Guy Carpenter
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The broker was part of a mass resignation from Guy Carpenter last year.
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Richard Chu joins from PartnerRe, where he was head of financial risks for Asia Pacific.
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Ben Savill replaces Jeff Saper, who is moving into a fac role.
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The challenger broker is continuing to build out its presence on the island.
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The executive joins the company as it looks to bolster its reinsurance capabilities.
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Effective immediately, Wolfe will help drive growth strategies across the region. He will also lead Guy Carpenter’s US facultative business alongside Frank Guerriero, chairman of Guy Carpenter Facultative.
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European rates on line increased by 7.60%, while in the US prices were up 5.25%.
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Reinsurers are looking to grow in top-layer cat risk, resulting in “variable” outcomes on sign-downs.
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Ollie Spells joins from Guy Carpenter, where he was a senior producer in the broker’s UK facultative property team.
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A more consistent trading rhythm returned to the property market, with capacity deployment outside of frequency-exposed layers and more heavily loss-impacted segments bouncing back.
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The brokers will work in the contingency team headed up by Ian Tomlin.
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Speakers at the Guy Carpenter Baden-Baden symposium said the industry must improve its prospects as an investment opportunity.
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The payment represents the largest ever made in a team lift case in the London market.
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An internal missive, seen by Insurance Insider, also revealed Howden has agreed to a ‘set of demands to make amends’ in the wake of poaching settlement.
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The two rival brokers have reached an out-of-court settlement over the poaching of 38 Guy Carpenter staff by Howden.
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Our virtual roundtable polled industry leaders on critical questions for the reinsurance market. Today, we explore how the industry can collaborate on net-zero objectives after insurers exited the Net-Zero Insurance Alliance (NZIA) in droves.
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Our virtual roundtable polled senior industry figures on the biggest questions facing the reinsurance industry. Today, we look ahead to the influences steering M&A market conditions.
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Massimo Reina led an exodus of Guy Carpenter’s European staff to Howden Tiger in March, sparking legal action.
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The reinsurance broker said the losses will fall on the higher end of industry loss ranges.
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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 legal action follows the resignation of 38 of Guy Carpenter’s European staff to join Howden Tiger.
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Jonathan Powell was previously head of Lloyd’s P&C at CNA, before joining the broker’s non-marine treaty team.
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Reinsurers are less worried about their property books compared to last year, and eyeing development of casualty loss costs due to social and macroeconomic inflation.
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Loss-free accounts were generally up 20%-50% at renewal, the reinsurance broker said.
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The broker used three major cyber models to analyse the drivers of model variability, with revenue coming top as the most prominent driver of loss variability.
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The broker is in hiring mode following a raid on European staff by Howden Tiger.
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Three key reports have unearthed issues around capital and lower return period loss figures that may need to be addressed for the cyber market’s maturation, as a pivotal 1 July renewal date approaches.
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The broker named Matthew McCabe as MD of cyber broking with a brief to tackle complex cyber issues.
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The Big Three reinsurance brokers face a number of factors that could challenge their supremacy.
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The structure envisages bringing in philanthropic capital to provide project funding to mitigate disaster risk as part of ILS deals.
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The executive will report to president and CEO Dean Klisura.
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Analysis showed a modelled loss range of between $15.6bn and $33.4bn for a 1:200-year global loss event.
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Re Solution CEO Asaf Grinstein will become CEO of Guy Carpenter Israel.
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Based in Stamford, Connecticut, the executive will oversee the carrier’s cyber fac and treaty operations reporting to NA CEO Brian Quinn.
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Lisa Ljunggren has been appointed as head of analytics, Nordics, joining from SiriusPoint
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The Marsh McLennan reinsurance unit alleges Massimo Reina was working on the move as early as late 2022.
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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 move marks a return to growth in fac for the broker after heavy talent attrition during Aon’s attempted takeover.
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The situation has echoes of the previous legal clash between the brokers over the Bradley Maltese-led defection.
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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 Stockholm-based leader is the latest to depart amid multiple European defections.
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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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Jessica Turner will report to Martin Burke, director of underwriting performance.
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The companies did not disclose whether any money exchange hands as part of the agreement.
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The broker said this was not yet a settled market as work remained underway.
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Inflation, heightened cat activity and years of poor reinsurance returns are fuelling demands for wholesale change in the European market.
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Reinsurers and brokers alike have warned of a rocky 1.1 renewal process ahead as the industry grapples with multiple issues including inflation, climate change and geopolitical uncertainty.
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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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The motion comes a month after Carpenter sued the rival reinsurance broker over the "orchestrated” exit of 12 executives from its Dallas-based practice.
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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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Third-party reinsurance capital was predicted to hit $95bn in 2022.
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The rate-on-line index rise is the steepest uplift in 16 years.
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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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After 26 years the firm’s chairman of UK and global specialties is stepping down.
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Pool Re announced in November that Enoizi was departing after leading the state-backed reinsurer since 2013.
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Property cat rate increases this January were double those of last year and the highest since 2014.
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Head of Continental Europe facultative Nicola Fraccalvieri will lead the combined team.
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The reinsurance broker’s report comes after KCC put a $3bn insured loss estimate on the 10 December disaster.
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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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The executive has headed Marsh McLennan’s reinsurance broker since joining from Willis Re in 2015.
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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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The switch confirms a move first reported by Insurance Insider last month.
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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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GC Access was launched last year to match carriers and MGAs and help them plan new ventures.
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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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Marsh’s current UK & Ireland specialty chief Paul Moody moves to role at Guy Carpenter.
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James Johns will join the firm from Willis after some years at Talbot, while Josh O’Donoghue was at Aon.
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While more storms than usual are expected for this season, Guy Carpenter said fewer are expected to strike land.
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The former underwriter will take up the newly created role on 9 August.
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Tropical storm activity is expected to be higher than normal in the Atlantic, Caribbean and West Pacific regions.
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Panellists said that improved data around aggregations could attract new cyber reinsurance players.
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Legal documents filed by GC allege the printing and subsequent destruction of confidential information by some of the defecting brokers.
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The broker predicts a “very active” cyclone season over east Asia but forecasts a slightly smaller number than usual will make landfall.
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The newcomer will report to Europe CEO Massimo Reina.
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SVP Jeremy Waite will head the operation, while continuing to lead the firm’s property treaty broking team for Australia and New Zealand.
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The next hearing in the case will be after 21 May.
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He has spent nearly a decade at the broker and is due to start at his new role in October.
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The intermediary’s 6% organic growth was aided by the economic recovery, price improvements and disruption in the broking market.
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Marsh books 9% US organic growth while Guy Carpenter continues to expand at pace.
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The reinsurance broker is looking to recover over £10mn and impose an injunction to ensure the return of confidential information.
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Willis Re’s Michel den Boer has been named as managing director for treaty broking in the Benelux region.
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Anthony Cordonnier will join the firm in the second half of 2021.
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The new recruit has worked at Willis Re, Munich Re and Swiss Re during his career.
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Fallout from the 2019 JLT Re integration intensifies after a group including Brad Maltese were earlier reported to be set to join Howden.
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The broker will lead London teams focusing on Europe, as well as the new European Broking Solutions team.
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The Week in 90 Seconds: Biometric data and cyber; Greensill collapse; Guy Carpenter’s Priebe on pandemic risk; Texas storm; Marsh McLennan’s Glaser
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Private-public partnerships can provide first-step survival financing if not a full solution for all companies.
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The product leverages real-time GeoNet data to automatically pay customers within five days following a strong earthquake.
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Hannover Re and Fidelis provided significant capacity on the Munich Re-led programme.
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ARPC said the move improves the pool’s capital strength.
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The A$14bn pool will switch brokers on 1 April.
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Growing links between operational and information technology make cyber-led property damage an increasing risk.
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The pandemic has reinforced gender stereotypes and virtual working has created barriers to sharing issues.
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The new managing partner will work in Gallagher’s property practice with Asia-Pacific and South African clients.
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Willis has succeeded in winning an injunction that prevents eight brokers from having any contact with their former clients.
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The broker reports mid-single-digit to low-teen rate growth on non-loss-impacted US programmes.
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Tasco was president of Guy Carpenter, before becoming chairman and CEO of Marsh and McLennan Companies.
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The former Faraday CEO will work to develop new business and expand the solutions offered in the region.
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The Aon re global MGA and portfolio solutions chairman will join the rival broker’s new program unit next October.
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The lawyers' mutual has moved business due to perceived competition with Aon.
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The follow-only syndicate has carved up most of its 2021 capacity among leading Lloyd’s intermediaries.
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The departures include LatAm chairman Tony Phillips and upcoming CEO Cameron Roe.
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The executive will lead the marine and energy mutual, agency and captive reinsurance solutions practices.
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The division brings together carriers and MGAs, while providing capital advisory, analysis and modelling support.
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Liability account move is latest development in ongoing reinsurance buying overhaul.
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Aon’s former head of international catastrophe management will take up the position next September.
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The Marsh & McLennan Companies' newcomer was previously Willis' Russian construction head.
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Retro drawback and concerns over performance in some lines will temper some expansion, say execs.
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The executive moves over in what is likely to be interpreted as preparation for an orderly CEO succession.
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Alternative reinsurance capital fell by 2.7% in the first half of the year, as Covid-19 uncertainty weighed on the market.
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The new arrival will be an executive committee member and report directly to president and CEO Peter Hearn.
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The change is an early sign that MMC’s raids on Willis are bearing fruit.
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Donald Callaghan steps down but will continue client work.
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Lara Mowery and John Crichton will also join the committee as global head of distribution and chief information officer, respectively
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Guy Carpenter achieves 9% underlying expansion, while group organic revenue shrinks 2%.
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Andrew Piatti leaves the Aquiline-backed legacy specialist as the company conducts a strategic review.
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Lockton Re has hired Graham Barden from Guy Carpenter as chairman of its aviation and aerospace practice.
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The broker returns to Lockton as the company continues its hiring spree.
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Guy Carpenter has made further hires to its facultative division, GC Fac, with the appointments of three senior executives within its property fac segment.
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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.
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Guy Carpenter has confirmed the appointment of Henry Lawrence as head of US facultative business in its UK office.
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The broker also confirms the appointment of James Goodwin as head of power and mining.
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The latest defection continues the stream of talent exiting the broker for Guy Carpenter ahead of Willis’ merger with Aon.
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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.
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Insured losses for 2020 could make it the largest year for claims in history, according to Guy Carpenter, with losses totalling $160bn in the broker’s worst-case scenario.
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The long-serving executive is to depart as clutch of other Australia-based staff resign.
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Covid-19 claims could make the year the most expensive on record, the broker warns.
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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).
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The executive resigns from his role as global broking head for facultative natural resources.
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The former JLT Re head of London and global market unit is seeking new opportunities.
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Guy Carpenter has been retained to advise with the outcome likely to influence a call on future equity raising.
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The executive predicts more algorithmically driven syndicates in the near future.
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CEO Dan Glaser highlights the firm's resilience amid the pandemic.
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Some 126 brokers and 95 underwriters featured on the overall leaderboard.
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Coronavirus’ unwanted record; John Neal speaks out; structured credit freezes up.
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The “industry visionary” led the reinsurance broker through the 9/11 attacks on its World Trade Center headquarters.
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Atish Suri and two others defect to the competitor.
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The UK reinsurance managing director exits after three decades.
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Larry Broadnax joins the broker’s US reinsurance business in Atlanta.
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George Williams joins the reinsurance broker as global head of client support services.
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Nine cedants including Allianz and Generali were involved in the pilot.
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Unmodelled cat losses are prompting a reassessment of pricing, the broker said.
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Jeff Saper will continue as head of casualty facultative for Asia Pacific and head of facultative for Australia alongside the new role.
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Broker says alternative capital retracted by 7% as investors exercise caution.
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The Insurance Insider looks back to some of the standout pieces of the last 12 months.
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He succeeds Bruno Bogaerts as CEO, who will move to the role of chairman.
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The reinsurance intermediary is expanding its presence in the Florida market.
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Dean Jenner's move comes just over two weeks after the broker’s promotion.
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Aon's Robert Johnston takes the Bermuda chairman role, with incumbent John Fletcher moving to the regional CEO post.
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The CEO calls the revenue rebound at Guy Carpenter a “positive surprise”.
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There’s a familiar feeling of Groundhog Day to the annual reinsurance gathering at Baden-Baden.
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Holtmeier and two other former employees were accused of violating non-solicitation provisions and accessing trade secrets.
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The broking executive was a managing director at Guy Carpenter in New York for 17 years.
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A report finds that the overall US P&C market has moved out of the red and into break-even underwriting profitability.
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The creation of the new role follows the departure of international fac head Paul Summers earlier this month.
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