Aon
-
Prices for programs that renewed in both Q1 2023 and Q1 2024 decreased 15%.
-
Aon’s CEO said the business was formerly “very underweight” in the middle market.
-
The broker announced yesterday it had completed its $13bn acquisition of NFP.
-
James Platt has previously held group COO and chief digital officer roles at Aon.
-
The most extensive damage was caused by rainfall in Texas, Louisiana, Mississippi and Florida.
-
Eric Paire has been at Aon since 2018, having joined from Guy Carpenter.
-
-
The broker said 1 April Japanese renewals reinforced positive trends in the US at 1 January.
-
Sources cited numerous issues with how collateral protection insurance was designed.
-
Natural-cat-exposed business saw significant price increases.
-
The pair hail from Miller and Aon respectively.
-
The exit follows the broker moving its Climate Risk Advisory function into its Risk Capital segment this year.
-
He was executive managing director in Aon’s wholesale treaty team.
-
Mike Smith will step down from his role on 31 March.
-
The end of the waiting period effectively clears the path to close in the US.
-
-
The executive will lead strategic initiatives and hire talent.
-
The broker has been adding to its capabilities in the region.
-
The pace of price decreases has eased since Q2 last year.
-
The broker wants to “draw a line under the issue” and trade forward.
-
Growth driven by 14% expansion in reinsurance solutions division.
-
Convective storms cost more than ever, but activity was not exceptional.
-
The committee claims Chaucer waited until it had ‘maximum leverage’ over other debtors.
-
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.
-
Jose Antonio Álvarez served as group CEO of Santander from 2015 to 2022
-
The transaction would have been one of the largest the market has seen for years.
-
The broker’s latest climate report tallied global insured cat losses at $118bn.
-
The executive will lead for the EMEA region in its strategy and development business segment.
-
High staff turnover in the cargo market is continuing this year, following elevated movement in 2023.
-
Ron Gardenier, the current chief MGA at Aon, will be appointed CEO of the newly formed entity.
-
The LatAm telecoms company buys a sizeable protection triggered by windspeeds.
-
Wind and tornado in the US may already have led to losses in the hundreds of millions, according to Aon’s report.
-
The former WTW and Ardonagh executive joined Aon two months ago.
-
The broker has seen several changes to its senior UK leadership in recent months.
-
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.
-
The broker’s report also hailed the best risk-adjusted margins for ILS investors in a decade.
-
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.
-
The CEO also disclosed that the break fee on the takeover is $250mn.
-
The deal is expected to close in mid-2024 and will be funded by $7bn of cash and $6.4bn of Aon stock.
-
In one deal, JC Flowers-backed broker Oneglobal and Insuterch Floodbase announced a partnership to develop parametric flood insurance across Asia.
-
Woolley joined Aon in 2019 as an associate director and has previously worked as head of broker distribution for First Title Insurance.
-
All existing carriers on the panel renewed in 2024, with QBE remaining leader.
-
Yesterday, this publication reported that James Mackay was set to depart from his previous role at Aon Reinsurance Solutions.
-
The 2023 Global Risk Management Survey showed that the UK is the only region to put climate change in its top 10 risks.
-
Head of Lloyd’s relationships James Mackay joined Aon in 2019 after a 25-year stint at Argenta.
-
Last year, the B2B credit InsurTech raised $15mn in Series A fundraising as it looks to continue building its team and expand globally.
-
The lawsuit, filed Thursday on behalf of Clear Blue and its subsidiaries, alleges that Aon conducted insufficient due diligence on the ILS InsurTech.
-
The CEO anticipates reinsurers to continue focusing on attachment levels and that appetite for specialty classes will be higher.
-
-
As part of the changes, former Andean CEO Alejandro Gregory will take over as LatAm chief commercial officer.
-
Sources voiced some disappointment in the rate reduction but acknowledged the improved loss record of the contract.
-
There is an increasing focus in the casualty reinsurance space on social inflation and litigation funding trends.
-
Aon’s Global Risk Management Survey also places failure to attract or retain top talent in the fourth spot.
-
Aon’s three-year plan will allow the firm to go “further faster” in serving clients with increasingly complicated needs, as well as creating additional operating leverage that will create the opportunity for Aon to deploy capital more broadly, CEO Greg Case told this publication.
-
The decline marked the sixth consecutive quarter of double-digit pricing declines.
-
Current EMEA CEO Eduardo Dávila is to leave the firm to “pursue the next chapter” of his career.
-
The 3x3 plan takes the things about the firm over the last decade that have been distinctive and intensifies them.
-
The plan is projected to deliver savings of $100mn in 2024, $250mn in 2025 and $350mn in 2026.
-
Aon’s three-year plan will allow the firm to go “further faster” in serving clients with increasingly complicated needs, as well as creating additional operating leverage that will create the opportunity for Aon to deploy capital more broadly, CEO Greg Case told this publication.
-
The broker’s share price fell by around 4% after the announcement of its Q3 results and extended restructuring program.
-
The group will look to deliver more integrated solutions to clients through increased tech spend, and will look to scale back headcount.
-
The executive’s career to date includes key claims roles at Chubb and Swiss Re.
-
Podmore joins from Swiss Re, where he held the role of lead cyber underwriter.
-
Creditors already have authorisation to access Vesttoo’s data as part of their investigation.
-
Caccamese spent nearly six years at rival broker Guy Carpenter prior to joining Aon.
-
The motion seeks discovery of information and documents about the structure and operation of White Rock’s cells.
-
Mallen previously spent over 10 years at Chaucer, most recently as a US casualty reinsurance underwriter.
-
Aon Re Brazil CEO Antonio Jorge Rodrigues and four other executives have left the firm and are expected to join rival broker Howden, this publication has learned.
-
The business has engaged with the AssuredPartners process, and has also met with a range of other private brokers including Galway and NFP.
-
Nichols joins from Aeolus Capital Management, where he’d served as a portfolio manager after previously spending nearly a decade at Guy Carpenter.
-
He rejoins Aon after 15 years at Guy Carpenter.
-
A Delaware judge has ruled in favour of Vesttoo’s automatic stay in the bankruptcy case.
-
In the initial court documents, Aon alleged its rival broker and former head of PFI “conspired unlawfully” to recruit key members of the team.
-
As the curtain comes down on the millionth Monte Carlo Rendez-Vous, and the prices in the cafes and restaurants are presumably reset to their customary levels, the conference has again done its main job.
-
Insurance Insider has compiled a bite-sized wrap-up of the exclusive news stories and CEO interviews from this year's Monte Carlo Rendez-Vous.
-
Data from the broker indicated that around 70% of global losses were driven by SCS, with events in the US causing $35bn of insured losses over H1.
-
The executive also recommitted Aon to its mission around creating net new markets – including growing IP – in the wake of the Vesttoo issues.
-
Our virtual roundtable polled senior industry figures on the biggest questions facing the reinsurance industry. Today, we look ahead to the influences steering M&A market conditions.
-
Nick Frankland was appointed chairman of the group, which he was instrumental in forming.
-
Investigations have revealed more damage than first thought from the July explosion.
-
The Aon transformer is seeking information on the origins of alleged fraudulent letters of credit.
-
The Aon unit noted 37 LOCs “purportedly procured by China Construction Bank (CCB), Banco Santander and Standard Chartered Bank US”.
-
Carriers continue to adapt their appetite, capacity deployment, coverage language, attachment points and pricing to manage portfolio performance.
-
Sources said Baron is joining Price Forbes after nearly seven years at Aon, where he was managing director based in South Florida.
-
The firm’s interim CEO Ami Barlev has argued that, with Vesttoo’s weekly expenses being $360,000, freezing assets above $1m would be “catastrophic for the company”.
-
The broker has also appointed Paul Shedden as head of advanced risk analytics for its Risk Capital business.
-
The ILS transformer platform claims Vesttoo is in breach of shareholder agreements.
-
Green will be responsible for servicing companies across both Howden’s specialty and retail divisions.
-
The recruitment continues a period of expansive hiring for the intermediary.
-
Aon’s report found that ransomware attacks on average have a 12% lower impact than data breaches.
-
The carrier will provide cover to a wind farm and a solar farm as part of the Aon-brokered deal.
-
The executive left Ardonagh in March as the group restructured its specialty broking operations.
-
Aon report marks the fifth consecutive quarter of year-over-year pricing decreases in the D&O space.
-
The broker said it believes it has meritorious defenses and intends to vigorously fight the claims and seek recourse against third parties where appropriate.
-
Depressed M&A activity is a headwind likely to impact Aon for the remainder of the year.
-
The growth figure represented a 1-point deceleration from the previous quarter.
-
The scale of the coverage offered by the firm means buyers in the emerging line of business face a challenge to swap out their capacity.
-
Areas of focus should include hiring external talent, securing capital for M&A, speeding up US growth, and answering the reinsurance question.
-
The firm said it had identified two specific transactions in which “collateral inconsistencies” were in question.
-
This follows the appointment of Aon's Foord-Kelcey, who is set to head Howden Tiger's cyber re team.
-
The Mexican state-owned oil company has been the source of several large energy claims.
-
Skilton will be chair of the team with Wheeler and Murray heading up the global re specialty unit.
-
Howden Tiger has focused on marine reinsurance for its latest hiring spree.
-
The coverage is designed to reduce the island’s obligation to the US Federal Emergency Management Agency.
-
The broker estimated there was a 7% uplift in alternative capital and a 5% recovery in traditional equity.
-
The broker’s latest report finds stability but continued price discipline in most lines and regions.
-
At this week's Bermuda Climate Summit, speakers heralded the Island's future as a centre of excellence for climate-related innovation and risk transfer.
-
The broker has also announced several internal promotions, including Jack Snowden’s to lead the GRC London team.
-
Howden Tiger, which has been hiring aggressively from rivals, currently has only limited involvement in marine reinsurance.
-
The broker has published research identifying transformative trends in the insurance industry.
-
The initiative aims to fast-track (re)insurance capacity to Ukraine to support reconstruction.
-
The broker said the risk from wildfire is also set to increase substantially.
-
The broker will report directly to Greg Case and move away from day-to-day client responsibilities.
-
Other appointments in the team include Nick Ayres as chairman of global credit and Doug Espenson named as head of US mortgage.
-
The Big Three reinsurance brokers face a number of factors that could challenge their supremacy.
-
Mayer will manage a global centre of excellence for parametric products and report to Paul Schultz, CEO of Aon Securities.
-
According to the latest cyber and E&O report from Aon, premium rates in 2023 are expected to be more competitive than the last 24 months.
-
Sean McGovern said the appointment was part of an “important strategic initiative” for the company.
-
The broker said there is a significant protection gap for flood coverage in the affected areas.
-
The broker said it intends to vigorously defend itself against Aon’s allegations concerning the departure of fac re employees.
-
Aon claims that Alliant has poached around 32% of Aon’s facultative reinsurance group, including 18 of the 25 Aon employees in the casualty fac team at all levels.
-
Securities filings show the conglomerate’s ownership of Markel holdings was valued at over $600mn at the end of March.
-
Thomas Uzzo brings more than a decade of industry experience to his new role.
-
The go-live has started with more than 450 colleagues in Aon UK’s commercial risk teams covering marine financial and professional services, natural resources and construction.
-
Risk capital comprises commercial risk and reinsurance, with human capital covering health, wealth and talent.
-
The scale of reductions is increasing as the class of business experiences its fourth consecutive quarter of rate falls.
-
The broker also said it grew in fac, as well as in its strategy and technology group.
-
Aon’s results continue a trend of accelerated organic growth among brokers in the first quarter.
-
The broker has spent around 15 years working for Aon’s reinsurance unit.
-
-
The appointment comes after a slew of cyber reinsurance brokers left Aon to join Howden.
-
Aon expects depleted shareholder equity to be restored over time via higher retained earnings and the ‘pull-to-par’ effect of bonds approaching maturity.
-
Total economic losses came in well above average, driven by the earthquake in Turkey.
-
The latest round of hires marks a continuation of the broker’s expansive and rapid talent acquisition.
-
Based in London, Artunduaga has served as Aon’s LatAm network leader. In addition, Chile-based Jose Necochea, Victor Padilla and Andres Claro will move to WTW.
-
Pachlatko joins from Kessler where he was the practice leader for cyber and crime risks as well as team leader.
-
Aon said it was “optimistic” that the market is now on a more stable footing following a turbulent 1.1.
-
Reinsurers achieved an average ROE for 2022 of 5.2% – far below the cost of capital – in what Aon described as a “poor year for reinsurance sector earnings”.
-
Finlay joined Aon last year from Guy Carpenter.
-
The executive joins Lockton Re after almost 11 years at Aon Benfield, where he was treaty broker based in Chile.
-
Reserving has increased substantially, inflicting another major claim on the loss-hit class.
-
M&G investments has committed the capital through its Catalyst private assets strategy.
-
Tony Day and Julia Dickinson, who both joined Aon in 2013, have previously held a number of senior roles within the political violence and terror team.
-
The market has quickly moved away from dramatic hardening in 2020 and 2021 following an influx of capacity.
-
The executive will join Aon’s UK leadership team and takes over from Jane Kielty.
-
Commercial risk solutions’ Q4 organic growth dropped 8 points year on year to 4%.
-
WTW has appointed Pieter Van Ede as global head of trade credit, in a move the broker said demonstrated its commitment to growth in the class of business.
-
It is understood that Axis and Canopius lead the facility, which considers clients from any industry sector in providing excess capacity.
-
Before the move, the executive spent 12 years at Aon working as a reinsurance broker based in London.
-
The broker found that the insured-loss figure for 2022 was nearly 60% higher than the annual average over the 21st century.
-
The broker’s head of wholesale and specialty said London faces a great opportunity in 2023.
-
The broker also predicted elevated demand for all forms of ILS capital throughout 2023.
-
Under the terms of the renewal, the brokers made several concessions to underwriters, including making PV and SRCC risks prior submit, rather than automatic delegation.
-
Agostino Fulciniti will help deliver Aon’s EMEA commercial risk solutions strategy across broking, claims, specialties and risk consulting.
-
The senior broker joined the firm in 2018 after a long career at Willis Re.
-
The broker said that the event was unlikely to produce losses on a similar scale to the 2021 Texas freeze.
-
Progress around placements undercuts the case for an unravelling of the facilities that dominate the market.
-
Aon Reinsurance Solutions has appointed fac strategic growth leader Muñoz to take over Tassarotti’s position as deputy CEO of global fac.
-
James Buchanan spent 28 years at Aon, serving most recently as CEO of the global reinsurance clients team.
-
The broker has been on Biba’s board since 2020, when she became chair of the standards committee.
-
Marshall Bailey replaces Simon Jeffreys, whose seven-year stint as chair is coming to an end.
-
John Carroll has been promoted to reinsurance solutions CEO for Australia and New Zealand.
-
The broker said clients can move fast in a harder market but need time to review quotes.
-
Announcements and interviews at the UN conference have shed light on the tools emerging to help carriers decarbonise their underwriting portfolios.
-
Richard Dudley, global head of climate strategy at Aon, says existing products such as IP coverage can help insurers take a leading role in opening up investment for new climate transition technology.
-
The transaction will add Latin American hurricane and earthquake modelling capabilities to Aon’s product suite.
-
Some expressed disappointment at the rate change, but it came off the back of a major correction last year.
-
In Q3, 46% of primary policies renewing with the same limit and deductible received a price decrease, while 16% received a price increase, according to Aon.
-
CEO Greg Case said dislocation in the reinsurance market created “tremendous opportunities” for the firm.
-
The organic growth figure came in below that of major rivals Marsh McLennan, WTW and Gallagher.
-
Preliminary total economic losses this year through Q3, including an initial view of Hurricane Ian based on publicly available estimates, were $227bn.
-
The conflict has prompted a potential mismatch between insurer and client transition speeds.
-
A ballot date of 9 December has been set to replace Dominic Christian on the Council of Lloyd’s, as his term of office is set to expire on 31 January 2023.
-
Lloyd’s CEO John Neal said the challenges thrown up by the conflict could lead to difficult decisions in the short term.
-
The broker is working to drive retail and wholesale alignment to deliver better results for clients accessing the London market.
-
Paul Shedden joins from Sompo International, where he was head of portfolio design, pricing and analytics – global insurance.
-
Doreen Tan will be based in Singapore and have responsibility for helping to service Howden Re’s treaty clients across Asia.
-
The executive joins Aon after three years at IT security company vArmour, where she served as SVP and adviser to the CEO.
-
Some reinsurers are in “business as usual” mode after Hurricane Ian, while others are pausing to assess the event, as it is too early to tell how cat risk appetite will change, the broker said.
-
The scheme aims to fill the gap left when private sector carriers exited the market following the Grenfell disaster.
-
The brokers are working on finalizing the terms in a written settlement agreement, which could be filed within two weeks.
-
Prior to joining Aon, O’Gorman previously advised central governments and private sector companies in the UK and EU on their ESG strategies.
-
This publication’s review of H1 disclosures shows how listed (re)insurers’ nat cat losses have tallied with aggregate projections.
-
The process provides further evidence of larger deal sizes becoming more frequent in the legacy space.
-
Jeremy Goodman will relocate from Singapore to London and replace Nick Frankland, who remains in the business as chairman of Aon’s Strategy and Technology Group.
-
The CEO said the (re)insurance industry is not doing enough to meet the climate challenge ahead.
-
The broker said 2022 cat bond issuance was likely to match the record levels of 2021.
-
Aon’s reinsurance solutions CEO, Andy Marcell, said the loss ratios of treaties managed by the brokerage firm performed “pretty well” in the past 10 years.
-
The team will offer strategic consulting and technology solutions, starting with clients in property, casualty, life and reinsurance.
-
The board expects to appoint Karaboutis to the audit committee.
-
The executive joins Aon after 16 years at European reinsurer Scor, where he served as Caribbean market manager.
-
It is understood Markel is the lead insurer and Aon’s Risk Solutions is the broker on the $200mn policy.
-
In its ILS annual report, the broker noted that demand for capacity now exceeded supply of capital.
-
William Bruce will be responsible for building and leading Aon’s global climate risk consulting team.
-
The executive brings more than 15 years of industry experience, having worked for Neon and Validus Reinsurance.
-
Growing competition for UK property business kept price increases in check during the quarter.
-
CFO Christa Davies will also take responsibility for Aon Business Services as Simon transitions to the industry.
-
Becky Allison will work to help clients optimise value through more resilient enterprise structures.
-
While still too early to assess the damage fully, Aon believes the impact on property, infrastructure and agriculture will be significant.
-
The broker said inflation should positively impact its ability to navigate another recession.
-
The broker reported organic expansion slightly below rivals Marsh McLennan and AJ Gallagher.
-
Initial loss estimates from convective storms and flash flooding place the economic impact in the hundreds of millions, although Aon warned losses may rise further.
-
The first six months of the year also saw more billion-dollar loss events than average.
-
Before joining Aon, Rob Sage took a step back from the market after spending more than 20 years at AIG.
-
Leonique van Houwelingen will also join the EMEA executive team.
-
Reinsurer capital fell 8% in Q1 to $645bn on the back of mark-to-market losses, as nat-cat capacity contracted materially for the first time since the 2004-2005 hurricane season.
-
It is understood that he will work on large global client accounts and staff mentoring.
-
Storms from 16-23 June added to a “very active” quarter for the peril.
-
Pietro Toffanello will be based in Milan and report to reinsurance solutions' EMEA co-CEOs Tomas Novotny and Alfonso Valera.
-
Sources have pointed to a deal multiple in excess of £360mn for the UK retailer.
-
Aon claims PFI head Paul Tubb unlawfully recruited five colleagues for Howden’s construction unit.
-
The industry veteran replaces Melissa Thomas, who took over the Cayman business a year ago.
-
The move follows a restructure of the broker’s London reinsurance unit last year.
-
Market dislocation and macroeconomic disruption were listed as the second and third most prominent risks, with the economic environment as a key concern.
-
The intermediary’s reinsurance solutions business has appointed Joanna Parsons as it looks to expand its capital advisory unit.
-
The broker leads a team specialising in the placement of various subsea technology risks.
-
Global reinsurance capital grew by 3.8% last year, according to Aon’s analysis of 22 reinsurers.
-
The broker promoted Eduardo Hussey to succeed Gregory as part of the leadership changes in Miami.
-
It is understood that the Marsh and Aon Alpha facilities are those with the most exposure to the war in the Ukraine.
-
The broker said it planned to ramp up investment for hiring talent, as well as developing employees with improved analytical and technological tools.
-
Plus this week’s Q1 results and all the top news of the week.
-
The broker posted earnings per share ahead of analyst expectations and expanded margins.
-
Countries such as Russia, Ukraine and Belarus and other select geographies are excluded in the renewal terms, as is expropriation.
-
The figure made 2022 the sixth consecutive year in which Q1 losses topped $10bn.
-
Through the collaboration, the two companies will work together to help clients with their investment strategy decisions by providing data sets, analytics and insights into ESG portfolio-level exposures.
-
The brokers asked the judge to delay some pre-trial conferences by two weeks as they could obstruct the settlement negotiations.
-
Aon’s E&O and Cyber Market Review found that between Q1 2019 and Q4 2021, ransomware attacks surged 323%.
-
Muñoz will also take over the role Aon Latin American reinsurance solutions chairman, reporting to global reinsurance CEO Andy Marcell.
-
The new hire joins as a senior broker in the non-life treaty department.
-
The senior broker has worked at Guy Carpenter for more than 25 years and specialises in life, A&H and crisis management.
-
Matt Helm worked at CFC until the end of last year when the MGA opted to place the book into run-off following a review.
-
Damage from windstorms that swept across the central and eastern United States from 21 to 23 March could cause hundreds of millions of dollars in economic and insured losses, according to the Aon Impact Forecasting weekly cat report.
-
He will lead strategy and development for the team, which provides consulting and software.
-
The second of Insurance Insider’s deep-dive analysis pieces on innovation examines the internal structures and opportunities that can accelerate innovation.
-
In his new role, Merlo will be primary contact for claims officers handling difficult claims.
-
The earthquake on Wednesday night caused power cuts for more than 2.2 million homes.
-
The first of a two-part series on innovation examines the barriers blocking product innovation in the P&C market.
-
The firm made the announcement soon after Marsh McLennan took a similar decision earlier today.
-
Aon took a top five spot in the independent magazine’s list of the top 10 most innovative finance companies.
-
The broker’s appointment of Jim Fiore follows his decision last year to leave QBE after nearly 30 years at the carrier.
-
Following the cyber incident, the broker launched an investigation with the support of third-party advisers, incident response professionals and counsel.
-
The broker will also sit with Marsh McLennan/Guy Carpenter, WTW and Lockton Re on ABIR’s broker advisory cabinet.
-
Ntsoaki Ramabulana and Hayley Clarke have been added to the executive committee, while Idelia Hoberg has been appointed to run the new life and health reinsurance programme.
-
The broker’s report highlighted that trade credit underwriting is considered “flexible”, with limits increasing and coverages broadening in this class.
-
The broker has reported successive slowdowns since price increases climbed to a peak in Q1 2020.
-
The broker said there was increased demand for coverage from international clients.
-
Shares in the broker are up by 4% after it comfortably beat analyst earning expectations.
-
The broker grew organically in all divisions and comfortably beat analyst earning expectations by 11%.
-
Dennerståhl will be based in Stockholm and lead a team of over 80 staff when she joins later this year.
-
The broker joins after a brief spell at Aon, where he was head of EMEA business development.
-
The executive said the pandemic had ratcheted up the level of volatility faced by clients.
-
Katy Whelan joins from Deutsche Bank, where she was COO of its corporate finance division, while Charles Stuart joins from WTW, where he was strategy head for WTW GB.
-
Stefan Weda will also take on the role of head of CRB for WTW Netherlands.
-
The brokers will have until early 2023 to settle the case via private mediation or the case will move forward to a jury trial that could last between seven and 10 days.
-
The executive has more than 25 years’ experience working in banking and asset management.
-
A judge for the Miami-Dade County Court has ordered Aon and individual defendants in the Miami facultative team poaching case to avoid doing reinsurance brokerage business with the defendants’ former Willis Towers Watson clients.
-
The long-serving Aon executive led a team placing a variety of contingency coverage in Lloyd’s and London.
-
The flooding had ‘catastrophic’ impacts on the province including damage to homes and agriculture.
-
She will work alongside James Baum in the new position.
-
Competition for staff remains fierce in the D&O market, where there has been substantial rating remediation.
-
A total of 87% of survey respondents are looking to grow their stamp.
-
Berkshire Hathaway reduced its shareholding in Marsh McLennan by 35% during the third quarter, as the Warren Buffet-led business continued to sell down across its portfolio, an analyst note from Morgan Stanley shows.
-
The broker will report to head of Credit Solutions Stuart Lawson.
-
Insured losses from severe weather events in the US are on course to exceed $20bn, following the second highest October tornado tally on record, according to a report from Aon.
-
The report also noted that global reinsurer capital totalled $660bn as of June 30 2021, a $10bn rise from the end of 2020.
-
The broker said that weather-related losses had become more severe in the past decade because of climate change.
-
Based in London, Graham Bristow, Barrie Watson and Ian Leslie all held senior roles at Aon's credit solutions.
-
Amanda Lyons will lead growth for US casualty, with Paul Anderson taking the same role in property.
-
The Texas Windstorm Insurance Association (Twia) has recommend hiring Willis Re as broker and Aon to provide catastrophe modelling services, following a review of its arrangements which were previously with Guy Carpenter.
-
The broker has reported successive slowdowns since rate increases hit a high in Q1 o 2020.
-
The appointments come after the shock departure by former president of North America for reinsurance Tim Ronda, who left late last month to become president of rival intermediary TigerRisk.
-
Brokers have reported strong earnings in Q3, with Aon growing by 12% and Marsh McLennan 13%.
-
Aon is the latest of the major brokers to report rising growth levels this quarter.
-
The appointment comes soon after the collapse of the merger agreement between the two brokers.
-
The broking giant has spent the past eight weeks executing on the strategy it developed for the combined firm.
-
Through the plan, employees of all levels will get stock options or cash-settled units based on the company’s performance.
-
GWP rose by 17% to $177bn for Aon’s peer group of reinsurers, while their average combined ratio stood at 94.0% – down from 104.4% for the prior-year period.
-
Aon made internal announcements on a rebrand last week, as the broker forges a new path after ending plans to merge with Willis.
-
Nine (re)insurance firms in London took part in the programme for career-break women, organised by diversity and inclusion firm Inclusivity and supported by the Insurance Families Network.
-
Hundreds from the insurance business were among those killed on 9/11, making it one of the hardest-hit industries.
-
The firm’s head of business intelligence Mike Van Slooten said strong capital levels contrasted with cat loss activity running above budgets.
-
The CEO said large US retailers and wholesalers may look to enter reinsurance.
-
Plus a look at reinsurers’ cat budgets and all the top news from the week.
-
New chiefs announced for Asia-Pac, Emea, Canada and the Caribbean.
-
Arsonists attacked a chemical warehouse owned by Indian manufacturer UPL last month, amid social unrest in the country.
-
UK CEO Nick Frankland moves to a chairman role of a new consultancy unit.
-
The move comes after major defections to rivals from the firm’s retail broking and reinsurance operations earlier in the year.
-
Willis’s sale of its reinsurance arm was the best option it had left – but the loss will have implications for the wider business.
-
The executive is leaving his role as global head of broking at Willis to take on a major role at Aon, in the aftermath of the mega-merger collapse.
-
Christophe Bonneville, Cristina Chaparro and Joyce Koch join in Paris, Madrid and Amsterdam.
-
The number two broker must now refocus on rebuilding internal divisions.
-
Adjusted for large renewals and IPOs, the pricing index rose 7.7% in the second quarter.
-
Executives addressed analysts following strong Q2 results and the earlier collapse of the Willis integration.
-
Willis Towers Watson will not pay staff bonuses that were contingent on the completion of the Aon merger.
-
Plus this week’s company results and all the top news from the week.
-
The Q2 results update came at the end of a week in which an agreement to acquire Willis Towers Watson collapsed.
-
The disruption of the Aon-Willis deal breakdown could arguably create almost as much of a shake-up of the competitive landscape amongst the second-tier challenger brokers as it will for the two would-be merger partners themselves.
-
The committee will be responsible for seeing through the broker’s four-pronged Aon United Blueprint.
-
A White House press spokesperson said the deal would have led to higher costs for businesses and consumers.
-
CEO Case reiterated the message that the merger was pulled because of poor timing and "misunderstanding" from the DoJ.
-
Willis Towers Watson must act quickly and decisively to either salvage the sale of Willis Re or lock down staff.
-
Wells Fargo insurance analyst Elyse Greenspan said Willis Towers Watson stock “seems very inexpensive” in a note to investors on Monday.
-
The Illinois-based broker said it would also redeem $650mn in 10-year notes that it issued in May.
-
In a statement, Garland argued that the decision will help preserve competition in the insurance brokerage sector in the US.
-
Greg Case said the regulator had a "fundamental misunderstanding" of the industry, and that timing prevented the brokers from going to trial.
-
Shares in rival broker AJ Gallagher, whose plans to buy several Willis assets at a knock-down price are now highly uncertain, were down by 2.3% at $139.
-
The companies disclosed that Aon will pay Willis the $1bn break fee.
-
The Week in 90 Seconds: Aon and DoJ return to the table; German flooding latest; Aki Hussain profilePlus the latest on UK BI legal wrangling and all the top news from this week.
-
Details of potential additional divestitures are closely guarded, but they would likely include P&C broking assets.
-
The Texas Big Freeze plus an active hurricane season could see losses balloon in 2021.
-
The expansive broker has poached a number of senior staff from Aon as it builds its team.
-
The Madrid-based executive, who has worked for Aon for 15 years, has been given a broader remit amid a reshuffle of senior EMEA roles at the broker.
-
The DoJ was given a deadline to provide Aon’s lawyers with pertinent evidence collected from third parties during its investigation into the $30bn mega-merger.
-
The merged entity must divest its corporate and commercial short-term insurance broking in the country, as well as offload several global businesses.
-
The appointments come as commercial risk CEO John Cullen takes another role within Aon.
-
The brokers have offered to divest Willis’ largest corporate risk and broking clients to Gallagher’s Crombie Lockwood.
-
A spell of tornadoes, rain and hailstorms across the continent drove the loss activity.
-
Judge orders Marsh to stop poaching; prevents 3 top execs from working for Marsh for months amid the hiring dispute.
-
The competition watchdog has approved the acquisition of Willis Towers Watson by Aon if the latter complies with a ‘substantial set of commitments’, including the divestment of central parts of Willis’s business to Gallagher.
-
The companies say the aim of the partnership is to operate a trade credit insurance market via the Walbing platform.
-
The keenly anticipated antitrust showdown has now been scheduled for November 18.
-
Aon will have to wait until November at the earliest to argue the case in Federal Court for its $30bn merger with Willis Towers Watson.
-
The Commerce Commission has extended its review of the merger by another six weeks.
-
Austria and the Czech Republic are likely to record their most costly convective storms on record.
-
Marsh claimed Aon is trying to ‘flip the narrative’ from its poor management decisions and uncertain future in its response to the suit.
-
Aon’s legal team said it was concerned that the proposed timetable could kill off the deal before the trial begins.
-
The deal was approved by regulators on the proviso of the disposal, as well as other divestitures already agreed.
-
The broker is looking to expand its footprint in a market where credit insurance policies and banks’ credit risk methods are converging.
-
The CCCS has identified competition concerns around executive pay consulting services.
-
The lawsuit accuses Michael Parrish of masterminding the raid, despite still being a paid Aon employee.
-
Plus the lowdown on CFC’s syndicate capacity and all the top news from the week.
-
“We are not about to let [the] delay…compromise the deal”, says Latham & Watkins lawyer Dan Wall.
-
Frederick Streeton will join in September from Liberty Mutual Group, where he was head of underwriting strategy for the its global risk solutions business.
-
Trading Risk reported last year that the Aon executive had resigned to join Lockton.
-
The parties will likely look to deliver a carve-out of large P&C and health benefits broking in the US to target a DoJ settlement.
-
Aon and Willis were taken by surprise by the lawsuit, a CTFN report claims.
-
Plus, a detailed look at the FCA’s BI claims data and all the most popular news from this week.
-
The CEO said that his company was ‘wide open’ to absorbing additional assets to satisfy regulators’ concerns.
-
Shares in AJ Gallagher and Willis Towers Watson held broadly stable after the announcement from the US Department of Justice.
-
The investment bank’s analysts suggested that staff and clients may leave as a result of uncertainty, during a prolonged US lawsuit over the Aon-Willis mega merger.
-
Inside P&C gives a blow-by-blow account of the regulator's antitrust complaint against the mega deal.
-
The broking houses also said they "remain fully committed to the benefits of [their] proposed combination".
-
The move from the US regulator represents the biggest threat to the mega-merger since it was announced in March last year.
-
The US Department of Justice’s antitrust concerns around the Aon-Willis merger have not been fully addressed by the brokers’ recent spate of divestment plans.
-
The news follows the agreement to sell several assets to AJ Gallagher, including Willis Re.
-
The expansive syndicate was one of several players to join the D&O market after dramatic rate rises last year.
-
The broker has offered to sell its group pharma purchasing and claims audit services in a bid to get the greenlight for its Willis takeover.
-
The deal is designed to assuage the Department of Justice’s concerns over the Aon-Willis merger.
-
Last year it secured just NZ$6.2bn of protection from major nat cat events, as premium spending went up by 11%.
-
The US government reportedly has around 20 attorneys at work in case it decides to sue to block the deal.
-
The Commerce Commission has delayed its decision for the third time.
-
The combination still needs sign-off from US, EC and other international authorities.
-
The pending disposals come after a major deal to sell a range of P&C assets to Gallagher for $3.6bn.
-
The second deal within a week to placate European regulators involves 350 staff and five offices.
-
The Week in 90 Seconds: A guide to Gallagher-Willis; Florida renewal look-ahead; Two offshore lossesPlus the insurers on-risk for the Colonial Pipeline cyber attack and all the week’s top news.
-
The $3.57bn side deal is contingent on the closing of the bigger merger, which itself needs approval from regulators including the European Commission and Department of Justice.
-
The business looks well placed to succeed if it can keep retention in check and reinvest to build broader capabilities.
-
The AJG CEO vowed to invest in Willis Re assets while stressing the quality and security of the team.
-
The merger partners are working towards a third-quarter completion after a side-deal they say addresses EC concerns.
-
A high proportion of the more than $3.5bn economic losses caused by April severe weather will be insured, the broker said.
-
Aon and Willis have been in talks with AJ Gallagher over a sale of assets the broking houses must make to gain approval for their pending merger from antitrust regulators.
-
The report says a final decision on the structure of the deal has yet to be made.
-
The Capitol Forum says EU competition chief Margrethe Vestager is on board with the remedies.
-
The deal could be signed later this week or at the weekend, sources said.
-
The regulator had previously set a 27 July deadline after the merger partners offered divestments to secure regulatory approval.
-
CEO Greg Case says the broking union offers greater opportunities than when the deal was first announced.
-
Aon-Willis, CFC's new Lloyd's syndicate, Talbot's contingency retreat and more.
-
The broker’s performance was driven by a growth acceleration in commercial risk solutions.
-
With a sale of the remedy assets to AJG not yet agreed, the firms will have to choose their words carefully this week.
-
European regulators are not expected to demand additional concessions of the deal partners.
-
EC documents do not give details of individuals, but said the ringfenced team ranges in seniority.
-
The appointment marks a return for the exec, who worked for Benfield in the mid-2000s.
-
The ACCC had initially said it would wrap up its investigation into the competitive implications of the merger by May 27.
-
Plus in-depth analyses of the accident and health and airlines markets.
-
The US regulator has proposed Willis sells its San Francisco and Houston CRB businesses, and its Bermudian insurance broking arm.
-
The number four broker is seeking to acquire both Willis Re and the European insurance broking businesses.
-
Such events are worsening in impact and are harder to recover from, according to the Respecting the Grey Swan report.
-
The move follows the brokers’ submission of a remedies package last week to allay competition concerns.
-
Underwriters and brokers are competing for talent amid hard market conditions in the class of business.
-
Binding insurers include Chubb and AIG, with reinsurance from Munich Re.
-
Further details of the proposed remedies to the European Commission are revealed.
-
The move follows Willis’ explorations of sales of Willis Re and European units.
-
States most impacted include Alabama, Mississippi, Texas, Georgia, and Tennessee.
-
The Competition and Consumer Commission of Singapore launches a public consultation over the proposed merger deal.
-
The new recruit will be head of power at the UK global broking centre.
-
The resignation comes as Willis moves towards completion of the mega merger with rival Aon.
-
This week, we revealed that Aon/Willis Towers Watson are looking to separately divest a block of Willis' European businesses and Willis Re, as they work to get their mega merger approved by regulators in the face of competition concerns.
-
It is understood that the ~$300mn fac business will be packaged along with the treaty unit.
-
The move is part of a wider strategic effort by the broking goliath to quantify the value of intangible assets.
-
The largest of the businesses, Gras Savoye, has been seen as one of the jewels in the crown at Willis.
-
The potential disposal may help to alleviate competition concerns within the French market.
-
The broker will focus on sustainable sourcing, energy efficiency, curbing business travel and switching to renewable energy.
-
The Aon president said insureds will begin to “test” carriers and brokers on price.
-
The Marsh McLennan CEO made the comment as the inaugural guest on Inside P&C's new podcast series Unreserved.
-
Plus the latest executives on the move and all the top news from the week.
-
According to the Capitol Forum, antitrust regulators will consider the deal's impact on the world’s fourth largest insurance broker AJ Gallagher
-
Reinsurance is one of the areas of the combination that is drawing heightened regulatory scrutiny.
-
Plus the inside story on the Helios Ray crash and all this week’s top news.
-
Aon has said it expects the economic cost of physical damage and business interruption caused by the polar vortex-linked cold snap to “well exceed $10bn”, in an Impact Forecasting report released on Thursday.
-
In a second hire within the broker’s offshore wind team, Sarah Burston returns.
-
Simon Moore has joined Lockton Re as a senior broker in the company’s non-marine retro and property specialty team, based in London.
-
EU antitrust regulators will warn Aon that its $30bn bid to acquire Willis Towers Watson may hurt competition in the broking marketplace, according to a Reuters report.
-
Marcus Foley joins the Bermuda office, while Tim Radford will work in London.
-
The recruitment marks a return to Aon for the energy broker.
-
Some pointed to low average costs to fix burst pipe claims, while others warned that BI could drive up losses.
-
Sharing confidential client information was endemic in the market until the 2017 investigation prompted it to be stamped out.
-
ARPC said the move improves the pool’s capital strength.
-
Market sources report an uptick in competition to secure accounts as clients sought optimum deals in a challenging market.
-
The A$14bn pool will switch brokers on 1 April.
-
The merger may cause price increases or reduced service levels for major insurance buyers.
-
Our highest priority remains protecting the health, safety and wellbeing of our colleagues, said CEO Case.
-
The takeover last year was a significant piece of InsurTech M&A.
-
Sources have emphasised that such pauses are a routine part of the Phase II review process.
-
Michael Burwell, Gene Wickes, Carl Hess and Joseph Gunn will each receive a payment for staying with the business until the deal closes.
-
Executives reiterate the mid-single expansion guidance announced in March, despite growing organically by 1% in 2020.
-
Net income increased by over 40% in the quarter to $524mn and reinsurance continued its growth momentum.
-
-
In a joint submission, the intermediaries argue that the deal will not reduce market competition in New Zealand.
-
Business COO James Platt will take on the role until the expected closing of the broker’s merger with Willis Towers Watson.
-
Plus the highlights of Insider London Live and all the week’s top stories.
-
Oaktree Capital is understood to be the institutional investor behind the "permanent capital" retro carrier.
-
The account with one of the world's leading helicopter providers is worth about $15mn in annual premiums.
-
Jennifer Law will join the team and report to Japan reinsurance solutions CEO Rupert Moore.
-
Katie Small, Nick Gavin Powell and Michelle Suckling are set to join the business in the second quarter of this year.
-
They are the latest in a spate of renewable energy hires, which the broker has been growing over the past year.
-
This publication looks at 10 issues that will shape the industry in the year ahead, from rate sustainability to start-up progress to the post-Covid recovery.
-
The appointments follow Axa XL’s exit from management liability business in London last year.
-
The deal “may reduce choice” for cedants in choosing reinsurance brokers, the EC said.
-
The milestone was set out in a combined all-staff townhall as the firms look forward to an H1 close.
-
The transaction marks a return to the subcontinental insurance market after a five-year hiatus.
-
The carrier will take a smaller line than initial backers PartnerRe and Swiss Re.
-
If the fundraise closes, the business will operate as a “permanent capital” monoline retrocessionaire.
-
The new vehicle has hired ex-Aon Benfield UK chief David Ledger as non-exec chair.
-
The latest recruit is returning to Swiss Re after five years.
-
The follow-only syndicate has carved up most of its 2021 capacity among leading Lloyd’s intermediaries.
-
Perhaps the biggest question about the facility is why Swiss Re and PartnerRe are backing such a deal now.
-
The move follows a series of launches of similar units in the UK and US.
-
By filing this week, the merger partners may yet escape the clutches of the UK’s Competition and Markets Authority.
-
The European Commission sets a provisional deadline of 21 December for the review.
-
Purchasing the analytics firm will help Willis meet growing demand for climate change services.
-
Over 10,000 structures have been destroyed in California alone, Aon said.
-
The new hire comes after a slew of senior appointments made by the start-up in recent months.
-
Guido Benz will join the business next spring and report to Lee Meyrick
-
Working with governments will enable insurers to close the protection gap, and better cover risks like cyber and risks from climate change.
-
The executive will join as a senior property broker in the UK & Ireland and specialty casualty team.
-
The broker had already reversed the 20% pay cut that was introduced for the majority of employees.
-
Aon, Willis and MMC calls reveal clients’ hard market tactics, staff retention strategies and Covid-19 headwinds.
-
The appointment of an additional board member satisfies a condition of the Aon-Willis merger agreement.
-
The CEO says a large proportion of the broker’s discretionary business occurs in the final quarter.
-
Organic expansion of 13% in reinsurance was offset by declines in retirement solutions and data and analytics.
-
The move marks a return to broking for the executive who, prior to Axa XL, worked at Willis Towers Watson.
-
CEO Case says the solution creates a new type of financing for IP-rich companies.
-
The executive’s departure from the Willis Towers Watson merger partner follows that of other casualty reinsurance colleagues.
-
Aon’s former head of international catastrophe management will take up the position next September.
-
Firms will not cover their cost of capital this year, though capital positions remain robust.
-
The broker joins from Carpenter Marsh Fac and will work over property, power, energy and marine lines.
-
The team is led by Julian Pratt and Michael Lambert, and includes Simon Arden and Giuliano Montano.
-
The commercial risk, health and affinity chief commercial officer says a wholesale return to the City is not “safe or sensible” at this time.
-
The Aon Global Energy chief commercial officer’s move reflects continued strong interest in the broking sector among financial investors.
-
The appointment follows a number of senior departures from Aon’s reinsurance ranks.
-
The Reinsurance Solutions CEO predicts further hardening, driven in part by low interest rates.
-
Record heat, dry conditions and strong winds have helped wildfires spread, Aon said.
-
Smaller reinsurers and Lloyd's carriers will be more impacted than global top-tier firms, the broker forecast.
-
The broker’s London Work, Travel & Convene Coalition includes members from across the financial and professional services industries.
-
The executive resigns after more than three years as energy chief to pursue other opportunities.
-
His anticipated move to Guy Carpenter follows that of Francis Paszylk to TigerRisk.
-
The marine and composite broker is understood to have placed portions of the IG’s reinsurance programme.
-
Both companies secure more than 95% shareholder support for the transaction.
-
The companies claim “overwhelming” investor support at meetings today.
-
The broker has worked at Aon for 18 years, most recently as executive director for financial lines.
-
Retro specialist Richard Wheeler will head the unit, which will focus on sourcing third-party capacity.
-
Stay awards risk deferring problems, with staff remaining in place who intend to leave post-payment.
-
Tornadoes, hail and strong winds hit the eastern half of the US last week.
-
The combination secures support from major proxy advisers two weeks ahead of shareholder votes.
-
Despite being Category 1 at landfall, Isaias caused storm surges from South Carolina to New York.
-
Response also rebuffs complaints over Goldman Sachs conflict disclosures.
-
The deal includes a large Northern Irish motor fleet and corporate book.
-
Former Axa XL property treaty head Catherine Turner will co-lead the unit with Richard Evans.
-
The broker believes it will be able to proceed with the deal without having to divest any businesses.
-
Group margins expand by 240 basis points as the group slashes expenses.
-
The executive makes the move after almost five years at Aon.
-
Following two decades at Aon Benfield, he will join Lockton sometime next year after his gardening leave.
-
The broker has made a number of recent hires, including in the energy division in London.
-
The latest defection continues the stream of talent exiting the broker for Guy Carpenter ahead of Willis’ merger with Aon.
-
Cat programmes have been completed this year, but a heavy hurricane season could shake up the market, the broker said.
-
The former commercial risk solutions UK CEO returns after a period out of the market.
-
The executive says the initial decision to implement salary cuts was taken after “sober analysis” of the situation.
-
Tom Baker will become the carrier’s first ever global head to be based in Asia.
-
Lloyd's business-planning outlook, Aon-Willis' merger update and the Covid-19 spur to reinsurance buying.
-
Several US states were hit by tornadoes, heavy rainfall and large hail in July.
-
Aon warns that complying with “second requests” in the US merger review process can take a while.
-
The long-serving executive is to depart as clutch of other Australia-based staff resign.
-
The new hire comes amid fierce competition for talent in the broking space.
-
The broker is about to tell staff how the long-awaited $125mn of incentives will be allocated.
-
The departures come as Aon works to close its takeover and as an anticipated upstream sector recovery stalls.
-
The new recruit will lead the carrier’s US open market business.
-
Bisset has worked at Aon and legacy entities for more than 20 years.
-
The product will provide traditional warranty and indemnity cover and more tailored solutions.
-
In court documents, the defence company says Aon failed to provide sufficient claims notification advice.
-
The move is the latest among large private equity houses to consolidate programmes and leverage buying power.
-
The former regional leader gains a promotion.
-
The losses have surpassed $10bn for the past 13 years.
-
She joined the broker after 16 years at Zurich, where she was senior vice president and regional sales director.
-
Case has won a key vote of confidence from Aon staff, but this is not an unqualified victory.
-
Detailed excerpts from an internal Aon memo on the "opt-in" rate to the salary reduction programme.
-
In total, nine out of 10 in-scope staff will participate, an internal memo obtained by this publication shows.
-
The broker is accused of failing to disclose material financial information about the deal.
-
Members will work with the existing integration leadership team.
-
Willis retention pool revealed as a minimum of $125mn, with scope for additional funds to be signed off by Aon.
-
Insurers say the policy at issue has a $15mn sub-limit for windstorm damage.
-
Lewis joined Aon from TMK in September to set up the managing general agency.
-
The CEO says the sector needs to innovate to address its waning relevance.
-
The extensive negotiations started at 0.99 Aon shares for each Willis share, and ended at 1.08, according to proxy documents.
-
The executive says the move will protect staff and support clients amid serious economic turmoil.
-
The broker lifts its operating margin by 2 points as reinsurance solutions expands 9 percent on an underlying basis.
-
The broker had been at Aon for the best part of a decade.
-
Aon made a shock move on Monday to cut staff salaries for most of its staff.
-
Aon’s Phillip Mallon joins the North American team and Neon’s Freya Foxall moves to the international P&C team.
-
The available funds will be distributed into the wider incentives pool.
-
Aon’s call on the order in which stakeholder sacrifices must be taken will test staff commitment to the cause.
-
Measures to retrench on cost due to Covid-19 were disclosed as the broker reaffirmed its Willis deal.
-
Attritional losses hit a 14-year high due to worsening casualty trends and man-made losses.
-
The move comes as Lockton continues an expansion into new areas of the reinsurance market.
-
The start-up has filed a countersuit against the brokerage giant after it accused founders of trade secrets misappropriation.
-
Twisters included those that struck Nashville and Jonesboro last month.
-
Stocks of major brokers surged, outpacing the broader market.
-
He was previously a treaty reinsurance managing director at Aon.
-
The move is meant to maintain a “stable corporate structure and capital flexibility” after Brexit.
-
The new bind feature enables markets to complete and bind Aon's treaty reinsurance placements without face-to-face meetings.
-
Long closing period and Covid-19 uncertainty expected to curb early staff exits.
-
Staff let go within that time frame would receive at least the same severance package as under offer at Willis.
-
The arrangement would put former Aon Benfield CEO Andersen at the heart of the largest corporate tie-up so far in 2020.
-
The terms of the transaction suggest closing could stretch to October 2021 or beyond.
-
Battle for talent sparked off by MMC-JLT deal is likely to intensify.
-
Meanwhile, Fitch has upgraded the ratings outlook for Willis to positive.
-
The CEO predicts new broker start-ups as a result of the fusion.
-
The broking giant is seeking compensation of at least $200mn, according to Reuters.
-
European windstorm Ciara was the most expensive event of the month.
-
Details of structure and leadership to follow within 90 days.
-
The mega acquisition will throw off talent and clients but the creation of a giant top two may crush competition.
-
The ratings agency says the purchase slots comfortably into Aon’s leverage profile.
-
KBW predicts Aon could reap more than the stated $800mn synergies from the deal.
-
Aon could secure major value via synergies if it can avoid the pitfalls of regulatory approvals and integration.
-
Aon’s acquisition of Willis is geared to deliver growth through innovation, as it downplayed scale and financial benefits.
-
The combined entity would become the largest broker, with $20.1bn of revenues.
-
Combined reinsurance revenues would reach $2.3bn, outstripping Guy Carpenter.
-
The acquirer will pay a 16.2 percent premium, with Willis chief Haley becoming executive chairman at the combined $80bn broker.
-
A second takeover run by Greg Case’s broker would come as the target contemplates its CEO succession.
-
The cancellation comes amid market-wide pressure on broker facilities.
-
Coronavirus and the contingency market, the future of Axa XL, and more.
-
The takeover could win Aon business that was lost after MMC’s purchase of JLT and cut Willis’ expenses.
-
Co-president O’Connor to exit, with Bruno taking additional role as COO.
-
The executive previously held the same role for the EMEA region.
-
The probe was initially launched after a woman alleged she was fired for complaining about sexual harassment.
-
Lloyd’s has appointed the veteran broker with immediate effect.
-
The recruits come from Marsh JLT, Willis Towers Watson, AIG Trade Finance, EY and PA Consulting.
-
The former Aon broker specialises in general aviation and small products liability business.
-
The deal is expected to help the broking giant expand its cyber coverage options as hack-related claims increase.
-
Zurich is understood to lead the aerospace company’s D&O programme, brokered by Aon.
-
The figures reflect expectations that sponsors will return to the ILS market to seek cover as rates stabilise.
-
The executive says retention and new business wins drive growth.
-
The company narrowly beats the consensus EPS forecast as expansion in both broker segments accelerates.
-
Estimates from Aon, Munich Re, Swiss Re and Willis Re put Typhoon Hagibis lower than the modelled average, with Typhoon Faxai in line with expectations.