European Commission (EC) regulators have launched an antitrust investigation into aviation broking, taking on the mantle from UK watchdogs.
The EC said Friday, October 27, that it has taken over the probe begun by British authorities of several top insurance brokers for allegedly sharing competitively sensitive information within the aviation and insurance sectors.
“The Commission confirms that it has formally taken over the investigation of possible anticompetitive practices in the aviation and aerospace insurance and reinsurance broking products. We cannot prejudge its outcome,” an EU spokeswoman said in a statement.
News of the investigation first surfaced in April when Jardine Lloyd Thompson Group, UIB Group, Marsh, Aon and Willis, the UK brokerage subsidiary of Willis Towers Watson, all issued statements saying they were under investigation by the UK’s Financial Conduct Authority (FCA) and were cooperating.
At least three of the firms confirmed that they are now being investigated by the European Commission and that the FCA probe was over.
Full Content: Business Insurance
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