Deal UncertaintyDelays in closing the deal arguably increase the risk of AP employee attrition, and failure to close the deal would be a risk to above-consensus AJG revenue estimates.
Financial ImpactThe delay will also impact AJG's near-term financials given AJG raised ~$14.8b of capital to fund the deal, setting the stage for higher interest income instead of the roll-in impact of AP.
Regulatory ConcernsThe announcement of a longer regulatory review period related to its acquisition of Assured Partners was surprising given AJG's SME market shares.