Arthur J. Gallagher & Co. is completing its acquisition of Willis Towers Watson’s global reinsurance business, Willis Re.
The US$3.25 billion transaction was first announced in August and was finalized earlier this month. Together with Gallagher’s existing reinsurance operations, the combined businesses will trade as Gallagher Re from more than 70 offices across 31 countries and incorporate 2,400 colleagues. Gallagher Re will be led by James Kent, global reinsurance chief executive officer, who’ll report to Tom Gallagher, Gallagher’s CEO of global property and casualty brokerage.
The sale comes on the heels of Aon and Willis Towers Watson calling off its proposed merger and ending litigation with the U.S. Department of Justice in July. The merger, which was first announced in March 2020 and received shareholder approval in August 2020, was challenged in June, with the DOJ asserting the deal could eliminate competition, raise prices and hamper innovation for U.S. businesses, employers and unions that use the two consultancies’ services.