Aon CEO gives predictions on merger with Willis Towers Watson
Brokerage companies Aon Plc and Willis Towers Watson confirmed their merger in 2019, in the meantime Aon CEO Greg Case talks about the benefits of the union
In the company’s earnings conference call following the release of its second quarter results, Greg Case said: “Our global risk survey highlights one of the top 10 risks our clients face – only one is fully insured; four are partially insured; and five are not insured at all. The mandate is clear. We must innovate faster to provide answers to these growing areas of client demand.
“For Aon, our path forward to increase innovation and support clients is clear. Our Aon United book plan provides a proven roadmap, and the combination with Willis Towers Watson will substantially accelerate progress. Together we’ll be better for our clients on day one, driven by the complementary nature of our core businesses across solution lines and geographies, and will be better in the future driven by a shared commitment to analytics and increased ability to unlock new sources of value for our clients.”
Case believes joining forces with Willis Towers Watson will strengthen Aon’s client-serving capabilities. However, rival Marsh & McLennan Companies (MMC) have different views. MMC CEO Dan Glaser said: “I like our strategic positioning. I wouldn’t trade places with any of our competitors. And on a personal comment, as somebody who’s had almost 40 years in this business, I don’t think the Aon-Willis combination is good for clients or good for the market.
“But I do think it’s good for Marsh & McLennan. I mean, come on, the big three becomes the big two, how could that not be a benefit to us?”
US-based MMC is, currently, the world’s largest insurance brokerage, followed by Aon and Willis Towers Watson which are both domiciled in Ireland but are headquartered in the UK. Later this month, the respective shareholders of the merging giants will be voting on the landscape-changing transaction.