New York (CNN Business) A proposed $30 billion insurance industry merger is off, one month after the Justice Department's antitrust regulators sued to block it. Both have major operations in the United States and around the rest of the globe and thus needed the approval of US antitrust regulators. The deal, valued at $30 billion at that time of its announcement, would have combined two of the insurance industry's largest brokers. Although European antitrust regulators and some other regulators approved the deals, the US Justice Department sued in June to block the deal. Attorney General Merrick Garland said last month the Justice Department was committed to preserving competition and stopping harmful consolidation.

Source: CNN July 26, 2021 18:00 UTC