The deal was aimed at addressing concerns raised by the European Commission and regulators in other countries.
Earlier this month, the European Commission approved Aon’s merger with WTW. However, the merger was called off because the firms reached an impasse with the US Department of Justice.
At that time, the firm’s chairman, president and CEO J. Patrick Gallagher, Jr. had said that the deal expands the firm’s global value proposition in reinsurance, broaden its retail brokerage footprint and strengthens its key niches and speciality brokerage offerings.
Arthur J. Gallagher now plans to exercise the special optional redemption feature of its $650m tranche of ten-year senior notes issued on 20 May 2021.
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It is also looking for opportunities to deploy its excess cash position through its merger programme as well as possible share repurchases.
More information on plans will be provided by the firm on its second-quarter 2021 earnings call on 29 July 2021.
Earlier this month, Arthur J. Gallagher acquired the remaining stake in Edelweiss Gallagher Insurance from Indian partner Edelweiss Financial.
Prior to that, Arthur J. Gallagher took control of Switzerland-based insurance firms Hesse & Partner, and Hesse Consulting.