13.08.2021 13:54:45
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Arthur J. Gallagher To Buy Willis Re's Treaty Reinsurance Brokerage Operations - Quick Facts
(RTTNews) - Arthur J. Gallagher & Co. (AJG) announced Friday an agreement to acquire all of Willis Re's treaty reinsurance brokerage operations of London-based Willis Towers Watson plc (WLTW) for a total upfront cash consideration of $3.25 billion plus an earnout payable in 2025 of up to $750 million in cash, subject to certain adjustments.
The transaction is expected to close during the fourth quarter of 2021, subject to customary regulatory approvals.
Willis Re's treaty reinsurance business operates in 24 countries, places over $10 billion of premium annually and represents over 750 insurance and reinsurance company clients.
The operations generated $745 million of estimated pro forma revenue and $265 million of estimated pro forma EBITDAC for the year ended December 31, 2020.
Gallagher intends to finance the transaction using cash on hand, including the $1.4 billion of net cash and $850 million of net cash borrowings.
The integration of Willis Re's treaty reinsurance business is expected to take approximately three years with total non-recurring integration costs estimated to be approximately $250 million.
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Arthur J. Gallagher & Co. | 265,10 | -2,72% | |
Willis Towers Watson PLC | 288,00 | 12,50% |
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