Insurance and reinsurance broker Aon is selling its German pension and retirement consulting and investment business to Lane Clark & Peacock, in another divestment designed to gain European Commission (EC) approval for its acquisition of rival Willis Towers Watson (WTW).
Aon and WTW announced last week that they had agreed a sale of assets to rival Gallagher in a package valued at US$3.57 billion that includes reinsurance broking arm Willis.
But the EC’s competition related concerns over the merging of Aon with WTW extend beyond the insurance and reinsurance space, with the pensions consulting, retirement, and investment side also an area of focus.
In order to keep the merger on-track, Aon has announced that it has signed a definitive agreement to sell its pensions consulting, pension insurance broking, pensions administration, and investment consulting business in Germany to Lane Clark & Peacock.
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