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.