Aon, WTW merger to be a positive catalyst: CEO Greg Case

Greg Case, the Chief Executive Officer of leading re/insurance broker Aon, believes his company’s forthcoming combination with Willis Towers Watson will be a positive catalyst enabling accelerated innovation on behalf of clients.

In an official statement to colleagues earlier this week, Case noted how the all-stock combination requires no financing and reflects an intent to complete it with no incremental financial burden.

The two companies previously announced a definitive agreement to combine in an all-stock transaction with an implied combined equity value of approximately $80 billion.

The combined company will continue to operate under the name Aon, and will maintain its headquarters in London. It will be led by Case and Aon Chief Financial Officer Christa Davies, along with a leadership team that reflects the complementary strengths of both organisations.

The Aon CEO’s latest comments came amid news that the broker’s named executive officers had agreed to a 50% pay cut in response to the ongoing coronavirus pandemic.

The broker said it was working with local leaders and planning for the remaining 70% of its staff to take a reduction of approximately 20% of salary, which is due to be implemented in accordance with local practices. These measures will be effective from May 1 through to December 31, or until such other date as decided by the company.

Source: Reinsurance News