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Willis Towers Watson (NASDAQ:WLTW) has announced a significant increase of $1 billion to its existing share repurchase program, adding to the approximately $500 million already authorized. The company plans to utilize this repurchase authorization in 2021 and 2022, considering market conditions and legal requirements. Apart from the buyback, Willis Towers Watson aims to leverage cash flow to invest in both organic and inorganic growth opportunities over the next three years. An Investor Day is scheduled for September 9, 2021, to further discuss strategic updates.
Aon plc (NYSE: AON) and Willis Towers Watson (NASDAQ: WLTW) announced on July 26, 2021, the termination of their business combination agreement and the end of litigation with the U.S. Department of Justice. Although the European Commission approved the merger, regulatory challenges in the U.S. led to this decision. Aon will pay a $1 billion termination fee to Willis Towers Watson. Both companies plan to continue operations independently and will provide updates during their Q2 earnings calls on July 30, 2021, for Aon and August 3, 2021, for Willis Towers Watson.
Willis Towers Watson's Actuarial Reporting Automation Survey reveals that global life and property & casualty insurers aim to enhance automation in their actuarial processes over the next five years. The survey, involving 52 life and 66 P&C companies, indicates that most insurers currently utilize minimal automation, particularly in valuation and reserving processes. Insurers face challenges such as limited resources and poor data quality, but see significant opportunities for improvement. Key focus areas for future automation include assumptions, audit trails, and data processes to foster greater efficiency and timely insights.
Willis Towers Watson (NASDAQ: WLTW) will announce its second-quarter financial results on August 3, 2021, before market opening. A conference call will be held at 9:00 a.m. ET the same day to discuss the results. Interested parties can access a live broadcast of the call via the company's Investor Relations website. Following the call, an online replay will be available, along with a 24-hour telephonic replay option. The company is known for providing advisory, broking, and solutions services globally, employing 46,000 individuals in over 140 countries.
The European Commission has granted conditional approval for the proposed combination of Aon plc (NYSE: AON) and Willis Towers Watson (NASDAQ: WLTW). This is considered a significant milestone in securing regulatory clearances for the merger, which aims to foster innovation and enhance client services across competitive sectors. Both companies continue to seek necessary approvals, including compliance with U.S. antitrust laws.
Willis Towers Watson (NASDAQ:WLTW) has launched a new toolkit designed for startup airlines, aimed at helping them establish a robust risk framework amid the evolving landscape of the airline industry. The toolkit guides users through essential insurance processes, highlighting critical risks beyond asset-related ones, including third-party maintenance and ground handling services. John Rooley, Head of Global Aerospace at WTW, noted the increasing interest from investors in startup airlines due to lower leasing rates linked to the pandemic. This initiative encompasses years of expertise, catering to the complex needs of new airline businesses.
The second quarter of 2021 has witnessed record-breaking merger and acquisition (M&A) activity, surpassing previous highs due to a robust economic rebound post-COVID-19. Acquirers outperformed the market by +2.1 percentage points for deals over $100 million, with North America leading the charge, completing 179 deals—a 244% increase from Q2 2020. The first half of 2021 totaled 484 deals, up 58% from 2020. Despite concerns over inflation and interest rates, experts anticipate sustained M&A activity fueled by corporate restructuring and technological acquisitions as companies adapt to a changing landscape.
Willis Towers Watson and The Nature Conservancy released a report showing a 41% reduction in residential insurance premiums through ecological forestry practices. The study reveals that methods like controlled burns and ecological thinning can significantly lower the risk of severe wildfires. Implementing these practices could save an estimated $21 million annually in insurance costs for 81,000 homes in specific areas. The report also suggests that insurance savings could fund further ecological treatments, creating a beneficial cycle for communities.
Willis Towers Watson released its 2021 Power Market Review, titled "Adapting to New Realities", highlighting significant challenges for power companies amid energy transition efforts. Key issues include reducing greenhouse gas emissions and ensuring operational resilience against climate change. The review identifies geopolitical risks related to green materials and renewable energy sources. Financially, losses in 2020 exceeded those in 2019, with insurance capacity estimated at approximately US$1.4 billion and rating increases averaging 15-20% for property programs.
