Last year the giant insurance broker Aon agreed to acquire Manhattan-based insurance broker Willis Towers Watson for $35 billion to create a super-giant insurance broker.
Who cares? The Biden administration does.
The Justice Department sued last week to block the Aon/Willis deal because it would put control of a massive business in the hands of two brokers. Manhattan-based Marsh McLennan is the other.
“We operate in an oligopoly which not everyone understands,” an Aon broker is quoted as saying in the Justice Department complaint.
Attorney General Merrick Garland said the legal action demonstrates the government’s “commitment to stopping harmful consolidation.”
A zeal for antitrust cases is suddenly in the air. The New York state Senate has even weighed in on the matter, though it is not clear Gov. Andrew Cuomo approves.
This could be the start of a tectonic shift in corporate regulation. Not only are authorities acting to prevent big…