Aon to sell pension business in Germany
Following the proposed sale of Willis Re and a set of Willis Towers Watson corporate risk and broking and health and benefits services to Gallagher for $3.6 billion, Aon is now announcing its plans to sell its pension business in Germany to Lane Clark & Peacock LLP (LCP), an independent, owner-managed pension, investment and insurance consultancy in the UK and Ireland.
The agreement resolves questions raised by the European Commission with respect to the markets in which these businesses are active. Aon and Willis Towers Watson continue to work toward obtaining additional regulatory approval in all relevant jurisdictions, including the United States, where regulators are conducting an independent review of the proposed combination.
“This agreement demonstrates further momentum on the path to close our proposed combination with Willis Towers Watson. We recognize the significant contributions these colleagues have made on behalf of our clients during their time with Aon. LCP shares with us a culture of innovation and excellence and we know these colleagues have a positive future at LCP.” – Greg Case, Aon’s CEO.
“A key part of LCP’s strategy is diversifying the business into different markets with long-term growth potential. The German pensions consulting market is the third largest in the world, after the U.S. and the UK, which makes it a natural place for LCP to achieve a leading position, mirroring what we have achieved in the UK in recent years. We see a meeting of minds with the knowledgeable and dynamic people who lead the business in Germany. We are truly excited about welcoming this fantastic team as part of LCP and achieving great things together for the benefit of our people and our client.” – Aaron Punwani, LCP’s CEO.
The retirement and investment business LCP will acquire includes 350 colleagues across five offices in Germany and will be rebranded as LCP upon close of the transaction. The transaction with LCP is contingent on the completion of the pending Aon and Willis Towers Watson combination, as well as other customary closing conditions.
