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"This acquisition will accelerate our long-term strategy by significantly expanding our global value proposition in reinsurance, broadening our retail brokerage footprint and strengthening key niches and specialty brokerage offerings," said J. Patrick Gallagher, Jr., of Arthur J. Gallagher Co. (Credit: NESPIX/Shutterstock.com) “This acquisition will accelerate our long-term strategy by significantly expanding our global value proposition in reinsurance, broadening our retail brokerage footprint and strengthening key niches and specialty brokerage offerings,” said J. Patrick Gallagher, Jr., of Arthur J. Gallagher Co. (Credit: NESPIX/Shutterstock.com)

In an effort to appease regulators’ competition concerns for the proposed merger with Aon, Willis Tower Watson (WTW) has agreed to sell Willis Re and other divisions to Arthur J. Gallagher Co. in a deal that is valued at $3.57 billion, according to the purchasing company.

The closing of this transaction is contingent on the completion of the Aon/WTW merger and other closing conditions, Aon reported.

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