The firm reported an 8% growth in revenue to $2.3bn. Credit: Gerd Altmann from Pixabay.

Insurance broker Willis Towers Watson (WTW) has revealed that it is considering strategic alternatives for its reinsurance unit, Willis Re.

In May, Aon and WTW agreed to devest Willis Re and certain WTW corporate risk and broking and health and benefits services to Arthur J. Gallagher for $3.57bn.

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The deal was aimed at addressing the concerns raised by the European Commission and regulators in other countries for Aon’s $30bn proposed acquisition of Willis Towers Watson.

The European Commission approved Aon’s merger with WTW. Howevalso er, the merger was called off because the firms reached an impasse with the US Department of Justice.

Following the termination of the Aon-WTW merger, Arthur J. Gallagher called off the deal.

Speaking during WTW’s quarter two 2021 earnings call, CEO John Haley said that the board had given a nod to look for alternatives for Willis Re.

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However, this does not assure that the review process will result in the sale of Willis Re.

Additionally, the firm reported an 8% growth in revenue to $2.3bn for the second quarter of 2021, which was $2.11bn for the same period in 2020.

For the first half of 2021, revenue was $4.88bn, an increase of 6% as compared to $4.58bn for the same period in the prior year.

Haley said: “We delivered very strong quarterly financial results, and I am proud of our results for the first half of 2021. In the second quarter, we delivered broad-based revenue growth, continued margin expansion, and had significant earnings per share growth.

“I am encouraged by our growth momentum and the improving macroeconomic outlook. We are well-positioned to compete vigorously and independently across our businesses around the world and will continue to innovate and adapt to address evolving client needs.”