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How Health-Care Reform Could Widen Aon's Moat

The narrow-moat insurance broker is poised to benefit from U.S. employers' gradual migration to private health-care exchanges, but investors should wait for a wider margin of safety.

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Vincent Lui: The Affordable Care Act, or ACA, aims to broaden coverage for 30 million uninsured Americans and low-income families through the use of public exchanges. The law sets up an individual mandate that requires nearly everyone to get coverage or risk paying a penalty.

Over on the private-sector side, we see parallel development of private exchanges and we continue to see growing interest among U.S. employers who are thinking about moving employees to the private exchanges.

Vincent Lui does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.