The “once-in-a-generation” combination of global insurance and reinsurance brokers, Aon and Willis Towers Watson (WTW), will deliver distinctive client insight, advanced analytical capabilities, and superior outcomes, according to Greg Case, Chief Executive Officer (CEO) of Aon and John Haley, CEO of WTW.
Following weeks of speculation, Aon confirmed back in March that it will combine with rival broker WTW in an all-stock transaction.
After being recommended by proxy advisory firms, towards the end of August, the combination received shareholder approval. The deal is expected to close in the first half of next year, and ahead of this, the CEOs of both companies have co-authored a white paper on the combination.
The paper highlights elevated volatility across the globe, increased interconnectivity and the fact that now, we are more interdependent. Both Aon and WTW stress their commitment and dedication to helping clients navigate the rapidly evolving and increasingly complex landscape.
“Each company has moved the needle, albeit in different ways. We have developed complementary solutions, capabilities, skill sets and expertise. But much remains to be done…The combination of Aon with Willis Towers Watson represents a bold step that will enable our colleagues to establish a new standard of client leadership and innovation,” said the CEOs.
Specifically, it’s expected that the combined Aon will deliver distinctive client insight; advanced analytical capabilities; and superior outcomes by accelerating innovation that ultimately improves the access to new sources of capital.
The comprehensive white paper touches on many issues, including COVID-19, climate change, supply chain disruption, and other challenges and opportunities for the risk transfer industry.
“We acknowledge that we have to accelerate our evolution and strengthen our client-serving capabilities in order to meet these new challenges and address the demands they place on our clients,” noted Case and Haley.
Initially, the CEOs see four areas of client need where the combination will have a tangible, significant, immediate and long-term impact. These categories include navigating new forms of volatility; building a resilient workforce; rethinking access to capital; and addressing the underserved.
“These categories not only address the challenges posed by the increased likelihood of longer-tail risks, but also focus on accessing the opportunities available in this complex environment. They illustrate the most fundamental day-to-day challenges facing our clients as they wrestle with a lack of solutions to their most pressing needs caused by the innovation gap,” explain the CEOs.
The white paper explores each of these categories in detail, providing examples of how the combined, global re/insurance brokerage will be able to better assist clients and the marketplace.
“Faster innovation and enhanced technology, greater analytical capabilities, complementary subject matter expertise and our focus on long-tail risk will set us apart. We will address the most pressing challenges — known and unknown — facing leading organizations and society today. It will also put our people in a position to truly have a significant impact not only on the business landscape, but also on the global economy and the world around us,” wrote Case and Haley.