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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. -
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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The Hartford, Canopius, Newline, QBE, CNA Hardy, Travelers, Hamilton and Volante are participating in the facility.
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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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All existing carriers on the panel renewed in 2024, with QBE remaining leader.
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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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Canopius will write a 2.5% line on the multi-class facility, while Axa XL will write 1%.
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The brokers will work in the contingency team headed up by Ian Tomlin.
