Towers Watson won shareholder approval for an $8.9 billion merger with Willis after negotiating better terms with the insurance broker.

Liberty Mutual Holding Co., the second-largest U.S. property-casualty insurer, posted its worst loss in at least a decade.

The transaction remains inappropriately structured and Towers Watson investors should reject the deal, Glass Lewis said in an updated report.

Allstate Corp., the largest publicly traded U.S. car and home insurer, elected former Fidelity Investments money manager Jacques Perold to its board.

Billionaire investor Carl Icahn said he may seek to shake up leadership at AIG after CEO Peter Hancock rebuffed his plan to split the insurer into three companies.

Willis agreed to better terms for Towers Watson & Co. shareholders in a proposed merger after the consulting firms investors said that a June agreement was inadequate.

The shareholders meeting will be Friday in Miami Beach, Florida, rather than Wednesday.

Both companies investors are scheduled to vote on the deal Nov. 18.