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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. -
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.
