help companies with their risk management and with finding the right insurers for their needs.

“We have opened an in-depth investigation to assess carefully whether the transaction could lead to negative effects for competition, less choice and higher prices for European customers in the commercial risk brokerage market.”

The commission – which assesses mergers and acquisitions to prevent market concentrations that significantly impede effective competition in the European Economic Area or any substantial part of it – decides whether to grant approval, known as Phase I, or to proceed to Phase II which is an in-depth review.

Both headquartered in London while domiciled in Ireland, Aon and WTW are present in more 120 and 140 countries, respectively. In its initial market probe, the antitrust regulator identified competition concerns in relation to the supply of commercial brokerage services.

The EC noted: “In particular, the commission is concerned that the transaction may reduce the competition as regards: brokerage services to large multi-national customers in the risk classes property and casualty, financial and professional services, credit and political risk, cyber, and marine; brokerage services to customers of all sizes for space and aerospace manufacturing risks as well as in a few classes in specific national markets.”

Additional, the commission will now further examine the provision of reinsurance brokerage services, as well as consulting and administration services. Aon, meanwhile, said it looks forward to continuing its dialogue with the EC throughout the process.

“The Phase II review is a common next step in the review process for a transaction of the size and complexity under EU merger regulation, and the firm remains on track to close the combination in the first half of 2021,” asserted Aon in a separate release.

“As stated previously, Aon’s and Willis Towers Watson’s businesses are complementary, operating across broad, very competitive areas of the economy, and Aon remains confident of a positive outcome without any divestures. Aon expected a thorough review of this combination and will continue to work closely with all the relevant regulators, including the EC.”

According to the commission, it has until May 10 next year to decide on the merger.

Source: Insurance Business Magazine, By Terry Gangcuangco
Previous Post

Lloyd’s Sets Out Council Diversity

Next Post

Thank You, Thanks Again, Thanks Indeed, Merry Christmas

Nwanne Ikemefune

Nwanne Ikemefune

Related Posts

Fitness Enthusiasm, NEM Insurance Spins Wellness In The Public Space
News

Fitness Enthusiasm, NEM Insurance Spins Wellness In The Public Space

March 27, 2023
Image Spin: Farewell For Omolola Adekunle Bankole
News

Image Spin: Farewell For Omolola Adekunle Bankole

March 17, 2023
Confab Mic
News

Conference To Address Satisfaction As Driver Of Insurance And Pension Penetration Positions

February 28, 2023
Next Post
Thank You, Thanks Again, Thanks Indeed, Merry Christmas

Thank You, Thanks Again, Thanks Indeed, Merry Christmas

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

NEM INSURANCE NEM INSURANCE NEM INSURANCE
  • Trending
  • Comments
  • Latest
ILAN Picture

Loss Adjusters Receive Charge To Match Speed Of New Developments

July 30, 2022
Custodian Investment To Acquire 51% Stake In UACN Property

Penetration: Operators Call For Insurance-In-Action

November 2, 2022
tope smart NIA former chairman

Insurance Milestone: A Beacon To Follow

April 3, 2022
ncrib logo

NCRIB And Universal In Pictures

August 23, 2020
Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

April 13, 2021
Linkage Assurance Aligns With Brokers For Growth

Linkage Assurance Aligns With Brokers For Growth

December 6, 2021
Preferred PenCom Logo

PenCom Board Crafted To Hedge Setback

February 1, 2021
NCRIB Sets The Stage For Adaramola’s Tenure

NCRIB Sets The Stage For Adaramola’s Tenure

March 18, 2021
PenCom Approves Mrs Okwuosa New Access Pension Fund Custodian MD

PenCom Board Back-To-Work Pass, Gets Tick Over

February 1, 2021
PTAD Wipes 21,227 Parastatals Pensioners From Payroll

PTAD Wipes 21,227 Parastatals Pensioners From Payroll

January 31, 2021
How Strong Is The Reinsurance Sector Going Into 2021?

How Strong Is The Reinsurance Sector Going Into 2021?

6838
Scib CEO Tinubu

Professionals Want Value Dimension Added To Enhance Compulsory Insurance

6730
Allianz Claims Survey Shows Changing Claims Patterns

Internal Failures, Major Cause Of Cyber Claims

5386
Anchor MD Loses Father

Anchor MD Loses Father

1523
As Nat Cat Losses Mount A Resilience Mindset Matters More Than Ever

As Nat Cat Losses Mount A Resilience Mindset Matters More Than Ever

1494
Leadway Assurance Leads With ISO/IEC Re-certification

Leadway Assurance Leads With ISO/IEC Re-certification

959
NIID: Dare Project To Take back Motor Policy From Touts Still Surging Despite Odds

NIID: Dare Project To Take back Motor Policy From Touts Still Surging Despite Odds

923
PenCom Trigger Lifts Transfer System Off The Starting Block With Split Responsibilities

Pension Funds Encounter First Waterfall

386
Old Mutual Points Nigerians To Insurance-backed Savings Plans To Hedge Economic Volatilities

Old Mutual Points Nigerians To Insurance-backed Savings Plans To Hedge Economic Volatilities

333
National Assembly Principal Officers Set To Strip Staff Of CPS Without Consent

PenOp Rails Against National Assembly Secret Bill To Exempt Own Workers From CPS

312
Fitness Enthusiasm, NEM Insurance Spins Wellness In The Public Space

Fitness Enthusiasm, NEM Insurance Spins Wellness In The Public Space

March 27, 2023
Global Insured Natural Catastrophes Losses Hit US$100bn

Global Insured Natural Catastrophes Losses Hit US$100bn

March 27, 2023

Invest In Speaking Customers Language Not Yours, Insurance Industry Charged

March 26, 2023
NAICOM Head office

Insurers Claims Obligation Increases By 18% In Q4 2022, N244.3bn Paid

March 26, 2023
NAICOM Regulation Stirs Clear Of Wild Spin Focuses On Mid-Point With Policyholders And Operators

Nigeria’s Insurance Industry Gross Premium Muscle Lifts N776.2bn To Closs 2022

March 23, 2023
Image Spin: Diipo Olarenwaju Says Blockers Of Loss Adjusters Vital Role Will Be Challenged

Image Spin: Diipo Olarenwaju Says Blockers Of Loss Adjusters Vital Role Will Be Challenged

March 23, 2023
Tax Administrators Charged To Match The Pace Of Global Technological Advancements

Tax Administrators Charged To Match The Pace Of Global Technological Advancements

March 21, 2023
Ojumah’ Exploits Earn Induction Into Sanlam Pan Africa Council Of Elders

Ojumah’ Exploits Earn Induction Into Sanlam Pan Africa Council Of Elders

March 20, 2023

FIRS Feast Of MoU Snaps UK Counterpart

March 18, 2023
Guinea Insurance Sets For Return To Profit Turf

Guinea Insurance Sets For Return To Profit Turf

March 18, 2023

Recent News

Fitness Enthusiasm, NEM Insurance Spins Wellness In The Public Space

Fitness Enthusiasm, NEM Insurance Spins Wellness In The Public Space

March 27, 2023
Global Insured Natural Catastrophes Losses Hit US$100bn

Global Insured Natural Catastrophes Losses Hit US$100bn

March 27, 2023

Invest In Speaking Customers Language Not Yours, Insurance Industry Charged

March 26, 2023
NAICOM Head office

Insurers Claims Obligation Increases By 18% In Q4 2022, N244.3bn Paid

March 26, 2023
NAICOM Regulation Stirs Clear Of Wild Spin Focuses On Mid-Point With Policyholders And Operators

Nigeria’s Insurance Industry Gross Premium Muscle Lifts N776.2bn To Closs 2022

March 23, 2023
Image Spin: Diipo Olarenwaju Says Blockers Of Loss Adjusters Vital Role Will Be Challenged

Image Spin: Diipo Olarenwaju Says Blockers Of Loss Adjusters Vital Role Will Be Challenged

March 23, 2023
Tax Administrators Charged To Match The Pace Of Global Technological Advancements

Tax Administrators Charged To Match The Pace Of Global Technological Advancements

March 21, 2023
Ojumah’ Exploits Earn Induction Into Sanlam Pan Africa Council Of Elders

Ojumah’ Exploits Earn Induction Into Sanlam Pan Africa Council Of Elders

March 20, 2023

FIRS Feast Of MoU Snaps UK Counterpart

March 18, 2023
Guinea Insurance Sets For Return To Profit Turf

Guinea Insurance Sets For Return To Profit Turf

March 18, 2023
Image Spin: Farewell For Omolola Adekunle Bankole

Image Spin: Farewell For Omolola Adekunle Bankole

March 17, 2023
Seplat Energy Says Allegations Against CEO, Board Untrue, Misleading

Seplat Energy Says Allegations Against CEO, Board Untrue, Misleading

March 16, 2023
Transactional Risk Insurance Now Mainstream Product – Report

Transactional Risk Insurance Now Mainstream Product – Report

March 15, 2023
Over 2,100 RSA Holders Make Maiden Dash For Transfer Window

PenOp Creates Bastion Of Effective Leadership For Pension Professionals

March 14, 2023
Business Post

We connect brands with buyers and sellers of insurance, pension and also project insurance and allied Businesses to the trending generation. We help the various public to adapt to the constant changes as it would impact, and also enable advertisers to connect, engage and target opportunities on line , in print and in person.

Browse by Category

  • Business Unlimited
  • Feature
  • Insurance
  • News
  • OIL & ENERGY
  • Pension
  • Travel

Recent News

Fitness Enthusiasm, NEM Insurance Spins Wellness In The Public Space

Fitness Enthusiasm, NEM Insurance Spins Wellness In The Public Space

March 27, 2023
Global Insured Natural Catastrophes Losses Hit US$100bn

Global Insured Natural Catastrophes Losses Hit US$100bn

March 27, 2023
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 BusinessPost

No Result
View All Result
  • Home
  • Insurance
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Contact Us
  • About
  • Advertise
  • Privacy & Policy

© 2023 BusinessPost

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In