DOJ sues to block AON’s $30B acquisition of Willis Towers

WASHINGTON (AP) — The Biden administration has sued to block the merger of two of the world’s largest insurance brokers, asserting the deal could eliminate competition, raise prices and hamper innovation for U.S. businesses, employers and unions that use the companies’ services. The Justice Department on Wednesday announced the antitrust suit filed in federal court in Washington seeking to stop AON’s proposed $30 billion acquisition of rival benefits and risk consultant Willis Towers Watson. Department officials say the proposed merger would bring together two of the “Big Three” global insurance brokers. The companies provide guidance to many major U.S. companies on administering health and retirement benefits, with the aim of keeping costs down by managing risk.