The European Commission has begun a probe into British authorities of several top insurance brokers for allegedly sharing competitively sensitive information within the aviation and insurance sectors.
“The Commission confirms that it has formally taken over the investigation of possible anticompetitive practices in the aviation and aerospace insurance and reinsurance broking products and services in the European Economic Area, as well as possible coordination between competitors”, an EU spokeswoman said in a statement.
News of the investigation first surfaced in April when Jardine Lloyd Thompson Group P.L.C., UIB Group, Marsh Ltd., Aon P.L.C. and Willis Ltd., the U.K. brokerage subsidiary of Willis Towers Watson P.L.C., all issued statements saying they were under investigation by the U.K.’s Financial Conduct Authority and were cooperating.
At least three of the firms confirmed that they were now being investigated by the European Commission and that the FCA probe was over.
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