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Aon agreed to buy rival insurance broker Willis Towers Watson for nearly $30 billion in stock.
Why it matters: It's the largest merger so far in 2020, and the insurance sector's largest-ever merger. The combined company would become the world's most valuable broker, topping current market leader Marsh & McLennan.
- Aon first approached Ireland-based Willis about a merger last spring, but those talks fizzled and Irish regulations prevented the two sides from striking a new deal until this month.
The bottom line: "Insurance brokerages help companies buy insurance and advise companies on risk management, but are consolidating at a rapid rate following years of sluggish commercial-insurance pricing growth, writes the Wall Street Journal.