Happy Wednesday! In this week's Big I Buzz: Gallagher to buy AssuredPartners for $13.5B. Plus, a survey shows that nearly a quarter of Americans are underinsured.

Gallagher to Buy AssuredPartners for $13.5B to Increase Mid-Market Reach

Arthur J. Gallagher has announced an agreement to acquire AssuredPartners for $13.45 billion in cash, strengthening its presence in the U.S. middle-market property/casualty and employee benefits sectors. The deal will add AssuredPartners' extensive U.S., U.K., and Ireland operations, with about 400 offices and adjusted annual revenue of $2.9 billion, to Gallagher's portfolio. AssuredPartners CEO Randy Larsen highlighted the combined companies' access to global resources and expert insights as key benefits of the acquisition. The deal marks the largest U.S. insurance broker sale to a strategic acquirer and follows other significant middle-market acquisitions by industry leaders Marsh McLennan and Aon. The transaction, subject to regulatory approval, is expected to close in early 2025. Read more here.

Nearly a Quarter of Americans are Underinsured: Report

A recent survey by the Commonwealth Fund reveals that nearly 25% of working-age Americans with health insurance struggle with high out-of-pocket costs, limiting their ability to afford care. The report highlights gaps in coverage, with 12% of respondents losing insurance at some point in the past year and 9% being uninsured. Uninsured and underinsured individuals, particularly those facing high costs relative to income, are more likely to delay essential healthcare. Read more here.

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