UK competition watchdog ends probe into Gallagher, Willis deal

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LONDON, Nov 22 (Reuters) – Britain’s competition watchdog stated on Monday it is not going to refer insurance coverage dealer Arthur J Gallagher & Co’s (AJG.N) deliberate $3.25 billion buy of Willis Towers Watson’s (WTY.F) treaty reinsurance brokerage enterprise to an in-depth investigation.

The Competition and Markets Authority stated it has taken its choice based mostly on the data at present accessible to it.

The deal, introduced in August, got here weeks after Willis and rival Aon Plc (AON.N) referred to as off their $30 billion merger that might have created the world’s largest insurance coverage dealer following opposition from the U.S. Department of Justice.

Treaty reinsurance entails reinsuring the entire of an insurer’s e-book of enterprise, quite than particular person initiatives or dangers.

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Reporting by Huw Jones, Editing by Louise Heavens

REUTERS/Pawel Kopczynski

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