The merger of Aon and Willis Towers Watson is a “once-in-a-generation combination” that will create an entity with the skills and resources to meet clients’ rapidly complex needs in a post-COVID world.

Aon CEO Greg Case and Willis Towers Watson CEO John Haley say in a white paper the combined businesses will offer “distinct client insight, advanced analytical capabilities and super outcomes for clients”.

“While our combination was not architected [sic] with the COVID-19 pandemic in mind, the events of 2020 illustrate the exact type of transformative challenges posed by long-tail risks our new organisation will be optimally positioned to address,” they said.

“These risks, once thought rare, are now becoming common and can happen at any moment, with an impact that grows more severe over time.”

Besides the socio-economic impacts of the pandemic, other long-tail risks of concern to clients include climate change, supply chain disruption and the growing health-wealth gap.

“As a result, we are witnessing a fundamental reordering of client priorities on a global scale,” the CEOs say.

“We acknowledge that we have to accelerate our evolution and strengthen our client-serving capabilities in order to meet these new challenges and address the demands they place on our clients.”

Last month Aon took a key step forward to completing its acquisition of Willis Towers Watson when shareholders of both companies voted for the deal.

This will create the world’s biggest insurance broker, and is expected to close in the first-half of next year, pending clearance of regulatory and other conditions.

The merged entity will operate under London-based Aon’s brand, and be led by Mr Case and Aon CFO Christa Davies, while Mr Haley will become Executive Chairman.

When Aon announced the all-stock acquisition in March, the deal was valued at about $US29.9 billion ($41 billion).