March 6, 2019 – Aon plc confirmed “media speculation” that the global insurance brokerage is considering combining forces with Willis Towers Watson plc, although deliberations have only just begun.

In a statement issued March 5, in accordance with Irish regulatory requirements, Aon said it “is in the early stages of considering an all-share business combination with Willis Towers Watson. The Company emphasizes that, at this point, its evaluation of a potential transaction is at a preliminary stage and there can be no certainty that any transaction will take place nor as to the form or terms on which any transaction might be pursued.”

Aon released a second statement, saying, “Aon had considered such a possibility with regard to Willis Towers Watson. News of that consideration subsequently became public and Aon was required to issue a statement because Willis Towers Watson is an Irish company and is subject to Irish regulatory requirements. As a result of media speculation, those regulations required Aon to make the disclosure at a very early stage in the consideration of a potential all-share business combination. Aon today confirms that it does not intend to pursue this business combination.”

According to a Bloomberg article that first reported the rumor, the deal would have been one of the industry’s largest mergers. Both firms offer insurance brokerage services as well as a wide range of advisory services. Willis Towers Watson is the result of a 2016 merger between Willis Group Holdings and Towers Watson.

The announcement came last year of a major broker merger, with Marsh’s parent company agreeing to buy broker Jardine Lloyd Thompson (JLT) for $5.7 billion.

In February, Aon plc announced its full-year 2018 results, with eight percent growth in total revenue to $10.8 billion. Willis Towers Watson reported its 2018 revenue as $8.5 billion, an increase over the prior year of five percent.