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The U.K.’s Personal Investment Authority has approved the acquisition by London’s Benfield Greig Group of Dallas-based reinsurance broker E.W. Blanch.

The action clears the way for the merger of the two leading global reinsurance intermediaries.

Benfield’s tender offer, which opened April 30th, is due to expire on May 25th, unless further extended. Upon completion the new company, to be renamed Benfield Blanch in the U.S., would become the third largest global reinsurance broker, surpassed only by Aon and Marsh, Inc.’s Guy Carpenter.