The European Commission has given the green light to Aon’s acquisition of Willis Towers Watson, so long as it delivers, “full compliance with a substantial set of commitments offered by Aon, including the divestment of central parts of WTW's business to the international brokerage company Arthur J. Gallagher.”

Margrethe Vestager, executive vice-president, in charge of competition policy at the European Commission, said: “European companies rely on brokers to obtain best possible solutions to manage their commercial risk. Aon and Willis Towers Watson are leading players in the insurance and reinsurance brokerage markets.

“The remedy package accepted by the Commission ensures that European companies, including insurance companies and large multinational customers, will continue to have a good choice and good services when selecting a broker suitable for their needs.”

Aon and Willis Towers Watson issued a joint statement in response to the announcement. It said: “This is a major step that demonstrates continued progress toward obtaining regulatory clearances for the proposed combination.

“Both firms operate across broad, competitive areas of the economy and believe this approval affirms that our proposed combination will accelerate innovation on behalf of clients, creating more choice in an already dynamic and competitive marketplace.”

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