Aon
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Sources cited numerous issues with how collateral protection insurance was designed.
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Natural-cat-exposed business saw significant price increases.
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The pair hail from Miller and Aon respectively.
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The exit follows the broker moving its Climate Risk Advisory function into its Risk Capital segment this year.
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He was executive managing director in Aon’s wholesale treaty team.
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Mike Smith will step down from his role on 31 March.
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The end of the waiting period effectively clears the path to close in the US.
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The executive will lead strategic initiatives and hire talent.
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The broker has been adding to its capabilities in the region.
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The pace of price decreases has eased since Q2 last year.
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The broker wants to “draw a line under the issue” and trade forward.
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Growth driven by 14% expansion in reinsurance solutions division.
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Convective storms cost more than ever, but activity was not exceptional.
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The committee claims Chaucer waited until it had ‘maximum leverage’ over other debtors.
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The investment comes in exchange for a $49mn surplus note from HOA and the acquisition of HOA’s rights to potential claims stemming from the Vesttoo fraud.
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Jose Antonio Álvarez served as group CEO of Santander from 2015 to 2022
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The transaction would have been one of the largest the market has seen for years.
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The broker’s latest climate report tallied global insured cat losses at $118bn.
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The executive will lead for the EMEA region in its strategy and development business segment.
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High staff turnover in the cargo market is continuing this year, following elevated movement in 2023.
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Ron Gardenier, the current chief MGA at Aon, will be appointed CEO of the newly formed entity.
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The LatAm telecoms company buys a sizeable protection triggered by windspeeds.
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Wind and tornado in the US may already have led to losses in the hundreds of millions, according to Aon’s report.
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The former WTW and Ardonagh executive joined Aon two months ago.
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The broker has seen several changes to its senior UK leadership in recent months.
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While it is too early to determine the total financial loss, the US Geological Survey believes there is a 64% likelihood it will reach into the billions of US dollars.
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The broker’s report also hailed the best risk-adjusted margins for ILS investors in a decade.
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Separately, sources said Swiss Re Miami-based head of auto overseeing the motor portfolio for the LatAm region Carlos Ricci has also left the reinsurer.
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The CEO also disclosed that the break fee on the takeover is $250mn.
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The deal is expected to close in mid-2024 and will be funded by $7bn of cash and $6.4bn of Aon stock.
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In one deal, JC Flowers-backed broker Oneglobal and Insuterch Floodbase announced a partnership to develop parametric flood insurance across Asia.
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Woolley joined Aon in 2019 as an associate director and has previously worked as head of broker distribution for First Title Insurance.
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All existing carriers on the panel renewed in 2024, with QBE remaining leader.
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Yesterday, this publication reported that James Mackay was set to depart from his previous role at Aon Reinsurance Solutions.
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The 2023 Global Risk Management Survey showed that the UK is the only region to put climate change in its top 10 risks.
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