The acquisition, the insurance sector's largest ever, unifies the second and third largest brokers globally into a company worth almost $80 billion, overtaking market leader Marsh & McLennan Companies Inc (MMC). It comes at a time when insurers are facing rising claims and new threats from the global outbreak of coronavirus and climate change.
Aon had scrapped plans last year to pursue a merger with Willis, a day after media reports forced it to reveal it was in the early stages of considering an all-stock offer for the Irish-domiciled company. The merger agreement came right after a 12-month restriction under Irish rules for revisiting the deal expired.
The timing also coincides with a violent market correction, as Wall Street's main stock indexes plummeted and the Dow Jones Industrials crashed 2,000 points on Monday, driven by 20% slump in oil prices and the rapid spread of coronavirus.
This also weighed on Aon, whose shares dropped 16% on Monday, much more than the 8% drop in Willis shares.
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