Just how big an impact have mergers and acquisitions made in the employee benefits space?
In a word: huge.
Doubters can look at the moves firms Arthur J. Gallagher & Co, Brown & Brown and Marsh & McLennan have made over just the past few years. They've been gobbling up smaller brokerage firms at a record pace.
"I would almost liken it to what happened with banks, where in 1989 there were some 16,000 banks. Now we have less than half that," explains Mark Eissman, global sector head of financial services for Mergermarket.
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