Munger Mode rating: 4 out of 5 — Buy. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Charlie and I have always said the insurance brokerage business is one of the finest businesses ever invented: you handle other people's risk without taking any of it yourself, the client comes back every year to renew, and the business requires almost no capital. WTW is the third-largest practitioner of this trade in the world, and for most of the past decade it was the family member who kept showing up late to Thanksgiving — a messy 2016 merger, a value-destroying detour into direct-to-consumer Medicare, and a failed sale to Aon that cost it sixteen months and a lot of good brokers. That was then.
Recent filings analysed: 8-K (2026-07-30), 10-Q (2026-07-30), 8-K (2026-05-21), 8-K (2026-04-30).
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