MIL-OSI USA: Cicilline Applauds Attorney General Garland, Antitrust Division for Blocking Anticompetitive Merger of Insurance Broker Giants

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Source: United States House of Representatives – Congressman David Cicilline (1st Congressional District of Rhode Island)

WASHINGTON – Today, Aon and Willis Towers Watson – two of the three largest insurance brokers in the world – abandoned plans for a $30 billion merger that would have increased consolidation in this market. Last month, the Department of Justice sued to block this transaction. House Judiciary Antitrust Subcommittee Chairman David N. Cicilline (RI-01) released the following statement:

“This is a major win for American businesses, workers, retirees, and consumers. This merger would have combined two of the three most powerful insurance brokers in the world. As the Justice Department noted in its complaint, American businesses across the economy – from steel manufacturers to hospital systems – rely on these firms to manage the health benefits and pensions of workers and retirees. Had this merger proceeded, these businesses would have paid higher prices for worse services, which ultimately would have been passed along to workers, retirees, and consumers. I applaud Attorney General Garland for his commitment to addressing America’s monopoly problem by stopping consolidation and aggressively enforcing the antitrust laws.”

“Today’s news – along with President Biden’s recent Executive Order on promoting competition and nomination of Jonathan Kanter to lead the DOJ’s Antitrust Division – demonstrates that the Biden Administration is committed to enforcing the law, stopping harmful consolidation and anticompetitive conduct, and building a strong, competitive economy that works for everyone. I look forward to continuing to work with Attorney General Garland and the Biden Administration to promote competition and ensure the antitrust agencies have the tools and resources they need to accomplish their vital mission.”

MIL OSI USA News