Arthur J. Gallagher & Co.'s CEO says the Patient Protection and Affordable Care Act has created a demand for services from clients and an increase in acquisition targets, as small-benefit agencies find they can't handle client demands and need to partner with someone who can.
CEO Patrick J. Gallagher says, "We are running hard" as the PPACA is keeping the firm busy with "new clients, prospects and mergers." Many businesses, he says, "are just waking up to the reality that this act is going in place in 2014, and frankly, they've failed to prepare."
Businesses need to prepare now for the changes PPACA will bring to their administration and health-insurance buying for employees, says Gallagher. At the same time, small-benefit agencies and brokers can't handle the onslaught of regulatory changes and are looking for partners for the expertise they lack.
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