AON sold off its US retirement and retiree health insurance brokerage businesses in a $1.4 billion transaction to get Department of Justice approval for their proposed merger with Towers Watson.
AON announced that its US retirement business will be sold to asset manager Aquiline, a $6.4 billion investment firm, and its Aon Retiree Health Exchange platform will be sold to business services provider Alight.
AON and Willis Towers Watson expect to complete an all-stock merger this Fall to form the world’s largest insurance broker, resulting in a $80 billion company.