Aon and Willis name post-merger executive team
Aon and Willis Towers Watson have announced the executive team that will lead them when the two global re/insurance brokers merge.
Gregory Case, Aon’s chief executive officer, will be CEO of the combined company, once the deal is finalised, the companies said in a joint statement today.
The announcement comes as Aon’s $30 billion takeover of Willis is being scrutinised by competition regulators in Europe.
The deal would create a company that would overtake Marsh and McLennan Companies as the largest re/insurance broker in the world.
Both companies have substantial operations in Bermuda.
Aon and Willis said they would be “guided by a one firm mindset” and seek to “deliver new sources of value to clients and create new opportunities for colleagues”.
Mr Case said: “Aon and Willis Towers Watson have a unique opportunity to create a combined firm that will make an even greater difference in the global economy and provide unparalleled experiences for our clients and colleagues
“This talented team draws on the best of both from each organisation and will be critical to delivering on the high aspirations we have for the new Aon."
John Haley, CEO of Willis Towers Watson, said: “As we learned more about each other's organisations, it became clear that a fundamental driver of our success will be leaders who fully embrace a one firm mindset.
“The willingness to put the needs of clients and the entire organisation ahead of their part of the business and any individual priorities will be the key to unlocking the full potential of the planned combination for the benefit of all our stakeholders."
Last month, the European Commission opened an “in-depth investigation” to assess the market impact of the mega-merger.
Margrethe Vestager, who is responsible for competition policy at the EC, said: “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.”
Many feel that reinsurance brokerage Willis Re might have to be sold off for the merger to win approval. This view was expressed by 73 per cent of market participants polled by the website, Reinsurance News.
However, the proposed appointment of James Kent, CEO of Willis Re, as deputy CEO of the combined company’s reinsurance operation, suggests that Aon believes the divestiture will not be necessary.
Joining Mr Case on the Aon Executive Committee will be:
Christa Davies, chief financial officer
Eric Andersen, president
Alexis Faber, North America CEO
Julie Gebauer, CEO of Health, Wealth, and Career
Carlo Clavarino, chairman of international
Eduardo Davila, EMEA CEO
Lambros Lambrou, CEO of Commercial Risk
Adam Garrard, CEO Global Broking and president, Commercial Risk
Lori Goltermann, chief client officer
Julie Page as UK CEO
Andy Marcell as CEO of reinsurance
James Kent as deputy CEO, reinsurance
Luis Maurette, Latin America CEO
Alejandro Galizia, Latin America president
Anne Corona, CEO of Asia-Pacific