The insurance and reinsurance brokerage sector has been consolidating for many years, to the point where the industry has evolved into a virtual oligopoly, where the top-three reinsurance brokers are owned by the top-three insurance brokers.

Indeed, Aon Benfield, Guy Carpenter and Willis Re expect to generate nearly $3 billion in revenue in 2009–in an industry that likely has less than $4 billion in total revenue.

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