Brokers
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Aon’s CEO said the business was formerly “very underweight” in the middle market.
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The practice aligns existing capabilities from Marsh Specialty and others.
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A fresh investor will be needed to put meaningful cash on the table for a US retail deal.
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A thriving competitive intermediary market is what keeps London fresh.
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This publication revealed the appointment in November last year.
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Eric Paire has been at Aon since 2018, having joined from Guy Carpenter.
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The broker attributed increased capacity to improving profitability.
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This follows the broker’s report last year, which also found a “notable uptick” in claims.
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Leahy has worked in the London market for almost a decade.
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The RfP covers the CEA and/or the California Wildfire Fund.
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If you only read a handful of stories this week, make it the selection below.
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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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The former MS Re CUO brings over 30 years of industry experience.
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Mike Smith will step down from his role on 31 March.
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Ryan entered into a £200mn currency forward to manage the appreciation risk of the Castel deal.
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The broker had approached underwriters to consult on additional brokerage of 0.5%.
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The end of the waiting period effectively clears the path to close in the US.
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The broker’s $47bn DoJ fine had “no material impact” on profits.
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The ratings agency said P&C insurers must "push through" price increases.
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Plus all the latest executive moves and the top news of the week.
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Howden acquired a majority interest in Mexico’s Adrisa in 2020 and Grupo Ordas in 2017.
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Investors are still keen on UK broking – but they may expect more for their money.
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The probe concluded in Q4 last year, according to Gallagher’s 10-K.
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The hire has 20 years’ experience in asset management and corporate finance.
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The CEO said winning back clients “validated” the broker’s approach.
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Ditte Deschars will be moving into the chairperson role for EMEA.
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The transaction will reduce the firm’s reliance on private debt deals.
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The executive has headed up Marsh’s Pacific region for the last four years, having joined via the acquisition of JLT.
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A deal would mark Amwins’ second LatAm sale, after this publication revealed that Lockton acquired THB Brazil last May.
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The executive will lead for the EMEA region in its strategy and development business segment.
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2023 was the fourth consecutive year insured cat losses surpassed $100bn.
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In October 2023, it was announced that Powell was leaving Marsh to join WTW as the broker’s global chief claims officer.
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Discussions include insuring military risks in the field of air and business travel to Ukraine.
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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 broker grew by 35% in 2023 and is looking to reach gross written premiums of $1.4bn by 2026.
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The incoming executive previously spent 17 years at AIG, most recently as head of financial lines for MENA.
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In the second part of our themes for 2024 outlook, we explore how fear of missing out in cat reinsurance is still contrasting with an upstreaming of risk that is creating fallout for primary insurers, while momentum in facilitisation and ESG continues.
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In the first section of our two-part outlook for 2024, we explore why macro-economic concerns are taking a step back, though casualty pricing micro-cycles highlight ongoing caution.
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The broker said over-placement on some deals was a positive sign for brokers, though reinsurance capacity is still very tight in some areas.
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The CEO also disclosed that the break fee on the takeover is $250mn.
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It is understood that AUB’s investment in Mexbrit includes the broker’s marine-focused MGA subsidiary Forte Underwriters.
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The executive joined Gallagher in 2015 as COO of its international division.
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The broker is hiring in energy following the departure of several downstream brokers for Price Forbes.
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Business lines offered include P&C, marine, construction, cyber, trade credit, financial lines, and energy plus employee benefits services.
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The broker’s global marine team services global premiums of $3.9bn across marine classes.
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The brokers will work in the contingency team headed up by Ian Tomlin.
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The 200-year-old firm is not the only one to be caught up in watchdogs’ investigations into corruption and bribery controls.
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The GBC in London will be led by Mark Parker, supported by Cynthia Beveridge, as Joe Peiser moves to London.
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The senior broker said it will take time for clients to return to the market.
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The $10bn broking firm is progressing in its pivot towards specialty and international business, and an asset management model.
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To help you keep track of investment activity in the UK's private broking sector, Insurance Insider has mapped out the important relationships between the key players and their capital providers.
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Unity will provide $50mn of coverage supporting the export of grain and other commodities.
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Interim UK CEO Kate Roy will step down from the position but retain her role as group COO.
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The deal comes over a year after this publication revealed that the companies were in takeover conversations.
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The broking executive had a key role in the launch of Marsh’s Fast Track facility.
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The 3x3 plan takes the things about the firm over the last decade that have been distinctive and intensifies them.
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Marsh cites its primary listing on the NYSE, along with the costs and administrative burdens of listing on LSE, as reasons for delisting.
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The unit almost doubled its organic growth rate from 11% in Q2, while in Q1 the division posted 12% organic growth.
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Current cyber brokerage leader for the US and Canada, Meredith Schnur, will succeed Reagan as cyber practice leader, US and Canada.
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With new leadership at some of the largest continentals, there will be close attention to how their tactics in changing lines of business will evolve.
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Last week, this publication revealed that Howden agreed to pay Guy Carpenter in excess of £50mn ($61mn) to settle the poaching suit related to Massimo Reina and a defecting European team.
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Concern around prior-year loss development and social inflation is impacting the market.
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The executive brings more than 25 years of global reinsurance broking experience to the new company.
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Bohm joins from Swiss Re Capital Markets, where he was head of structuring for the Americas.
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Pat Tomlinson will also step into the role of president and CEO of Mercer and vice chair of Marsh McLennan when his predecessor, Martine Ferland, retires in March 2024.
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It is understood that Padin will take on a treaty role overseeing client relationships across LatAm and the Caribbean while Martinez will lead fac re for Central America.
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Mark Shumway joins from Howden Capital Markets, where he has been managing director since 2020.
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Mark Jenkins becomes chairman of the global credit and political risk team.
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Francisco Torres joins UIB as CEO of the Miami operation after a stint at Price Forbes and Ed Broking.
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The rebrand aims to unify and simplify the business structure under a single global executive.
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The leadership change follows Howden’s landmark acquisition of TigerRisk at the beginning of the year.
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The former owners of AFL Insurance Brokers have been ordered to pay damages totalling £6.1mn after being found guilty of fraud and of breaching director duties.
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The news comes a few weeks after this publication revealed that UIB was in advanced discussions to take over local broker South Re.
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Nichols joins from Aeolus Capital Management, where he’d served as a portfolio manager after previously spending nearly a decade at Guy Carpenter.
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He rejoins Aon after 15 years at Guy Carpenter.
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Most of the broker’s clients have incurred losses below or about equal to ceded premiums and only one with losses exceeding ceded premiums.
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The executive will move to the (re)insurer after almost two years at Gallagher Re, a company he joined after the acquisition of Willis Re in late 2021.
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The executive will work within the retrocession and property specialty division, as well as supporting the London market and global production activity.
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Besides reinsurance broking, MGAs and MGUs, affinity is another segment where WTW can scale its operations, the executive noted.
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Mike Bruce was previously CEO for Global Risk Partners, acquired by Brown & Brown last year.
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The news comes two months after this publication revealed that UIB was exploring the acquisition of the Lima-based aviation-focused reinsurance intermediary.
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WTW has highlighted that global climate change-related litigation cases have doubled to more than 2,000 since 2015.
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The company has narrowed the pool of potential US targets to acquire from six to two and expects to provide more details in coming weeks.
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Sources said Baron is joining Price Forbes after nearly seven years at Aon, where he was managing director based in South Florida.
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Prior-year legacy deals and higher reinsurance costs are just some of the issues that brokers, MGAs and other cedants are confronting in clearing up after the debacle over allegations regarding faked letters of credit.
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Guy Carpenter has succeeded in bringing Ronda into the suit, while Baotic and Nicosia will not be added.
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The recruitment continues a period of expansive hiring for the intermediary.
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The Brown & Brown CEO will cycle 470 miles in seven days through the Alps, climbing 66,000 feet, with his brothers.
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Tysers’ pullback comes as other broking firms have expanded their LatAm operations via M&A or strategic hiring in recent years.
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The executive left Ardonagh in March as the group restructured its specialty broking operations.
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WTW exploring reinsurance exec recruitment comes at a time of competitive tension in the market.
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The broker said it believes it has meritorious defenses and intends to vigorously fight the claims and seek recourse against third parties where appropriate.
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Depressed M&A activity is a headwind likely to impact Aon for the remainder of the year.
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Gallagher Re posted 11% organic growth in Q2, down from 12% in Q1, while RPS recorded 10%, up from 8% the previous quarter.
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The broker said that key hires – including Lucy Clarke – would pay off in improved results.
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The broker said it experienced headwinds from prior-year book sales, inflation and investment costs.
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Rowley joins the broker after nearly five years at WTW, where he was most recently head of North American property.
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The Altamont-backed broking firm officially launched this month
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Pat Donnelly has succeeded Lucy Clarke at Marsh, and Adam Garrard at WTW has moved into a chairman role.
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This acquisition is part of Howden’s wider strategy to expand its product offering for Swiss and multinational clients.
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Eduardo Molinari served most recently as general manager of Iberia at Hannover Re.
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The firm said it had identified two specific transactions in which “collateral inconsistencies” were in question.
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Nine mariners from the former Ed Broking brand have resigned from Ardonagh, as the broker continues its brand consolidation.
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The acquisition is led by former Capsicum and Guy Carpenter fac broker Márcio Ribeiro.
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Skilton will be chair of the team with Wheeler and Murray heading up the global re specialty unit.
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Sources said the company has approached some US bankers and consultants as it is actively looking for potential targets in the country.
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The executive was retail placement leader for Marsh UK and Ireland.
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The insurance industry is looking to play a part in supporting the rebuild of the war-torn country.
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Pantheon Specialty will assume 100% ownership of Denison and Partners, another BP Marsh-backed broker.
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Miller is now using Whitespace for casualty business in a move to leverage the e-trading platform's data-capture functionality.
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Brown & Brown was ranked as the largest MGA Group in the world as the first to generate more than $1bn in annual revenue.
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Ebitda multiples for MGAs are undented by rising interest rates, report claims.
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The US retailer’s acquisition of the UK MGA and broking group will be mutually beneficial, according to executives.
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The transaction is expected to close in the fourth quarter, subject to regulatory approvals. Financial details were not disclosed.
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The executive takes on the role vacated by former Enstar M&A chief Jonathan Zisaruk.
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The broker said it intends to vigorously defend itself against Aon’s allegations concerning the departure of fac re employees.
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Juan Carlos Gomez will report to CEO of BMS International Nick Gillett.
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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.
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Three months ago, Starboard trimmed its stake by almost 14% to 1,925,491 shares valued at over $470mn from 2,232,209 shares at the end of Q3.
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The fac-focused reinsurance unit expects to expand into treaty over the next year and attract additional talent to boost its operations.
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Tom Wakefield will formally become CEO of Gallagher’s reinsurance broking unit on 1 June, reporting to EMEA CEO Simon Matson.
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Plus all the latest executive moves and the top news of the week.
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To stay relevant, intermediaries are being forced to scale up, broaden their suite of services and quantify their value.
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Cogent Andina will operate as a reinsurance broker in commercial P&C and specialty lines, including aviation.
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Following the deal, Jose Otavio Sampaio will continue as Lockton Brazil CEO while THB Brazil CEO Eduardo Lucena will become deputy CEO of the combined entity.
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The group’s recent gear shift on growth has elevated the group’s risk profile across areas including M&A, financing, integration and liquidity.
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The broking group will soon target US retail broking, as well as continuing team lifts and looking for international mega deals.
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The broker also said it grew in fac, as well as in its strategy and technology group.
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The CEO also said Gallagher Re posted a 12% organic revenue growth in Q1 amid the current hardening of the reinsurance market.
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Gallagher’s operating earnings per share soared 9.8% to $3.03 – beating analyst consensus of $2.99 earnings per share – in Q1.
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The appointment comes as rates continue to decline in the D&O market.
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Shares were trading down 6% following the publication of the broker’s Q1 results.
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The brokerage, which is majority owned by PE house EMZ, is being advised by Lincoln International.
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Sources said the executive had a minority ownership interest believed to be around 20%-30% of the operation.
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Spectra has in-principle approval for a Bermuda broker license but believes cyber ILS solutions will be a game of “slow progress”.
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GC’s Steve Housse and AJG’s James Elliott have resigned to join the challenger reinsurance broker.
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The broker said US property cat reinsurance rates increased by 40% to 60% in April for clean renewals.
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The broking CEO set out the London wholesaler’s growth strategy a year on from the AUB takeover announcement.
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The cross-line facility launch – in a generally firm market – suggests that the tech-driven era of facilitisation is continuing to gain pace.
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EMEA CEO Simon Matson said the company will announce “the optimum structure for this part of Gallagher” once it is finalized.
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The broker said competitive conditions made it an “optimal time” for insurance buyers.
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The move follows predecessor Massimo Reina’s defection along with 25+ colleagues to expansive rival Howden Tiger.
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The wholesaler had already paid out a cumulative $2.1bn of dividends to investors since 2018.
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Five years on from “Project Thunderbolt”, we assess the progress of the start-up challenger broker.
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The executive joins Lockton Re after almost 11 years at Aon Benfield, where he was treaty broker based in Chile.
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Incoming Gallagher Re CEO Tom Wakefield will also report to EMEA CEO Matson, who gets an expanded role.
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Howden’s reinsurance unit has once again hired extensively from its larger rival in a move likely to spawn further litigation.
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The fast-growing group – which did not exist when the UK voted to leave the EU – is now close to $500mn of adjusted Ebitda.
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The specialty business – which includes Price Forbes and Bishopsgate – reported 16% organic growth in an integration year.
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The specialty leader had worked at recent acquisition Willis Re since 1998.
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The companies did not disclose whether any money exchange hands as part of the agreement.
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Intermediaries have highlighted the ‘evolution’ in reinsurance buying as hard market conditions are expected to continue.
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John Thompson, Graham Kilby, Richard Peers and Russ Nichols will take the top jobs.
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In the firm’s 2023 State of the Market report, it covered multiple classes, warning that for property (re)insurance in particular, inflation will likely continue to inflict pressure.
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The appointments aim to provide clients with a product-agnostic view on accessing capital in a capacity-constrained market.
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Brookfield will continue to operate under its own brand, and CEO Leonard Münz will still lead the business, as part of the transaction.
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It is understood that Tysers’ Latin America head Hugh Powell, who is also a shareholder in the South American operation, has left the UK brokerage.
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There has been no let-up in rate reductions so far this year, as fears mount about the profitability of the class.
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Based in Mexico City, Brockmann will report to Marsh McLennan International CEO Flavio Piccolomini, who took over that role earlier this month.
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Human rights groups have issued a complaint to a US mediation body alleging that Marsh has violated OECD guidelines for corporate standards.
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In her new position, the executive will oversee the South American region, excluding Brazil.
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The CEO also heralded the group’s “best full-year brokerage segment organic performance in decades”, with a figure of 9.7%.
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The charges spanned workforce actions, rationalizing technology and reducing the overall real estate footprint.
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The executive said the 1 January renewal was the “most challenging” in almost two decades.
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Organic growth has been slowing after a period of bumper double-digit expansion.
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Before the move, the executive spent 12 years at Aon working as a reinsurance broker based in London.
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Sources said the company obtained the license from local authorities to operate as a reinsurance broker and is running a similar process in Colombia.
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While BMS has achieved a solid price and a favourable investor structure, there are signs of a cooler M&A market ahead.
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Major M&A this year has settled the future of a number of players – while the hard market presents an opportunity for challengers.
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Aon Reinsurance Solutions has appointed fac strategic growth leader Muñoz to take over Tassarotti’s position as deputy CEO of global fac.
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Click here to download the Monte Carlo 2022 - Innovation Roundtable
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Evan Freely will head up a team of 130 staff specializing in credit and political risk.
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James Floyd joins from Gallagher, where he was a director on its crisis management team.
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It is understood that the executive joined THB Peru in a managing director position.
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The Corporate Risk and Broking head of global lines of business said staff and client attrition has been reversed – and cast doubt on predictions of further specialty market hardening.
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The broker said clients can move fast in a harder market but need time to review quotes.
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The Envest transaction includes the acquisition of Aviso Group, a network of broking offices across five states and 10 MGAs.
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In addition, the executive will be eligible to participate in the company's long-term incentive program with a target grant date value of $11.1mn.
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James Bannister has spent 12 years in total at Aon, with his time at the broker split in half by a two-year stint as a PV underwriter at Sompo Canopius.
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The transaction will add Latin American hurricane and earthquake modelling capabilities to Aon’s product suite.
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Moves to push down London broker commissions highlights the options open to write reinsurance platforms in other markets.
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The company, valued at $23bn in May, intends to use the facility to fund future acquisitions and related fees and expenses.
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New owner AUB expects the acquisition to deliver A$25mn in synergies.
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PE funds considering a play in the catastrophe space are far more likely to be looking for an alpha play.
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CEO Greg Case said dislocation in the reinsurance market created “tremendous opportunities” for the firm.
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Staff are following their former leaders Mike Godfrey and David Long to the General Atlantic, CDPQ and Hg-backed broker.
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Anthony Siggers previously held a number of senior positions at WTW, including global head of broking operations, technology and analytics.
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Guy Carpenter is lining up for a challenging 1 January renewal, but hard conditions may ultimately prove a tailwind.
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Lockton said the new program provides full access to London market capacity, estimated to be in excess of $850mn for custody coverage.
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The broker is looking to solve the severe capacity crunch for its clients as rising demand meets falling supply.
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Paul Shedden joins from Sompo International, where he was head of portfolio design, pricing and analytics – global insurance.
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The executive joins Aon after three years at IT security company vArmour, where she served as SVP and adviser to the CEO.
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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.
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Based in Argentina, the executive has also worked for QBE, AIG and local insurance agency Meridional Seguros.
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The incoming CEO said growth areas would include the middle market, Asia, LatAm and MGAs.
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The practice will be led by Jose Antonio Osterling as chairman and Luis Felipe Ganoza as commercial director.
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The business has retained Evercore to advise on future funding options.
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Prior to joining Aon, O’Gorman previously advised central governments and private sector companies in the UK and EU on their ESG strategies.
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The firm said it did not expect “carnage” despite expectations around incoming demand.
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The CEO said the (re)insurance industry is not doing enough to meet the climate challenge ahead.
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Negotiations may focus on attachment points and the extent of double-loading for inflation.
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The broker said it would help clients to think creatively and act quickly in accessing capital.
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The broker said the fallout from the Russia-Ukraine conflict was increasing competition for business.
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The team will offer strategic consulting and technology solutions, starting with clients in property, casualty, life and reinsurance.
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The broker said some reinsurers were planning for significant growth in property catastrophe as demand is expected to pick up pace.
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The executive joins Aon after 16 years at European reinsurer Scor, where he served as Caribbean market manager.
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The executive brings more than 15 years of industry experience, having worked for Neon and Validus Reinsurance.
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The reinsurance broker also sued five former GC Access leaders who now work at Howden as managing directors.
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Despite the carrier’s profit declining, turnover increased by 15% to £19.2mn.
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The group reported 12% organic growth for the year alongside eight acquisitions.
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Becky Allison will work to help clients optimise value through more resilient enterprise structures.
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The short duration of the bonus period suggests retention pressure at the London wholesaler.
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The watchdog will also base its digital delivery centre in the Yorkshire city.
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The deferred structure – and the uncertainty around the size of the pay-outs – will create risk around talent flight for the London wholesaler.
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The broker said inflation should positively impact its ability to navigate another recession.
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The broker consolidator agreed in June to sell to Goldman Sachs for around £360mn.
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The CEO said that WTW was making good progress under its strategy but acknowledged there is more to do.
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The new recruit joins from Guy Carpenter and has worked at JLT Re and Willis Re.
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The property reinsurance underwriter had joined Axis Re’s London team three years ago.
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The rate-on-line index rise is the steepest uplift in 16 years.
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The CEO said Marsh McLennan had grown EPS through previous recessions and that tailwinds remained for the business.
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The news comes after this publication revealed Kerrigan Read is also set for WTW.
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Luis Maurette, current head of Latin America and head of global sales and client management, will retire on December 31, 2022.
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The move to sell comes amid heightened interest in European broking assets.
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The president of the US operation also highlighted specialty lines and fac as key opportunities in the states.
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Plus all the latest people moves and the top news from the week.
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Peru’s state-owned firm Petroperu has said that the broker designated to run its account was chosen as a result of a “technical evaluation”, following local media and Inside P&C reports that WTW had won with the highest bid in the process.
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The vehicle would back the broker’s MGAs but also write business channelled via its extensive retail network.
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Its total risk transfer programme is sized at just over $9bn, down $400mn from year-end 2021.
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Ex-Gallagher executive Jose Antonio Osterling and former JLT VP Luis Felipe Ganoza will head the business, sources said.
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Before his appointment, the executive served multiple senior leadership roles within the division across Germany and Northern and Central Europe.
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Fabien Conderanne most recently held the role of head of financial solutions for Asia Pacific.
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Clear Group management Mike Edgeley and Howard Lickens will remain with the company.
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Pietro Toffanello will be based in Milan and report to reinsurance solutions' EMEA co-CEOs Tomas Novotny and Alfonso Valera.
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Market dislocation and macroeconomic disruption were listed as the second and third most prominent risks, with the economic environment as a key concern.
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The Financial Conduct Authority is facing a perfect storm of a backlog of approvals, striking staff and an urgent need to transform operations.
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After securing a $1.6bn deal to acquire TigerRisk, Howden said the transaction will create a “much-needed fourth global player” in reinsurance.
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The firm, which has backing from CDPQ, General Atlantic and Hg, has spent $4.8bn across four deals in under two years.
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The intermediary’s reinsurance solutions business has appointed Joanna Parsons as it looks to expand its capital advisory unit.
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It is understood that the account includes oil platforms, crude barrels and 12 vessels, and is one of the largest accounts in the South American country.
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A reduction in incidents linked to better resilience and the Ukraine war may temper cyber price increases, the broker said.
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Sources indicated talks have been conducted using an adjusted Ebitda figure for TigerRisk of around $85mn-$90mn, which is far higher than previously thought.
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Sources said that the executive will be joined by facultative broker and former treaty senior executive Carmen Anderson.
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Pressure to grow portfolios may ‘put the brakes’ on premium growth, despite pricing adequacy concerns.
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The anticipated funding round is perceived as a steppingstone towards public listing.
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As momentum builds for greater transparency on ESG and net-zero transitions across the insurance ecosystem, brokers are entering an evolution.
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The buybacks will be in addition to the $1.3bn remaining on the broker’s current open-ended repurchase program.
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The broker noted that its leadership team in India remains unchanged following the increase in its shareholding from 49%.
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Earlier this month, the publication reported that Galvis had joined Oneglobal as part of the broker’s buildout of a Latin American operation.
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Plus the lowdown on the potential Howden-TigerRisk tie-up and all the top news of the week.
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The potential deal has major advantages for both Howden and its target – and would remove a major consolidation opportunity from the market.
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A Howden report on the D&O market shows that clients “heavily penalised” for Covid-19 exposures have seen “meaningful rate reductions”.
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The state insurer expects to face a 29% increase in its premium rates, driven by exposure growth.
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The business specialises in transport, port and logistics risks.
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The firm highlighted that over the last year it has recruited more than 1,200 staff across all lines of business.
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The broker promoted Eduardo Hussey to succeed Gregory as part of the leadership changes in Miami.
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An FCA letter to the government suggests various ways to resolve issues around soaring pricing on medium- and high-rise properties with multiple occupancy.
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Clarity is growing over how the Ukraine war loss may eventually play out, although the picture is still uncertain.
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Based in Bogota, the executive will oversee the intermediary’s reinsurance operation in both Colombia and Ecuador.
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In a management reshuffle, EJ Hentenaar will succeed Chis Brown as CEO, Europe, while Neil Nimmo will become Lockton International chairman.
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The broker also confirmed the appointment of ex-Darag COO Andy Hill to its structured solutions team.
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“We like where we are positioned right now in terms of the performance of some of that strategic hiring,” Glaser told analysts.
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The pair are to exit amid a stream of departures from the Odyssey-owned intermediary.
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The intermediary announced the appointment following the designation of its Colombian operation as regional hub.
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On an investor call for the broker’s Q1 results, Marsh McLennan COO John Doyle indicated overall pricing trends for Q1 ahead of the full index.
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The company disclosed a $0mn loss from its risk & insurance services unit and a $12mn charge from its consulting business.
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Guy Carpenter CEO Dean Klisura outlined challenges for reinsurance buyers, due to the war’s impact, on a Marsh McLennan investor call.
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The broker has also appointed Rebecca Harvey from Besso to focus on North American production in D&O.
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The broker was founded in 1980 and specialised in a variety of classes, including property, specie and professional liability.
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The ECI-backed business will likely be marketed on a ~£15mn Ebitda figure.
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Thomas Olaynig from Marsh and Aon’s Kilian Manz are replacing Mathias Pahl and Peter Philipp.
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In an interview with this publication, the executive said the broker will consider M&A in its bid to expand.
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The deal marks Xenia’s ninth acquisition in three years and kicks off its international expansion plans.
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Cabot Square Capital previously owned a stake in the business.
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Aon’s E&O and Cyber Market Review found that between Q1 2019 and Q4 2021, ransomware attacks surged 323%.
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Muñoz will also take over the role Aon Latin American reinsurance solutions chairman, reporting to global reinsurance CEO Andy Marcell.
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The new hire joins as a senior broker in the non-life treaty department.
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WTW forecasts that cyber rates could increase by 100% to 200% for heavily exposed industries.
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The senior broker has worked at Guy Carpenter for more than 25 years and specialises in life, A&H and crisis management.
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The Killarney-based broker places more than EUR60mn in premium annually.
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Alternative capital increased by 4.4% after two years of stagnation.
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The potential for major deterioration on a 2019 loss could yet prove “devastating” for the market.
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The London market wholesaler stands to gain a variety of benefits from a possible Australian owner.
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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.
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The 40-year-old firm dealt primarily in North American binders.
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Neosurance will use the investment to advance product development and accelerate international growth plans.
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The broker said the market was flattening but that large losses in the first quarter would sustain pricing levels.
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TigerRisk Partners has added two new brokers to its delegated authority business, including entering the Australian market as it appointed Simon Chandler as head of reinsurance broking programmes and binders.
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The firm ranks among the three largest retailers in Peru, and talks come amidst a pick-up in M&A in Latin America.
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Investment firm BP Marsh has acquired a 40% holding in start-up Lloyd’s broker Denison and Partners and provided a loan facility, stumping up aggregate funding of £802,000 ($1.05mn) for the company.
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The broker’s departure from the countries followed the sale of the broker’s interest in its Argentinian and Chilean subsidiaries.
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New treaty placement elements on the Adept platform will provide structured data exchange functions throughout the placement process.
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The intermediary counts the majority of French international footballers among its clients.
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Before his promotion, the executive served as WTW’s head of strategy based in London since April 2019.
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The firm adjusted 2022 projected revenues for the acquired Willis Re book down by $10mn from its 2020 figures due to forex and Ukraine changes.
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Colombian authorities said that Carpenter Marsh collaborated throughout the investigation and received a 50% discount on the fine.
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The firm made the announcement soon after Marsh McLennan took a similar decision earlier today.
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The broker’s appointment of Jim Fiore follows his decision last year to leave QBE after nearly 30 years at the carrier.
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The intermediary’s London Market Appetite Survey also found increased enthusiasm for sustainable energy risks.
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GRP global CEO Mike Bruce will continue to lead the firm and will report to Brown & Brown president of retail segment Barrett Brown.
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Carl Shephard will serve as aviation senior broker in London and Chris Latta as vice president for the US Southeast region aviation practice.
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The London CEO laid out the broker’s plans for overseas expansion, his views on market modernisation and the broking war for talent in a wide-ranging interview.
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The US retailer looks set to secure the UK consolidator after fending off private equity house TA Associates.
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The HGGC-backed consolidator has made its first company acquisition of 2022.
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Following the cyber incident, the broker launched an investigation with the support of third-party advisers, incident response professionals and counsel.
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The deal forms the latest step in the family-owned brokers build-out in Latin America that elsewhere has been driven by hiring.
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The 30-person team move represented the latest raid from the UK-headquartered broker on Marsh McLennan.
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The pair will head up the manufacturing and professional services teams.
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The forthcoming sale of GRP highlights key questions about this stage of the UK broking consolidation play.
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The acquisition of Willis Re last year transformed Gallagher into a top-three reinsurance player.
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The latest attempt to sell Tysers comes with an injection of competitive tension and an improved set of numbers for the 200-year-old broker.
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The broker said new entrants were “holding their nerve” and that clients should not expect insurance spend to be slashed.
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The CEO outlined areas of the business which needed additional care and attention, while highlighting the need to build a culture of trust between management and staff.
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Financial results in the fourth quarter were impacted by senior staff departures and lost business.
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CEO Carl Hess said the results did not fully reflect the near and long-term potential of the firm.
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All of BdB’s subsidiaries and leadership team will join Brown & Brown’s roster following the acquisition.
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The broker said there was increased demand for coverage from international clients.
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A hardening market, competition from start-ups and macro conditions have combined to drive up staff costs.
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Shares in the broker are up by 4% after it comfortably beat analyst earning expectations.
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The broker grew organically in all divisions and comfortably beat analyst earning expectations by 11%.
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Dennerståhl will be based in Stockholm and lead a team of over 80 staff when she joins later this year.
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The broker joins after a brief spell at Aon, where he was head of EMEA business development.
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Rates rocketed in the two most challenged areas of the market, while price deceleration continued in P&C, the broker’s index showed.
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Multiple government and regulator reviews have launched at a time when the cost of compliance is already piling pressure on brokers.
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The executive said the pandemic had ratcheted up the level of volatility faced by clients.
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The acquisition comes after the group bought WDB in 2020.
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The broker went on a hiring spree in 2021, a year that also saw the business post its best-ever results.
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The businesses will be rebranded from 31 January, which Gallagher said “completes” the integration of the firms.
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The Richard Watson-led carrier will enter a class that has undergone a period of substantial rate rises.
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Trade bodies shared concerns today on the London (re)insurance market’s global competitiveness, in the first session of a House of Lords inquiry into regulation.
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London market intermediaries are benefiting from rocketing organic growth and boosted revenues.
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The broker said terms and pricing were not significantly impacted by new capacity from oil and gas players.
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In the upstream market, benign conditions are expected in 2022 as commodity prices increase.
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Michael Morgan will take over as head of professional liability in the latest management change at the finpro practice.
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Also high on the association’s agenda for 2022 is working with the FCA and HM Treasury on a future regulatory framework.
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The team specialises in providing cover in conflict-affected territories.
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Gardner was previously at Marsh for nearly three decades, holding a variety of leadership roles.
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The unit will be headed by Jo Holliday and house lines of business including contingency and political violence.
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The executive has more than 25 years’ experience working in banking and asset management.
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The broker said that the there was an increased differentiation in pricing compared to 2021.
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Michael Fitzgerald has also been promoted to head of the firm’s North Carolina office.
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Heinicke brings over 25 years of experience in the insurance industry, most recently spending over 11 years at Aon Bermuda.
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The broker and ratings agency AM Best said total deployed capital grew 2.7% in 2021.
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At Lockton Re, Cheney spent the last 18 months as senior broker and co-leader of its property practice.
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Juan Carlos Gomez will be based in London and report to Aidan Pope, executive chairman and CEO of BMS Re Latin America and Caribbean.
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European loss experience drove the firm’s index back in line with 2014 levels.
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The broker’s property cat RoL index jumped by almost 11% as capacity was more constrained for retrocessional and frequency-exposed property treaties.
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The three new directors that will not seek reappointment take the total board members standing down to five.
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Head of Continental Europe facultative Nicola Fraccalvieri will lead the combined team.
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The broker generates around EUR75mn in revenues and has a presence throughout the Portuguese-speaking world and Europe.
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The placement is the first delegated underwriting authority consortium as well as the first consortium supporting SIAB.
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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.
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The UK’s biggest insurance firms saw the tax that HMRC investigated jump by over £260mn between 31 March 2020 and 31 March 2021.
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The long-serving Aon executive led a team placing a variety of contingency coverage in Lloyd’s and London.
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New capital made its presence felt in the market in a year that saw both the completion and collapse of major business combinations.
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The new coverage marks the first time that sovereign debt repayments have been protected by a parametric catastrophe clause.
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The flooding had ‘catastrophic’ impacts on the province including damage to homes and agriculture.
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She will work alongside James Baum in the new position.
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Off the back of pricing increases across nearly all lines, AJ Gallagher is seeing steady organic growth during the final quarter of 2021.
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Competition for staff remains fierce in the D&O market, where there has been substantial rating remediation.
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Matt Griffiths’ resignation follows the departure of the Harry Simpson-led Tysers terror and political violence team, which has joined BMS.
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The Dutch-based intermediary specialises in health, income protection and pension advice as well as P&C.
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The BMS meteorologist said early data indicated “truly historic outbreak”, and that similar events typically cost the industry in the low-single digit billions of dollars.
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The technology firm will leverage an Acord platform to enhance data exchange and processing solutions for brokers.
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The target firm deals in engineering, energy, P&C and specie.
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The SPAC boom of last year never caught on in London, and the FCA updated rules this summer to boost the UK’s competitiveness.
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The executive has worked as interim CEO since Matt Crane left the business in September.
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The business was founded in 2011 and will join Marsh’s affinity and special risks practice.
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The broker has announced several senior leadership changes since John Doyle was promoted to group president and COO.
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The broker said the appointment of Lee Jenkins was part of a wider strategy to expand its marine and aviation, North American P&C and retail business lines.
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The move follows another recent energy-related departure from Willis, with news that McGill and Partners had hired former upstream energy broker Ian Elwell.
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Account wins include Swedish steel manufacturer SSAB and iron ore producer LKAB, both won from Aon.
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He will work closely with Amy Barnes to support clients through the climate transition.
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The number #3 reinsurance broker still needs to land the integration and fend off poaching from rivals, but it has held the line well and turbulence will lessen.
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In an interview, the new Gallagher Re CEO noted that his former company had been weighed down by nearly two years of uncertainty, telling this publication: “That stops today.”
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The group CEO also observed that the Big Three reinsurance brokers do have a competitive moat based on their scale.
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Leadership will remain in place at the Northampton-based broker following the transaction.
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The business will operate in lines of business including new build warranty and commercial latent defects.
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Acrisure Re chairman Jason Howard said carriers welcomed the collapse of the deal.
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David Howden lamented the lack of start-up brokers in the market at Insurance Insider’s London Market Conference.
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The broker will be responsible for leading and developing the surety offering.
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The broker has hired Aon’s Richard Laver as market management director.
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BMS has also walked away from a deal after a brief rekindling of negotiations.
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The partnership seeks to help response and recovery organisations manage the “entire lifecycle” of a catastrophe.
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The unit will be led by Don Wright and will operate as a combined unit from January 1.
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A total of 87% of survey respondents are looking to grow their stamp.
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Gallagher has pushed retention and equity awards unusually far down the organisation as it looks to keep the team intact.
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Marsh marine cargo brokers Kevin Brown and Lee Lockyer have resigned to join Lockton’s expanding marine team, Insurance Insider can reveal.
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The announcement follows the initial news in August that Willis had entered a non-binding agreement to buy the broker.
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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.
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The executive has spent the majority of his 35-year career with Aon.
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Kate Levett will report to executive chairman Ken MacDonald.
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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.
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Lloyd’s broker Parker Norfolk, launched with backing from Maven Capital Partners in 2018, is to sell off its remaining business portfolios and close its doors, this publication can reveal.
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The broker said that weather-related losses had become more severe in the past decade because of climate change.
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Based in London, Graham Bristow, Barrie Watson and Ian Leslie all held senior roles at Aon's credit solutions.
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Lockton Re has hired James Boon from Aon to work as a senior broker in the expansive non-marine retrocession and property specialty division.
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Dasan's resignation comes within a period of significant moves across the construction market.
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The executive will also remain his current role as head of Colombia, it is understood.
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The Searchlight-backed consolidator now controls premium of around £1.8bn.
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The broking group has hired Sussex Capital’s Adam Champion and investment banker Niall Baird for the new venture.
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The broker said the deal makes its Specialty and Capital platform the largest independent specialty broker in London.
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Brokers have reported strong earnings in Q3, with Aon growing by 12% and Marsh McLennan 13%.
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Aon is the latest of the major brokers to report rising growth levels this quarter.
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The transaction was cleared in five out of six jurisdictions – including by US antitrust authorities – and is only pending UK regulatory approval.
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Ian Fisher joined the Joe Trotti-led team at McGill and Partners during the build-out of the start-up broker in 2019.
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The purchase will pull in specialist expertise in several fields including marine.
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Flat rates are expected in upstream whilst insurer appetite is picking up in the downstream market.
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Willis’ latest InsurTech briefing shows how a small group of InsurTechs are securing the lion’s share of investment via $100mn-plus mega-rounds.
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William Capel has spent much of his career in southern and western Africa to date.
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Marsh believes market hardening peaked in Q4 2020, although cyber price rises hit 96% in the US during Q3.
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Alan Norris’s colleague Ian Ritchie has joined Munich Re Syndicate after Talbot exited contingency following heavy pandemic losses.
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The fac broker is the latest in a stream of exits from Willis.
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The broker has been expanding its global presence and launched in Bermuda earlier this year.
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Starboard estimates Willis's share price could double in three years and said there is room for margin improvement.
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Willis Towers Watson’s regional leader for Middle East and Africa (MEA) downstream natural resources William Peilow has resigned, Insurance Insider can reveal, as an exodus from the broker’s fac division continues.
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The broker revealed continued pricing momentum, with cyber conditions fuelling 32% rate rises in financial and professional lines.
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The intermediary’s latest acquisition targets US Fortune 1,000 clients.
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The broker has reported consecutive quarters of huge growth following a hit during the pandemic.
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Howden said passing risks onto governments would degrade the value of the insurance industry.
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It’sSeg is Brazil’s largest independent benefit management firm with over 1,000 corporate clients.
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The broker places energy business across upstream, downstream and renewables with a team led by Tim Fillingham.
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The landmark project will provide renewable solar power to the cities of Darwin and Singapore.
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Wesley Richards will report to Dylan Hughes, managing director of Brunel Professions.
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Investee firm CBC has also secured £3mn financing from Coutts.
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Willis Towers Watson has won three new airline clients from Marsh, Insurance Insider can reveal, marking a string of victories for the broker’s global aerospace unit after a period of uncertainty.
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The climate-transition pathway solution helps insurers identify clients with robust climate-transition plans.
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The appointment comes soon after the collapse of the merger agreement between the two brokers.
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Marsh has bolstered its upstream energy division with the appointment of Thomas Burrows from Convex, Insurance Insider has learned.
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In an internal memo, the company named a raft of leaders by country and business unit, though many roles also remain unfilled.
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The broker is looking to expand in the US and international markets.
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Alex Shepherd, who joins from ERS Syndicate 1856, will aim to replicate the broker’s “hub approach” in its facultative business.
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Sources said the deal consideration was £1.1bn, confirming earlier reports by this publication.
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Should Howden be successful in sealing the deal, it will be its third piece of major M&A in just over 12 months for a combined sum of approximately £2.5bn.
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The agreement ends non-solicitation action against the team of brokers, led by Cameron Roe and chairman Tony Phillips.
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TigerRisk has taken several bold steps to solidify its position as the fourth-largest reinsurance intermediary in recent months.
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Experienced brokers Matthew Sinclair and David Pratt-Sinclair are to head up the new division.
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The UK consolidator had been expected to be auctioned, but that process now looks set to be pre-empted.
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David Bruce will oversee 50 UK offices and the Enterprise Centres of Excellence.
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The specialist political and credit risk broker BPL collaborated with Euler using an API provided by Whitespace.
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The competition regulator’s investigation looks to be a procedural matter that will allow the Willis Re saga to conclude.
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The pair are the latest to exit the facultative department at Willis after a stream of senior departures.
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The Competition and Markets Authority will investigate whether the deal lessens competition in the UK.
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Elizabeth Grima will run the new wholesale unit with Tom Malcolm.
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The deal comes after Howden agreed to buy Italian business Scagliarini in July and Spanish firm Artai in April.
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AJ Gallagher said it bought Grand Cayman-based Briat Insurance for an undisclosed sum.
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The company has also confirmed that new recruit Tim Ronda will join as president later this month.
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The expansive broker has agreed to acquire Birmingham-based brokerage Johnson & Co.
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The broker also expects to product positive Ebitda this year.
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The broker will use the new base to access Latvia and Lithuania.
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Following the collapse of its merger with Aon, Willis Towers Watson is being targeted by activist investors.
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Tim Ronda was president of Aon’s US reinsurance business and was recently given a new global leadership role.
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The broking giant has spent the past eight weeks executing on the strategy it developed for the combined firm.
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In the role, effective today, Danyluk will be responsible for growing the international property portfolio of clients in the wholesale P&C division.
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The new hire is to take a role in Miller’s South African fac business.
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Previously, Hess had earned $650,000 a base salary and was eligible to receive a short-term incentive bonus worth 90% of his annual salary.
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This publication has reported extensively on the ups and downs of the PPL saga, as the company seeks to push ahead on the development of its NextGen platform – a major component of the market-wide push on modernisation.
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The brokerage firm said that $4bn increase comes in addition to the $500mn remaining on its existing share repurchase program.
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Aon made internal announcements on a rebrand last week, as the broker forges a new path after ending plans to merge with Willis.
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In his new role, Stanley Cochrane will work across the across the natural resources, climate risk and resilience teams.
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The transaction marks the 11th international acquisition by Kaufman in the past nine years.
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Lindsey Davies joins from Lloyd’s of London, where she worked within the delegated authority team.
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In parallel to our exploration of the key questions ahead of Howden Group Holdings, we spoke in depth with the CEO about the challenges ahead.
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How well has Howden future-proofed itself against key issues around the group’s culture, shape, ownership and succession plan?
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The broker has operated in Dubai since 2006, and is pursuing a strategy of international expansion.
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Hundreds from the insurance business were among those killed on 9/11, making it one of the hardest-hit industries.
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“We can't lose sight of the fact that we are in the business of actually mitigating risk,” the executive said in an interview with Inside P&C.
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The broker warned that the risk of a systemic cyber loss “is beginning to feel more like an inevitability.”
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The broker expects to increase its revenues to $10bn by 2024.
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Still more competitors are set to enter the fray, although some suggested that not all will endure.
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COO Nate Mathis will become interim CEO of the firm's London wholesale broking operations.
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The firm’s head of business intelligence Mike Van Slooten said strong capital levels contrasted with cat loss activity running above budgets.
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The CEO said large US retailers and wholesalers may look to enter reinsurance.
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Aon, Guy Carpenter and Lockton chiefs discussed competition between the Big Three brokers and start-ups, climate change and the war on talent.
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The broker consolidator also revealed premium handled was up 55% to £1.5bn.
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It is not yet clear if the fund – known for its activist campaigns – will look to take on management in this case.
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The Willis solution is designed to help companies access insurance as they transition to a low-carbon business model.
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The reinsurer has also appointed Greg van der Made as treaty underwriter and David Cary as underwriting manager.
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S&P noted that the deal volume was the highest on record for a decade, and came despite uncertainty over pandemic claims.
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Andrew Krasner returns to Willis from AssuredPartners, where he served as CEO for just over six months.
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The brokers have signed a heads of terms and will move towards a full acquisition.
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The London-based managing director is the latest in a stream of departures from the broker’s facultative division.
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The appointment follows rapid expansion in the retail segment following the acquisition of Marsh’s UK Networks unit.
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The broker also filed a lawsuit against Goode, Honeycutt, Forst, Rice, Lee and Keenan as individual defendants.
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The broker has expanded into territories including Bermuda, Hong Kong, Singapore and Latin America.
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The switch confirms a move first reported by Insurance Insider last month.
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The broker has explained the rationale for its $3.25bn acquisition of Willis Re on an investor call.
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The broker said ESG pressure was attracting capacity away from fossil fuels to renewables.
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Will Bloomer has been promoted to chief corporate and legal affairs officer and will work alongside Frances Coats, who has been appointed group general counsel.
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Christophe Bonneville, Cristina Chaparro and Joyce Koch join in Paris, Madrid and Amsterdam.
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The number two broker must now refocus on rebuilding internal divisions.
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The insurance segment achieved record revenues in Q2 ahead of the completion of its sale to Ardonagh.
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A judge found no evidence Mike Harden unlawfully solicited colleagues who “did not want to work for an Aon-controlled organisation”.
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This publication reported last month that the broker’s algorithmic underwriting solution had gone live.
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The CEO also pledged revived investment in growth after the Aon deal collapse.
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The investment bank said a transaction would stabilise employee retention at Willis Re and allow Willis to pursue buybacks.
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The former JLT Re Columbia and Peru chief will join the team run by Nicolau Daudt.
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Julian Samengo-Turner, who was global CEO of fac at Guy Carpenter in the 2000s, is leaving Willis after four years in the role.
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Executives addressed analysts following strong Q2 results and the earlier collapse of the Willis integration.
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“There are a lot of great people at Willis, and they would have been a great addition to our team,” the CEO said.
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Lockton Latin America and Caribbean has tapped Daniel Court from BMS to head financial and professional lines across the region, this publication understands.
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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.
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The independent agency network posted a 17% growth rate in the first half of 2021.
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The broker said CUOs insisting underwriters renew with price increases risked losing quality business.
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The committee will be responsible for seeing through the broker’s four-pronged Aon United Blueprint.
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A White House press spokesperson said the deal would have led to higher costs for businesses and consumers.
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The Brown & Brown CEO also called the company’s second quarter results the “best” in its history.
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Both NFP and Piiq’s soon-to-be owner Ardonagh are part-owned by Madison Dearborn, which has invested heavily in P&C broking over the past decade.
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CEO Case reiterated the message that the merger was pulled because of poor timing and "misunderstanding" from the DoJ.
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Willis Towers Watson must act quickly and decisively to either salvage the sale of Willis Re or lock down staff.
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Wells Fargo insurance analyst Elyse Greenspan said Willis Towers Watson stock “seems very inexpensive” in a note to investors on Monday.
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The Illinois-based broker said it would also redeem $650mn in 10-year notes that it issued in May.
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Greg Case said the regulator had a "fundamental misunderstanding" of the industry, and that timing prevented the brokers from going to trial.
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The broker has also stated plans to invest in “organic and inorganic growth opportunities” over the next three years.
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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.
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The companies disclosed that Aon will pay Willis the $1bn break fee.
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The new hire will work alongside Harris-Hughes and Lambert who recently joined from Guy Carpenter.
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Ardonagh Europe will be led by Arachas CEO Conor Brennan and pursue acquisitions across the continent.
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The aviation specialist has shaken up the manufacturers' market by winning the likes of Airbus, Rolls Royce and Leonardo.
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CEO and president Dan Glaser called the results, which included double-digit insurance and reinsurance organic growth, “outstanding”.
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The broker has undertaken a major expansion since rebranding from SSL Endeavour last year.
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Chandler says he is keen to build a company culture akin to that of Benfield, which sold to Aon for $1.75bn in 2008, at BMS Re.
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The expansive broker has poached a number of senior staff from Aon as it builds its team.
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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.
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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.
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The broker consolidator’s organic growth for 2020 was 4.4%, while revenue was up 28%.
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The merged entity must divest its corporate and commercial short-term insurance broking in the country, as well as offload several global businesses.
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The appointments come as commercial risk CEO John Cullen takes another role within Aon.
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Over the past decade, the high degree of fragmentation within the UK retail broking market has attracted private equity investors intent on consolidating intermediaries to create additional value.
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The brokers have offered to divest Willis’ largest corporate risk and broking clients to Gallagher’s Crombie Lockwood.
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BMS Re has acquired US-based Trean Intermediaries to expand its property cat operations and strengthen its geographic presence in a key growth area of the US market.
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Judge orders Marsh to stop poaching; prevents 3 top execs from working for Marsh for months amid the hiring dispute.
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GC Access was launched last year to match carriers and MGAs and help them plan new ventures.
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Broking giant Marsh McLennan suffered a data breach in April that lasted more than a week and involved the exposure of the personal information of current and former staff, among others, this publication understands.
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The reinsurance broker will work in tandem with wider Marsh McLennan companies to provide an integrated service.
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The newly rebranded business will "remain independent" but is considering bringing in a new investor.
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The Goldman-Sachs backed broking group brings an MGA service provider on board.
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Plus PPL’s NextGen platform woes and all the top news from this week.
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The carrier previously held a 30% stake in Mumbai-based Edelweiss Gallagher Insurance Brokers, but is now acquiring all remaining shares.
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Showvanik Dasgupta has worked at Beach Re, Tokio Millennium Re and Aspen Re, where he started his career.
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Companies including Axa and CNA Financial have also been recent victims of cyber criminals.
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The forfeiture of the account follows a series of deals moving in the other direction, including Airbus.
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The new broker will sit within Steve Hearn’s capital solutions division.
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The deal was approved by regulators on the proviso of the disposal, as well as other divestitures already agreed.
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The facility is the second in South America for the firm, which established a local presence in Argentina in 2016.
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The broker is looking to expand its footprint in a market where credit insurance policies and banks’ credit risk methods are converging.
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The lawsuit accuses Michael Parrish of masterminding the raid, despite still being a paid Aon employee.
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The London Corporate team supports businesses in sectors including financial services, banking, retail and hospitality.
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Frederick Streeton will join in September from Liberty Mutual Group, where he was head of underwriting strategy for the its global risk solutions business.
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The former Willis Western Europe fac head will take over the unit currently run by Matthew Harvey.
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The former British Army colonel will establish a unit at the broker specialising in bespoke solutions for political, security and terrorist risks
-
The broker has recently announced leadership appointments for Australia and Europe, to facilitate wider growth ambitions across European markets.
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The Willis veteran becomes the latest fac executive to depart, following the recent exits of Alf Garner and Antonio Tosti.
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The broker joins after the launch of the trade credit, surety and political risk unit under Phil Bonner.
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Trading Risk reported last year that the Aon executive had resigned to join Lockton.
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The broker made a trio of hires from Marsh to its Australia practice, which launched at the beginning of March.
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We examine what could happen to the reinsurance broking unit should the Aon-Willis merger fall through.
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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.
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The Pat Ryan-run wholesale broker said it grew organically by 20% and had $1bn in revenues in 2020.
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Aon and Willis were taken by surprise by the lawsuit, a CTFN report claims.
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Carriers also reported premium expansion and improved solvency during the quarter.
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The AJ Gallagher CEO said rate increases are providing tailwinds while the M&A pipeline remains strong.
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The CEO said that his company was ‘wide open’ to absorbing additional assets to satisfy regulators’ concerns.
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Shares in AJ Gallagher and Willis Towers Watson held broadly stable after the announcement from the US Department of Justice.
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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.
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The intermediary focuses on underwriting and placing property, casualty and errors and omissions coverage.
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The wholesale broker’s cyber index shows 70% of clients were hit with double-digit rate hikes in April.
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The executive joins after a career with firms including Zurich, AIG and Starr.
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Enrico Nanni also joins the broker from Aon as chief commercial officer for Europe.
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Davies most recently served as head of global Re specialty Bermuda for the firm’s reinsurance division.
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An executive reshuffle at Hesse & Partner will follow Gallagher’s acquisition of all remaining shares in the Swiss broker.
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The executive will take on the role of chairman of retro, property specialty, Bermuda and market capital.
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Staff displacement at Aon and Willis is increasing as the brokers move towards completion of their mega merger.
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The news follows the agreement to sell several assets to AJ Gallagher, including Willis Re.
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Sources have suggested that the brokers control substantial revenue, with estimates ranging widely from $50mn-$100mn.
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Panellists said that improved data around aggregations could attract new cyber reinsurance players.
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Aylward will lead the growth of the newly structured division, which will focus on the US market.
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Jenner has more than 30 years' experience in the energy market and was formerly an executive director at Howden Specialty.
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The expansive syndicate was one of several players to join the D&O market after dramatic rate rises last year.
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The appointment is a “statement of intent” as Aston Lark builds out its London market capability in property, casualty and terrorism.
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The level of price increases was lower than the 10% rise reported in the fourth quarter of 2020.
-
Legal documents filed by GC allege the printing and subsequent destruction of confidential information by some of the defecting brokers.
-
Hotel firms are fighting to reclaim $10mn in ‘inflated’ fees charged by a former broker nicknamed ‘the pirate of the Caribbean’.
-
Personnel displacement is high in the cargo sector following several years of rating correction.
-
The privately owned broker aims to strengthen its facultative broking proposition with the appointment of Melanie Cruz from ASSA.
-
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 account move follows Airbus decision to switch to the independent broker earlier this week.
-
The start-up broker has also won Rolls-Royce, Dassault and Embraer over the last year.
-
Proposals for a secondee system using a UK branch look unwieldy.
-
The broking executive, who is a major producer in construction, is most likely to resurface at Corant Global, sources said.
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SME intermediaries are held back by prohibitive costs and a lack of common data standards, the executive says.
-
Tysers is gearing up for a sale, with bankers talking up the likelihood a London peer will take it out.
-
The week also saw further reshaping in contingency and marine markets, and Insurance Insider’s InsurTech conference.
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An exit would carry a multi-hundred-million price tag.
-
The acquisitive broker has recently expanded across Continental Europe with a string of deals.
-
The broker said that the appointment would mark an expansion into the region, with more hires to follow.
-
S&P said it believed Gallagher can "non-disruptively absorb the acquired business".
-
The organisation is working with the Housing Ministry on the shape of a state-backed scheme.
-
The Capitol Forum says EU competition chief Margrethe Vestager is on board with the remedies.
-
In 2020 the market fell to “near paralysis” in the early stages of the pandemic, before rebounding strongly.
-
The executive has also worked at Alexander & Alexander Asia and KIB.
-
The intermediary has been expanding its presence in the Australian market considerably since the acquisition of Wesfarmer’s insurance business for $933mn 2014.
-
The reinsurance broker is looking to recover over £10mn and impose an injunction to ensure the return of confidential information.
-
The ACCC had initially said it would wrap up its investigation into the competitive implications of the merger by May 27.
-
The broker continues its European expansion with a EUR350mn-premium business.
-
Phil Bayles will start in the newly created role later this year and will lead placement and strategic growth initiatives.
-
Fresh departures also include Ana Maria Rivera, a global sales and solutions leader in LatAm.
-
The number four broker is seeking to acquire both Willis Re and the European insurance broking businesses.
-
The insurer has been expanding its marine presence in London.
-
In the downstream energy insurance market, 2021 has begun relatively quietly in terms of loss activity.
-
Both parties continue to look determined to take the steps needed to get the deal to the line.
-
A New York court has ruled that the names of two clients who are friends with a broker who has left Willis Re to join rivals TigerRisk can be published.
-
Further details of the proposed remedies to the European Commission are revealed.
-
The partnership will focus on onshore wind and solar projects in the US and Canada with a line size of up to $50mn per location.
-
The potential sale of Willis Re to AJG would push Gallagher Re into the big leagues – but make little impact on the wider market.
-
The executive said consolidation produced “immense powerhouses of data and intellect”, but reduced options for clients.
-
The resignation comes as Willis moves towards completion of the mega merger with rival Aon.
-
The largest of the businesses, Gras Savoye, has been seen as one of the jewels in the crown at Willis.
-
Around 15 producing brokers are on the move, with a number from the non-marine specialties team.
-
The potential disposal may help to alleviate competition concerns within the French market.
-
The Toby Esser-led broker said it would fulfil responsibilities to clients and partners.
-
The trade body set out its principles about how the industry should learn from a year of remote working.
-
The Lloyd’s broker plans to establish additional regional offices.
-
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.
-
Stevenson’s senior management remain in place following the deal.
-
The unit achieved £10mn in 2020 revenue and has offices in the UK and Germany.
-
Miller CEO Greg Collins has pledged to expand the business internationally as its takeover by private equity firm Cinven and Singapore sovereign wealth fund GIC completes.
-
Pressed for time? This selection of articles will bring you up to speed fast:
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Marcus Foley joins the Bermuda office, while Tim Radford will work in London.
-
With small acquisition targets set to thin in the medium term, platform mergers or international expansion are likely.
-
Sharing confidential client information was endemic in the market until the 2017 investigation prompted it to be stamped out.
-
The internal promotion comes as LMG chief Lebecq prepares to join the PE-backed consolidator as COO.
-
The Norwegian mutual says pricing achieved a balance between owners’ needs and underwriting profitability.
-
CEO Matt Crane and AmWins chief Scott Purviance outline a “call to arms” revamp as the unit seeks talent and international growth.
-
The intermediary's disclosure confirms the end of a process that began with dawn raids in the UK almost four years ago.
-
The merger may cause price increases or reduced service levels for major insurance buyers.
-
The Ardonagh-owned broker has drawn from Ed, Marsh and KM Dastur.
-
Our highest priority remains protecting the health, safety and wellbeing of our colleagues, said CEO Case.
-
Also, an update on Lavant, company 2020 results and a round-up of our biggest stories of the week.
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He joins fellow Marsh alumni Naresh Dade and former McGill exec Andrew Harrison-Sleap.
-
Shaw was the first ever D&I chief for an NBA team and earlier worked at the NFL.
-
Wilson has over 17 years’ experience in the sector and has worked in both broking and underwriting.
-
The HGGC-backed broker’s latest acquisition specialises in trade credit.
-
The broker association’s CEO says Brexit speaks to the need for a lighter rulebook.
-
Sources have emphasised that such pauses are a routine part of the Phase II review process.
-
Margins expanded in three of four business units, including by 200 bps in corporate risk and broking, but contracted by 37 bps overall.
-
The executive’s hire continues a run of talent that has joined BMS in the past year.
-
Survey participation grew to its highest level in 2020 and almost 260 professionals were named in the overall ranking.
-
Michael Burwell, Gene Wickes, Carl Hess and Joseph Gunn will each receive a payment for staying with the business until the deal closes.
-
The carrier plans to publish its first set of results on 23 February, after listing last year.
-
Net income increased by over 40% in the quarter to $524mn and reinsurance continued its growth momentum.
-
The new recruit spent just over a year at McGill after a long career at JLT.
-
Green headed up the yacht operation at Marsh JLT Specialty after working at Miller.
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The appointment will reunite Fisher with former Howden colleague Mark Gregson, who joined McGill last year.
-
In a joint submission, the intermediaries argue that the deal will not reduce market competition in New Zealand.
-
Tom Harries and Robert Bates join from Bloomberg and Miros, respectively.
-
Broker M&A deal flow was strong in 2020 but due diligence has become a major focus.
-
The investment will help finance hires and expansion into other jurisdictions.
-
The organisation also says that the specialty sector is not immune to tech disruption from Lemonade-style companies.
-
Business COO James Platt will take on the role until the expected closing of the broker’s merger with Willis Towers Watson.
-
The intermediary cited Convex and Vantage among new entrants adding capacity to the market at the renewal.
-
Plus the highlights of Insider London Live and all the week’s top stories.
-
Doyle’s comments follow bullish commentary from underwriting executives and a Travelers disclosure last week that the pace of gains had slowed.
-
Marsh grew its underlying top line by 4%, while Guy Carpenter gained by 5%.
-
Aon’s decision on its post-deal reinsurance leadership shows it has moved past tactics of its Benfield-era integration.
-
Group CEO David Howden said the A-Plan acquisition brings further retail M&A opportunities.
-
The automated follow-only syndicate aims for integration with broker platforms this summer.
-
His predecessor left the business following his conviction for assaulting his then-partner.
-
The intermediary recorded revenue of £777mn, with 6% Ebitda growth taking earnings to £223mn.
-
CEO Brendan McManus outlines his ambitions following the Apax Partners deal.
-
Martin McConnell and Michael Holt will join the Florida-based unit as partners next month.
-
The appointments comes after launches in Hong Kong and Singapore.
-
Former controlling shareholder Carlyle will re-invest for a minority stake in the Brendan McManus-led broking group.
-
The broker warns that some carriers are seeking to limit cover in response to the attack.
-
Plus TransRe contingency losses, Lloyd's chief of staff and a round-up of the rest of the week’s most popular news.
-
The move is part of a wider expansion in BMS’s reinsurance broking capabilities.
-
The brokers’ association says its work on electronic trading helped the market continue to function last year.
-
The account with one of the world's leading helicopter providers is worth about $15mn in annual premiums.
-
As well as a rebrand, the move will see BGC’s insurance assets brought together under one holding company.
-
Bloomberg Law reports that a settlement would bring litigation in Virginia and Delaware to a close.
-
It is understood the book will be reinsured to close into Compre’s new legacy syndicate once the launch is approved.
-
The new capacity for the sidecar first launched in 2019 will be invested solely in EBRD bonds.
-
The purchase is the Florida-based broker’s fourth UK acquisition and gives it a presence in Scotland.
-
Katie Small, Nick Gavin Powell and Michelle Suckling are set to join the business in the second quarter of this year.
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A regulator-mandated restructuring of the relationship between managing agents and the Brussels hub will, however, add cost.
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The broking and consultancy giant says it will also reduce carbon emissions to 15% below 2019 levels by 2025.
-
Available capacity has shrunk by around $200mn in the loss-hit class of business.
-
The entity will be led by former Marsh Pacific executives Andre Louw and Igor Fijan.
-
The broker joins a growing list of organizations severing commercial dealings following last week’s attack on Capitol Hill.
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The new classification will allow the carrier to increase GWP and third-party risk.
-
They are the latest in a spate of renewable energy hires, which the broker has been growing over the past year.
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The retro specialist joins the firm as it prepares to expand its reinsurance interests after spinning out of Willis.
-
Economic headwinds combine with high valuations to create greater impetus for intermediary sales.
-
This publication previously reported the retail broker would change hands for more than £250mn.
-
The move follows Axa LM's decision to cease bidding for new external deals, revealed in September last 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.
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Also: take-aways from 1 January renewals, AIG tightens reins on cyber, and more.
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The joint venture represents one blueprint for UK intermediaries looking to retain access to the EEA market.
-
Nearly 75% of StarStone International senior underwriting staff are now in new roles.
-
Intermediaries surveyed were split on whether the pandemic had a negative or neutral effect on business.
-
Entering reinsurance will be tough, but Ardonagh’s latest project is no surprise
-
Willis has succeeded in winning an injunction that prevents eight brokers from having any contact with their former clients.
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The move follows the recruitment of former Novae CEO Matthew Fosh.
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The broker’s public sector and education practice adds the fourth-oldest university in the world to its client roster.
-
The latest venture adds to the PE house’s insurance holdings in Denmark, the UK and France.
-
The CEO outlines his vision for the start-up in a full and frank interview with this publication.
-
The executive has become a partner in the broker’s structured solutions team.
-
The intermediary’s acquisition of the equestrian broker comes after a new investment from the middle-market private equity firm.
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The executive moved to McGill and Partners in 2019 and died over the weekend after a short illness.
-
The broker said that it expects double-digit growth for most property syndicates for 2021.
-
Tougher positioning by reinsurers at the 1.1 renewal accelerated the practice of placing business at differentiated terms, Irvan said.
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AmWins also highlighted the continued availability of “cheap” excess capacity from London cyber MGAs.
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Areas of significant hardening include property, casualty, US financial institutions, D&O, US EPL and aviation.
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The underwriting room will be open on Wednesdays only for all classes.
-
The coronavirus pandemic prompted huge change in a sector already dealing with systemic challenges.
-
The deal “may reduce choice” for cedants in choosing reinsurance brokers, the EC said.
-
The Davies Group owner outbid Abry Partners in the sales process for the broker.
-
Plus more on cancellation cover for the Olympics and final negotiations ahead of the 1.1 reinsurance renewals.
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The appointment comes after mass resignations in the Latin American team earlier in the year.
-
The Lloyd’s CEO said it was not for business to set the tone on climate, as the Corporation laid out its first ESG report.
-
Tasco was president of Guy Carpenter, before becoming chairman and CEO of Marsh and McLennan Companies.
-
KBW has been retained to advise the business as Carlyle looks to exit after five years.
-
The competition watchdog will reportedly open a full investigation after its preliminary review ends on 21 December.
-
The new Syndicate 1796 is the conduit for the initiative and is backed by 14 global (re)insurers.
-
The transaction marks a return to the subcontinental insurance market after a five-year hiatus.
-
The acquisition of the digital-only broker is part of GRP’s ‘omni-channel’ approach.
-
The firm says the appointment helps to position itself as a “challenger” in the segment.
-
The team from the Climate Policy Initiative advises organisations on market exposure to low-carbon transitions.
-
Rates for listed companies continue to rise between 200%-400% amid hard market conditions.
-
Insurance Insider launched its first-ever talent survey aimed at the aviation insurance market and some 165 professionals made it to the overall ranking
-
The Howden alumni-run business plans to promote Lloyd’s carriers to clients.
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The pact is Tremor’s first integration with a global broker.
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The broker will operate as Acrisure Re and Acrisure London Wholesale.
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The broker will add a Belgian office alongside its London operation for post-Brexit trading.
-
The executive will work as a business development manager, raising awareness of the need for coverage.
-
New (re)insurance ventures seal financing and secure top talent ahead of the 1 January renewals.
-
Sandy Warne will report to former Lexington chief George Stratts at the Lloyd’s start-up.
-
One top-tier broking source claimed that across the market, claims were being settled in two-thirds of the usual time.
-
The deal is likely to be one of the largest US P&C broking transactions of the year.
-
Icelandic clients were previously serviced from Finland.
-
Patchwork provisions for entities without EU authorisations have largely fallen away during the UK’s protracted divorce.
-
At a Reuters event, Willis’ Aubert agrees that assuming older employees would find the transition hardest was a mistake.
-
The new vehicle is a joint venture with Goldman Sachs-backed broker Aston Lark.
-
Has there ever been a more interesting time in (re)insurance for mergers, acquisitions and new capital formations?
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The CEO also discloses $712mn of run-rate premiums under control and client base of over 190.
-
The lawyers' mutual has moved business due to perceived competition with Aon.
-
The follow-only syndicate has carved up most of its 2021 capacity among leading Lloyd’s intermediaries.
-
The busy storm season, Covid-19 uncertainty and a hardening market are driving demand.
-
In the newly created role the executive will lead a 100-strong team.
-
Perhaps the biggest question about the facility is why Swiss Re and PartnerRe are backing such a deal now.
-
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.
-
The mooted changes would impact entrepreneurs and private equity business models.
-
The week also saw Cinven agree to buy Miller from Willis Towers Watson.
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The organisation provides sports coaching and competitions for children and adults with intellectual disabilities.
-
The fac executive is the latest high-profile broker to join Lockton in Miami.
-
The broker specialises in African aviation and has previously worked at Marsh and Willis.
-
Purchasing the analytics firm will help Willis meet growing demand for climate change services.
-
The departures include LatAm chairman Tony Phillips and upcoming CEO Cameron Roe.
-
The new hire comes after a slew of senior appointments made by the start-up in recent months.
-
The carrier will continue to provide capacity for the business, which will rebrand as Haven Knox-Johnston.
-
The executive has worked at Axa XL and legacy XL Catlin since 2011.
-
Guido Benz will join the business next spring and report to Lee Meyrick
-
The exec was speaking after the broker was acquired by Cinven and GIC in a multi-hundred million deal.
-
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 improvement was fuelled by an 8.3% growth in brokerage revenue to $1.3bn.
-
The rapid rise in the cost of cover comes as clients fight for survival, the CEO says.
-
The reinsurance segment expands 3% on an organic basis within a set of results that came in marginally ahead of consensus.
-
The broker’s specialty CEO replaces Ed colleague Draycott at the industry organisation.
-
The PE house and the London market wholesaler will submit bids in just over a week.
-
The division brings together carriers and MGAs, while providing capital advisory, analysis and modelling support.
-
Sentiment improved faster quarter on quarter in September than in any other financial services segment.
-
Previous cyber rising stars Adam Taylor of Brit and Camilla Walker of Canopius move up the 2020 league table.
-
The additional investment will facilitate growth in the entertainment sector and elsewhere, including through potential acquisitions.
-
Pre-pandemic forecasts had earlier pointed to growth of about 25% to $2bn.
-
The Hyperion business will merge its existing Ordás broking platform in Mexico with the retail intermediary.
-
The founders Ger Knikman and Joep van den Eijkel will reinvest in You Sure following the transaction.
-
The licence will provide direct access to the market and strengthen the company’s ability to provide non-traditional cover.
-
The executive’s departure from the Willis Towers Watson merger partner follows that of other casualty reinsurance colleagues.
-
The acquisition of the motorbike insurance specialist completed in August.
-
BMS plans to expand into the retro sector but will avoid being drawn into bidding "frenzy".
-
The executive returns to the MMC subsidiary after an 11-year absence.
-
The pandemic has changed the playing field in the war on talent.
-
The executive was previously Willis’ London North American property head.
-
The Hyperion CEO says the takeover provides a route to regional broker M&A.
-
A trade body and broker said payouts would be the “ethical approach” to support financially stressed businesses.
-
The near-£700mn deal, revealed by this publication yesterday, represents Hyperion’s first piece of big-ticket M&A since its 2015 move on RKH.
-
David Howden’s distribution group is poised to buy the UK retail broker from PE house HG.
-
Almost 25% of brokers polled by Liiba opted to set up in Belgium.
-
The broking chairman says the modernisation programme will not disintermediate brokers providing true value.
-
The new CEO distances the AmWins-owned broker from the Square Mile talent war.
-
The team is led by Julian Pratt and Michael Lambert, and includes Simon Arden and Giuliano Montano.
-
The two CEOs say the combined entity will focus on emerging risks, new forms of capital access and “under-served” pockets of the market.
-
Lockton Re and McGill and Partners argue clients will look for more choice after the Aon-Willis merger.
-
The start-up CEO says clients are concerned about the consolidation of broking power.
-
The partial sale to BGC's affiliate follows a market testing of the broking operation's value.
-
The appointment is the latest in a string of hires at the expansive broker.
-
We round up the biggest themes from our five-day virtual conference, which welcomed 2,600 delegates this week.
-
Insurance Insider wraps up some of the key themes from Day 1 of the (Re)Connect conference.
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The purchase gives the buyer new regional offices in Manchester, Bristol and Perth.
-
Piccolomini and South pick up Advisory, while Clarke will head up global placement.
-
With the market scattered and a high degree of uncertainty around 1.1, rhetoric and narrative building may matter more.
-
Lawrence Po-Ba was hired by the firm to source capital solutions for Lloyd’s syndicates in May.
-
The independent broker expands into healthcare and specialty with the hires.
-
CEO Swallow says the rebranded Capsicum unit will use rivals’ mergers to push for market share.
-
His anticipated move to Guy Carpenter follows that of Francis Paszylk to TigerRisk.
-
Storm surge losses are expected to remain under $500mn.
-
The companies claim “overwhelming” investor support at meetings today.
-
The new arrival will be an executive committee member and report directly to president and CEO Peter Hearn.
-
The JC Flowers-backed broker continues its hiring spree following a rebrand.
-
Retro specialist Richard Wheeler will head the unit, which will focus on sourcing third-party capacity.
-
Specialty losses continue to mount in the London market after already damaging Covid-19 claims.
-
The broker notes that Covid-19 will have a long-term impact on classes of business including D&O.
-
The goal rises to 30% of in-scope risks by Q4, with e-responses from syndicates now counting towards the figure.
-
The combination secures support from major proxy advisers two weeks ahead of shareholder votes.
-
-
RFIB colleagues Xueyang Wang and Steve Chung will also join the executive at RKH.
-
She replaces Dan Hearsum, who has been named as the managing director of Brit’s new follow-only syndicate Ki.
-
JC Flowers-backed broker opens Hong Kong office in first stage of Asian expansion.
-
Aviation, oil and gas and tourism were the biggest sectors of concern for structured credit and political risk insurers.
-
The deal includes a large Northern Irish motor fleet and corporate book.
-
It will initially provide credit and political risk solutions, though there are plans to expand the offering.
-
Gavin Tidman will become an executive partner for the energy practice and expand its presence in international markets.
-
FCA BI case hearing closes; Covid crushes carrier results; Convex and Whitespace fundraises.
-
Group margins expand by 240 basis points as the group slashes expenses.
-
The broking unit of the financial services giant ups revenue by 10.5% in Q2.
-
The CEO highlights his company’s ability to protect jobs and salaries and forecasts a diminished role for travel and entertainment.
-
Finaxy says it plans to “accelerate its buy-and-build strategy” and strengthen its “multi-specialist positioning”.
-
Guy Carpenter achieves 9% underlying expansion, while group organic revenue shrinks 2%.
-
The broker returns to Willis after a 17-year absence.
-
The appointment of the well-known market figure ends a period of rule by committee.
-
Lockton Re has hired Graham Barden from Guy Carpenter as chairman of its aviation and aerospace practice.
-
The broker returns to Lockton as the company continues its hiring spree.
-
The executive makes the move after almost five years at Aon.
-
The SME specialist will retain its current management team.
-
Guy Carpenter has made further hires to its facultative division, GC Fac, with the appointments of three senior executives within its property fac segment.
-
Guy Carpenter has launched a new hybrid solutions division within its facultative operation, GC Fac, and has hired Laurence Upton from Willis Towers Watson to lead the new unit.
-
Following two decades at Aon Benfield, he will join Lockton sometime next year after his gardening leave.
-
Guy Carpenter has confirmed the appointment of Henry Lawrence as head of US facultative business in its UK office.
-
Ventosa joins Lockton as a director of energy, as the world’s largest privately held broking firm targets clients in the oil and gas industry.
-
The BGC-backed aerospace broker makes its first appointment at its French unit from Marsh.
-
The broker M&A juggernaut is powering up again after a slowdown during the height of the Covid crisis.
-
The broker also confirms the appointment of James Goodwin as head of power and mining.
-
The broker has made a number of recent hires, including in the energy division in London.
-
The cross-group move follows an earlier decision to combine retail and specialty operations under CEO José Manuel González.
-
The executive director of treaty could depart in October, sources suggested.
-
Underwriters are looking to balance exposure while also providing an attractive product to potential clients.
-
The latest defection continues the stream of talent exiting the broker for Guy Carpenter ahead of Willis’ merger with Aon.
-
Arrivals include energy product leader Carlos Vinicius Simonini and placement head Marcelo Daniel.
-
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.
-
The executive crosses over after spending his entire 30-year career at Willis as dislocation from the broker's takeover deal with Aon begins in earnest.
-
Vanessa Macdonald-Smith, who resigned as CEO of the legacy JLT Fac business in April 2019, has resurfaced in the market as head of direct and facultative at Oneglobal Broking.
-
The leadership shake-up comes after Gallagher completed its purchase of the company in January.
-
Aon warns that complying with “second requests” in the US merger review process can take a while.
-
The BGCI broker has built a team of over 30 colleagues led by Philip Smaje.
-
Juan England will work with Marc Beckers on developing products for the European market.
-
The AJG-owned MGA currently writes £600mn of business and is looking to expand into new niche lines.
-
The long-serving executive is to depart as clutch of other Australia-based staff resign.
-
Wirecard collapse threatens huge loss; Apollo and Argo deals revealed; inside the AGCS turnaround.
-
Two ILS leaders are working on a new launch with strategic broker and reinsurer alliances in place, sister title Trading Risk revealed.
-
Lockton Re has hired Anthony Izzo as a senior broker in its New York office, reporting to Nick Durant, CEO of North America.
-
The investment hit to the industry has nearly been erased, while capital raising is approaching the scale set by the class of 2005 start-ups.
-
The broker’s global P&C hub has given clients a single access point for Bermuda, London and Singapore markets.
-
The veteran broker will help diversify the firm’s product offering.
-
Syndicate 1200 is the second Lloyd’s syndicate after Canopius to explore such a deal.
-
His departure marks the fifth senior retro broker to leave Aon in recent weeks.
-
Mark Ettershank was at Marsh for four years, and before that was a corporate lawyer for nine years.
-
The new hire comes amid fierce competition for talent in the broking space.
-
Mike Johnson takes over from Tim Smith, who is set to retire after nearly three decades insurance.
-
The rebranded JC Flowers-backed vehicle sets its sights on D&F expansion.
-
Vanessa Macdonald-Smith, who resigned as CEO of the legacy JLT Fac business in April 2019, has resurfaced in the market as head of direct and facultative (D&F) at JC Flowers-owned Oneglobal Broking.
-
Rising claims costs could eclipse premium income in 2020.
-
Staff will receive an additional 5 percent of the withheld amount on top of the salary they agreed to forgo.
-
Dominican Republic firm Refidomsa ran a request for proposal process earlier this year.
-
With a £3.6bn valuation for Ardonagh, Towergate’s rehabilitation is complete.
-
RKH Specialty has made 13 new senior appointments to its global aviation operation, tripling the size of its team.
-
Marsh has launched a dedicated sport, entertainment and media (SEM) industry group covering the UK and Ireland.
-
Howden Broking Group has received regulatory approval to operate in Belgium.
-
The intermediary adds 14 staff in London and Colombia teams.
-
The broking group prices a new $500mn debt issue.
-
The broker has left Willis Re just ahead of the renewal of his key client’s account.
-
All options are on the table including a part sale, full sale, Spac IPO or a transaction with Cantor Fitzgerald.
-
The office is led by Herman Kerremans and will provide services to the Benelux region.
-
Covid-19 claims could make the year the most expensive on record, the broker warns.
-
The restructure of finances also brings CDPQ in as debt provider and lines up a £300mn+ M&A war chest.
-
The success of remote working is prompting businesses to rethink how the London market will operate post lockdown.
-
Willis Towers Watson’s global head of broking for natural resources, facultative, James Goodwin is to join Guy Carpenter’s facultative reinsurance division (GC Fac).
-
Willis Towers Watson’s Michael Clarke and Generali’s Robyn Warke are to join the carrier.
-
Ed launched a transactional risk offering in April which is led by Niraj Perera.
-
The broker-consolidator closes a deal with new majority investor Searchlight.
-
The appointment is part of BMS’s wider expansion in the reinsurance space.
-
The listed investor’s shares rise almost 17 percent in early trading.
-
The industry must address the legacy of “redlining”, the executive says.
-
The pandemic means the MGA will hit the £500mn GWP trigger for a review faster than anticipated.
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The performance of the entire enterprise is given greater overall weighting across all executive officers when calculating pay-outs.
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Economic uncertainty has impacted pricing, but deal activity continues to progress, says NFP’s Carl Nelson.
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New names being discussed by sources include KKR, Madison Dearborn, Carlyle and Cinven.
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Wiltshire will focus on London market reinsurance whilst Titcomb will conduct marine business.
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Carlyle-backed broker buys Munich-based reinsurance business.
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Chris Lavender was QBE Europe’s portfolio manager for its Lloyd’s and company market Australian casualty book.
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Analysis of the limited number of insurance company reporters shows a slight improvement in median gender pay for 2019.
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The executive crosses into broking after Liberty Specialty Markets withdrew from UK motor treaty.
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JC Flowers vehicle targets specialty retail, US wholesale and reinsurance in relaunch.
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The deal struck last July included two performance-linked payments.
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The executive switches to broking after working at Hiscox for nearly 12 years.
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Early offers of recompense spark customer demands for phone records.
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She joined the broker after 16 years at Zurich, where she was senior vice president and regional sales director.
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The broker was Aon’s US renewable energy practice leader and joins fellow Aon alumnus Tom Sexton.
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McGill and Partners Ltd has added former Aon chief human resources officer Siobhan Cifelli to its board as a non-executive director, Insurance Insider can reveal.
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Case has won a key vote of confidence from Aon staff, but this is not an unqualified victory.
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In total, nine out of 10 in-scope staff will participate, an internal memo obtained by this publication shows.
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The first signs are also emerging of distressed acquisition opportunities, the executive said.
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Clients could be offered a proportion of their agreed limit in exchange for dropping their claims.
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The former Besso chief will advise the intermediary on growth and oversee a new specialty casualty and cyber team.
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The group earmarks £30.4mn of cost savings, including an upcoming £10.6mn of additional efficiencies at its specialty unit.
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This publication digs into the report for details on performance, growth drivers, market concentration and skillset.
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The purchase expands the broker’s offering in the American professional sports space.
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John Collier rejoins former colleague David Purdy at the broker.
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Insurers say the policy at issue has a $15mn sub-limit for windstorm damage.
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Sources said the insurer has struck a renewal rights deal with International Marine Underwriters.
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Private equity is looking for opportunities to capitalise on the Covid-19 dislocation.
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The broker has contended that changes were unnecessary because it already has diversity policies in place.
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Giulio Terzariol said underwriting losses from the virus would mean P&C operating profit would come in up to 20 percent below target this year.
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Lewis joined Aon from TMK in September to set up the managing general agency.
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He had been working as an adviser to the Californian intermediary for several months before taking on his new role.
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Global pricing for financial business risks rose by 26 percent in the quarter, according to the broker’s survey.
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The judge also allowed MMC to amend a trade secrets suit over employee defections to add further allegations about Cobbs Allen.
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In his expanded role, Mulshine is expected to promote organic growth.
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Shared back-office infrastructure forms part of the arrangement.
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The KKR and CDOQ-backed intermediary pays just under 3x rolling 12-month revenue for ABRC.
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The broker said the former Securis and Scor executive was joining at an opportune time for syndicates sourcing 2021 capital.
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The index recorded its first monthly gain of the year so far while some carriers announced their estimates for Q1 Covid-19-related losses.
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Total funding for the quarter was $922mn, with US taking more than half of the deals.
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The broker lifts its operating margin by 2 points as reinsurance solutions expands 9 percent on an underlying basis.
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The broker had been at Aon for the best part of a decade.
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Aon made a shock move on Monday to cut staff salaries for most of its staff.
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The broker recorded a 12 percent year-on-year rise in net earnings, beating analyst expectations of $1.73 per share.
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The CEO said protecting staff compensation was a priority but would not rule out pay cuts.
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CEO Dan Glaser highlights the firm's resilience amid the pandemic.
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Quarterly earnings beat the consensus estimate as profit from the reinsurance unit rises 10 percent.
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Said Taiym will be US COO, with Hiram Marrero becoming president and global growth officer.
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Some 126 brokers and 95 underwriters featured on the overall leaderboard.
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She is set to lead the company’s US growth strategy as it expands into the admitted lines cyber market.
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J Powell Brown says the pandemic will likely hit the broker’s employee benefits and workers’ comp business most acutely.
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The available funds will be distributed into the wider incentives pool.
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Aon’s call on the order in which stakeholder sacrifices must be taken will test staff commitment to the cause.
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The broker has made sweeping changes to its global green energy broking set-up.
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Coronavirus’ unwanted record; John Neal speaks out; structured credit freezes up.
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CEO calls for sector to pull together with government to find collective response to pandemic.
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The PE firm counts AmWins among former portfolio companies.
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Cyrille de Montgolfier joins the firm after a career which has included posts at La Parisienne Assurances and Axa.
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The deal will “capitalise on a dynamic competitive landscape and continue our strong growth trajectory”, Rod Fox says.
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The entity will provide reinsurance for its syndicates across financial lines, cyber, political risk, terrorism and marine.
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The move comes as Lockton continues an expansion into new areas of the reinsurance market.
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The broker will join the business next year as senior partner and report to president Marcel Chad.
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Felipe Moncaleano Botero is one of three men named in a criminal complaint.
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Hiscox, Willis and Lloyd's were among the companies that faced up to the Covid-19 crisis, while US lawmakers also had their say.
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The former underwriter will target Middle Eastern treaty business.
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Howard and Harrison have wrested the London piece of the account from Guy Carpenter.
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Sonia Ahuja comes to the Los Angeles-based wholesale broker from Farmers Financial Solutions.
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Matrix had revenues of around EUR14.8mn in 2019 and has operations in Cyprus, Turkey and South Africa.
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Matt Scott will become senior director at the broker.
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The start-up has filed a countersuit against the brokerage giant after it accused founders of trade secrets misappropriation.
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The hires are the latest personnel changes in the aviation broking market amid a prolonged war for talent.
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Twisters included those that struck Nashville and Jonesboro last month.
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Todd Germano has joined the insurance group from Allied World.
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Simon Collings takes on the role following Mark Armitage’s retirement at the end of March.
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The new staff join from corporate law firms and brokers including Aon, Marsh and USI.
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Acquisitive broker consolidator Acrisure was the busiest buyer of insurance intermediaries in Q1, taking over 18 agencies.
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Stocks of major brokers surged, outpacing the broader market.
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Orchid has undergone a reorganisation and recruitment drive over the past year, bringing on board a number of new executives.
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He was previously a treaty reinsurance managing director at Aon.
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Reputations are made or broken during times of crisis.
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The carrier is speeding up commission payments to provide help amid the coronavirus crisis.
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Sheldon Elefant joins the broker’s M&A risk team in New York.
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In its Plane Talking report the broker said insurers are still focused on long-term rate adequacy.
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The broker said there would likely be a string of claims as a result of coronavirus.
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Charlie Thomas and Rachel Dalton speak to Steve McGill, the eponymous founder of the boutique broking world’s rising star.
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The index recorded its biggest ever monthly loss in March as all stocks tumbled bar outlier RLI.
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Assurance will become the Midwest regional headquarters for MMA, under Assurance CEO Tony Chimino.
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The move is meant to maintain a “stable corporate structure and capital flexibility” after Brexit.
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The business will be integrated into Credit Risk Solutions, which was acquired in 2017.
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Robert Wildbore and Marcus Taylor are also at risk.
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The new bind feature enables markets to complete and bind Aon's treaty reinsurance placements without face-to-face meetings.
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In a letter to lawmakers the executive said the government should step in.
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Staff let go within that time frame would receive at least the same severance package as under offer at Willis.
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The broker’s margin climbs by 6.6 points while organic revenue expands 3 percent.
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The event will be held at the same Manchester conference venue as originally planned.
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A period of major tailwinds for the global brokers, and their counterparts in the US wholesale and London market, has been stopped in its tracks by the coronavirus crisis.
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George Williams joins the reinsurance broker as global head of client support services.
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The arrangement would put former Aon Benfield CEO Andersen at the heart of the largest corporate tie-up so far in 2020.
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The target offers affinity, commercial and personal lines broking services.
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The broker opposes the city official’s proposal, arguing it already has sufficient measures in place.
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The event was due to be held in Manchester Central on 13 and 14 May 2020.
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Axa XL’s UK financial institutions head Eve Richards and Clyde & Co partner Angus Duncan join the broker.
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Reduced premium levels and higher rates could be squared through increased retentions and co-insurance.
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The Aon UK global broking centre chief will succeed Marsh’s Roy White as chair.
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The regulator and two other watchdogs are reviewing disclosure requirements during the coronavirus crisis.
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James Kent wrote to CEOs Tuesday night to stress the need to ensure continuity of cover.
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Despite major increases reinsurers seem underwhelmed by the scale of the re-rating.
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Marsh is now seeking new carriers to cover pandemics as demand for its PathogenRX product rises.
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The new one-year delay follows industry lobbying.
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Stephen Tillie will lead the construction practice at the start-up.
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Battle for talent sparked off by MMC-JLT deal is likely to intensify.
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Trade bidders look likely to be frozen out, with even private equity houses likely to be second-choice bidders.
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The transaction is Brown & Brown’s eighth of the year.
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A trio of brokers have been hired from Besso.
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Meanwhile, Fitch has upgraded the ratings outlook for Willis to positive.
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The broking giant is seeking compensation of at least $200mn, according to Reuters.
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Details of structure and leadership to follow within 90 days.
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The mega acquisition will throw off talent and clients but the creation of a giant top two may crush competition.
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The ratings agency says the purchase slots comfortably into Aon’s leverage profile.
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Carrie O'Neil most recently served as senior vice president at JLT Specialty, leading the financial lines legal and claims team.
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KBW predicts Aon could reap more than the stated $800mn synergies from the deal.
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Aon could secure major value via synergies if it can avoid the pitfalls of regulatory approvals and integration.
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Members of the brokers’ association gain price concessions through the deal.
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The combined entity would become the largest broker, with $20.1bn of revenues.
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The appointments of Sophie Wallace and Dean Andrews follow that of Tan Pawar from Paragon to head the new unit.
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A second takeover run by Greg Case’s broker would come as the target contemplates its CEO succession.
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The cancellation comes amid market-wide pressure on broker facilities.
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The UK-focused property and casualty MGA will become part of HW Kaufman's Burns & Wilcox platform.
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The I50 produced its worst-ever monthly performance in February, compounding an already meagre start to 2020.
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London wholesalers are likely to book lower growth rates than their US peers
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The broker is seeing an increase in demand for coverholder and binder services.
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Daniel Leveridge, Rebecca Eagles and George Saunders have joined the broker to work primarily on business emanating from North America.
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Chloë Cox comes from Marsh JLT Specialty and Alex Atkinson was previously at Alesco.
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Capacity in the credit and political risk insurance market has neared record levels in 2020, the broker said.
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The broker will draw PE interest but has to prove it is more than a Rod Fox vehicle.
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The business could command a valuation of $400mn-$500mn in a minority or majority deal.
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Goldman Sachs has been retained by the global broker to advise on the divestiture.
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The broker has made six global aviation hires as the battle for staff in the market continues.
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Jane Holl Lute will join the MMC board on 1 March in a non-executive capacity.
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The executive joins from the role of digital distribution head at Charles Taylor Insuretech.
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The BGC-owned broker eyes facultative reinsurance expansion.
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The probe was initially launched after a woman alleged she was fired for complaining about sexual harassment.
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Lloyd’s has appointed the veteran broker with immediate effect.
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Insurance brokerage revenues rose 186 percent to $43mn in the fourth quarter, its listed parent says.
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The company's investment, risk and reinsurance unit posts strong revenue and margin expansion.
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The former Aon broker specialises in general aviation and small products liability business.
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Hardening market conditions are providing opportunities, the broker says.
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The deal is expected to help the broking giant expand its cyber coverage options as hack-related claims increase.
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Global insurers and Floridians pull the index down but brokers buck the negative trend.
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Chris Trotter will have the same role at parent Cobbs Allen.
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The broker will work to develop Aon’s global yacht book.
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The new proxy access provision covers nominations for up to two directors, or a fifth of the board.
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The deal is the broking giant’s second such transaction so far this year.
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Steven Beard was RFIB CEO for just over a year and half and said the timing “feels right” to leave.
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HPS and Madison Dearborn are expected to keep the Irish broker separate from their far larger UK portfolio company.
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The move comes amid rate hardening across both energy and marine insurance.
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The broking CEO says insurers have “blood in their eye” as he predicts rate growth will continue.
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The company narrowly beats expectations as it reports a 17 percent rise in operating profit.
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The wider insurance broking sector also rose on Tuesday, with MMC, Aon and Willis shares also up.
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S&P warned that high deal valuations had kept some potential acquirers on the sidelines.
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SVP Tom Jurgens told The Insurance Insider that he expects the book to grow at least 15 percent this year.
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The broker reported adjusted net income per share of $0.28 for Q4, beating analysts' consensus by $0.01.
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The legal battle between MMC and Hyperion over two mass team lifts ended quietly last week, heralded only by a joint statement disclosing a confidential settlement.
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The specie team joined JLT from Willis in 2015, sparking a poaching dispute that was settled for $40mn.
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The appointment reflects a concerted expansion of the broker’s Dublin operations.
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The broker’s senior team, led by chairman Peter Cullum and CEO David Margrett, are expected to stay on.
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The Hyperion CEO reaffirms his commitment to independence and strategic acquisitions.
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Lloyd Koty will join NFP as senior vice president, reporting to West region managing director Ed Kurowski.
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In its 2020 manifesto the association demands action to get the market segment moving.
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This publication looks at the 10 most prevalent industry trends for the year ahead.
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The executive will report to Aon UK CEO Julie Page and replace Laurence White.
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Broker cuts proportion of business eligible for facility inclusion.
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RKH’s reinsurance business grows 14% thanks to a treaty push.
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Can entrepreneurial start-up brokers ever win when they go up against the biggest brokers? Or are they always doomed to be crushed under the wheels of these juggernauts?
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The intermediary’s CEO Will Underwood will take on the additional role as Marsh as private equity leader nationally.
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Lockton Re is targeting $400mn in annual reinsurance revenue by the time the business is up to scale.
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The MGA will become part of Brown & Brown subsidiary Hull & Company.
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Buyer PSC pays to pay out first performance-based sum as Ebitda soars.
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Deal multiples rose as high as 15.8x Ebitda in a hot market for broking assets.
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The broker’s relative underperformance against its main rivals is likely to prompt questions at this critical juncture.
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Rate hikes imposed on three large corporate accounts had a major impact on the broker’s quarterly index.
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The executive becomes construction broking head for specialty operations including Alesco.
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The self-insured sector looks set to boom but the segment – and the intermediaries that serve it – are coming under increased scrutiny.
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The embattled MGA’s COO is to resurface at the broking start-up.
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Pricing continued to rise at 1 January amid a capacity squeeze and social inflation.
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Steve Redgwell, who has worked at Aon and Heath Lambert, will replace Nigel Salisbury after a period during which the two work side by side.
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The experienced executive previously worked at Marsh for over 13 years in corporate management roles.
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US expansion is in the reinsurance broker’s sights following the takeover.
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The expanding aviation broker adds a Japan expert.
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Capsicum founder Grahame Chilton re-joins the buyer as global P&C chairman, with other management remaining in place.
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CAC asked a judge to throw out a suit over the hiring of 30 employees and leave allegations involving Mike Rice to arbitration.
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BGCI’s aviation start-up looks to develop airline, aviation, satellite and reinsurance capabilities.
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Sam Whitnell was Aspen’s head of international onshore construction for more than three years and becomes construction director at the broker.
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The majority of I50 stocks rallied during 2019, enabling the index to grow by almost 20 percent.
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The acquisition follows a $400mn debt issue from Beach parent Acrisure last year to finance M&A.
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The parties agreed to a “mutual resolution of all claims”, noted Guy Carpenter’s legal counsel.
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The executive is the youngest brother of CEO J. Powell Brown.
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The I50 grew by just 0.2 percent last week but still outperformed major market benchmarks.
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Newly arrived divisional CEO Phillip Smaje promises to provide an “independent and differentiated alternative” for clients.
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The target had revenue of about $6mn in 2018.
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The broking giant also resolved its case against four former employees who left for the smaller rival.
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The duo are the latest brokers to take roles at Steve McGill’s new venture.
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The P&C, commercial property and liability broker is looking to expand its sales force.
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Companies placing both types of business have one year to make changes, Reuters reported.
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The Insurance Insider looks back to some of the standout pieces of the last 12 months.
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The broker-consolidator's fiscal 2019 loss narrows.
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He succeeds Bruno Bogaerts as CEO, who will move to the role of chairman.
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Greg Padovani joined the broker in 2017 and helped build out its Canadian P&C practice.
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This week a clearer sense began to emerge of the likely shape of the 1.1 renewals.
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Reinsurance broker BMS has expanded its US reinsurance analytics team with three new appointments.
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Harman has worked in the market for 40 years and was a working member of the Council of Lloyd’s for nine years.
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‘Platform’ brokers are allowing buy-and-build M&A strategies to achieve record deal values, according to a Hines report.
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Hardly a month goes by these days without a legal brawl breaking out between rival insurance brokers over employees decamping from one to another.
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Two professionals win the underwriter rankings and RKH Specialty’s Jason Rose climbs to the top of the broker podium.
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The move is part of Howden’s expansion in the Turkey, Middle East and Africa regions.
-
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Rates on the bottom two layers in year one are set to rise by 5 percent.
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The reinsurance intermediary is expanding its presence in the Florida market.
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Active underwriter Jill Frances says the MGU will leverage Lloyd’s licensing for international growth.
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Philip Maloney joined in 2016 to lead the company’s construction unit.
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London must find a technological solution that will unite the market and bring it up to date.
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Marsh JLT Specialty’s Stuart Blyth will chair the entity.
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In the first half of this decade, a new breed of eye-catchingly large facilities such as Aon and Berkshire Hathaway’s “sidecar” and Willis’ 360 were dominating headlines.
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Significant uncertainty remains over the final loss quantum to the property policy.
-
The senior broker resigned from Willis Towers Watson yesterday, according to sources.
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Total distributions to all shareholders over the last seven years will pass $1.1bn.
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Rivera replaces Andrew Perry following his move to Lockton last month.
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The broker plans more Irish M&A following the acquisition of Wright Insurance Brokers.
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Most firms surveyed still do not buy insurance because it is insufficiently broad.
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The lawsuit against CRC and former Burns & Wilcox employees will continue on damages claims.
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The broking giant alleges the founders of Infinite Equity stole trade secrets and violated fiduciary responsibilities.
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Adam Lantrip, Sam Levine and Laura Burke have joined the new division.
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The team is led by Graham Gardner and will operate from Seattle and Oregon.
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Her role will focus on expanding Bluestream's growth in the US and worldwide.
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The BB&T-owned broker said its rival’s legal case and demand for a restraining order are driven by a “grudge” against a former employee.
-
The Ed and Besso owner is developing a new platform spearheaded by Jonathan Prinn.
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The deal multiple is estimated at around 13x Ebitda of roughly £20mn.
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The flagship facility retains QBE and Axa XL for 2020 participation.
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The transaction, subject to further negotiations, would take the broker’s stake in the business to 100 percent.
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The lawsuit is over the departure of 13 employees who defected to NFP earlier this year.
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Warrior has over 36 years’ experience and has also worked at Beazley.
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Under the proposed deal Littell has agreed to remain bound by an injunction for two years.
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Gregory Schilz, Grant Nichols and Brian Lu join the broker from Marsh JLT.
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Broker makes several key hires after Canadian pension fund and private equity deal.
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Organic revenue growth comes in at 4.6 percent, while specialty profit rises sharply.
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UK insurance brokers have less than a month before they are caught by the SM&CR conduct and governance rules, and despite the long lead-in they look certain to catch some intermediaries unawares.
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The product is the first non-US cat bond issued in the past nine months.
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Marsh alleged that employees encouraged each other to leave JLT Specialty USA and Marsh and join CAC in violation of their contracts.
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The wholesale broker launched its Bermuda operation in August, with Richard Tomkins relocating to lead the venture.
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The arrangement will allow CAC to offer lending capability to back M&A, growth capital and recapitalisations.
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The broker disputed allegations that it failed to protect a former employee from sexual harassment and terminated her as retaliation.
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Will Seccombe and Mindy Ng have joined the broker from Marsh-JLT.
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Wholesale broker Burns & Wilcox has named Suzette Torres as Houston office managing director.
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It has been action-packed year for brokers.
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The broker expects public company D&O and cat-exposed property risks to receive high double-digit rate increases.
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The start-up aims to grow to £25mn revenue within five years.
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The PE-backed company draws its top team from Hemispheric Re.
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Lloyd’s CEO John Neal is understood to have met with the broker after a court case revealed derogatory language.
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The ACPR’s stance blows a hole in Eiopa’s vision of a network of national frameworks to provide for contract continuity.
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The mooted lead-follow arrangement was another bone of contention.
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London head of P&C and construction Garret Gaughan said there will be more hires to come in the new year.
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Dean Jenner's move comes just over two weeks after the broker’s promotion.
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Schaper worked at Lockton for 16 years and was senior vice president at the family-owned broker.
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Aon said that it has lost two clients, including one it had for over 20 years, in the past two weeks after several employees left for Alliant.
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I don’t enjoy sitting through speaker events
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The carrier becomes the latest to curtail Lloyd’s operations in Asia.
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Executive says large brokers run risk of losing agility and becoming generalist.
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He is based in Miami and will help build out he broker’s environmental liability operation.
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John Turner joins from Aon, where he was chairman of the broker’s commercial risk solutions arm for the UK and the Americas.
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The Hyperion CEO said insurance was keeping a secret of the fact that it is a "wonderful bloody industry".
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Peter Clune will replace Ron Lockton who in turn takes over as chairman from his uncle David.
-
Kaplan left his former company Swiss Re last month, this publication revealed.
-
Brokers rallied last week after they posted strong third-quarter results
-
The appointment of Jeff Irvan reflects a reinsurance expansion push at the broker following investment from BCI and PCP.
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Up to $188bn of investors capital has allocated to the insurance sector, including $144bn in private equity capital, Marsh Berry data shows.
-
The CEO added that he was pleased with the progress of Tranzact following the July acquisition.
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Expansion slows within the reinsurance segment, while group earnings marginally exceed the consensus expectation.
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Abry exits its holding in a deal believed to value the business at around $1bn.
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Wayne Hawkins, Stuart Nelson and Andrew Barker are set to join the Steve McGill-led broker.
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MMC and Brown & Brown stock has risen today after the firms released their results.
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Brown told analysts on an earnings call Tuesday that an anticipated influx of fresh capital would have a moderating effect on rate rises.
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A report by digital security firm McAfee in August indicates ransomware attacks have more than doubled in 2019.
-
Brown & Brown reported Q3 adjusted EPS of $0.39 matching analyst consensus and slightly higher than $0.38 in Q3 last year.
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The deal is the broker’s first since its buyout by the private equity arm of the US investment bank.
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The CEO downplayed the threat that market reform could pose for intermediaries.
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The US broker's unsuccessful court case against Ardonagh has exposed cultural problems that must be addressed.
-
Mr Justice Freedman singles out Gallagher’s UK CEO Simon Matson as “partisan” and “quick to anger”.
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The judgment brings to a close a bitter poaching suit.
-
The AJG CEO once again dismisses suggestions the market is "hard".
-
Third quarter operating income increased by 16.6 percent year on year to $285.4mn
-
JP Morgan and Bank of America Securities are joint book runners on the offering.
-
Four former JLT Specialty USA employees who moved to NFP say they are struggling to learn more details of the allegations against them.
-
Holtmeier and two other former employees were accused of violating non-solicitation provisions and accessing trade secrets.
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He is set to leave on 1 November after more than 10 years at the global reinsurer.
-
The role for Michael Moran provides a boost to the group-wide programme.
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The disconnection between MGA and carrier valuations continues.