British re/insurance brokerage firm Aon is reportedly planning to submit a $24bn offer for its rival Willis Towers Watson to further strengthen its presence in the UK market with an acquisition.

Sourced familiar with development were quoted by Bloomberg as saying that the companies have held preliminary discussions and Aon is preparing to submit a bid in the coming weeks.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Confirming the development, Aon in a statement said: “The company confirms that it is in the early stages of considering an all-share business combination with Willis Towers Watson.

“The company emphasises that, at this point, its evaluation of a potential transaction is at a preliminary stage and there can be no certainty that any transaction will take place nor as to the form or terms on which any transaction might be pursued. A further announcement will be made in due course, as appropriate.”

Aon will emerge as one of the largest brokers in the world if the proposed transaction materialises and can overtake Marsh & McLennan as the world’s largest brokerage by revenue, according to Bloomberg.

Willis Towers was established in 2016 after Willis Group acquired the consultancy Towers Watson & Co for around $8.9bn.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Focus on the London Market

Aon and Willis Towers both have headquarters in London and maintains a large presence in the US.

In 2012, Aon announced that it was relocating its corporate headquarters from Chicago to London. The relocation was aimed at gaining better access to the Lloyd’s of London insurance market and some emerging economies.