Howden
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The appointment comes soon after the rebranding of the Richard Brindle-led business.
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The MSC Aries was seized on Saturday by the Islamic Revolutionary Guard Corps.
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The facility will offer up to $50mn of coverage per insured vessel.
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The broker was part of a mass resignation from Guy Carpenter last year.
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The broker said there was a ‘disparity’ in market response to war in the Middle East.
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Terrence McDowell has been appointed as a managing director in the UK.
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The broker has made a string of hires in its upstream energy division.
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Sarah Hughes was appointed CEO at Howden Specialty in October 2023.
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This follows the broker's rebrand in October last year.
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Insured losses from civil unrest have risen over the last decade to total $7bn in 2020-23.
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The team of brokers worked for the recently acquired Protean Risk.
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Leahy has worked in the London market for almost a decade.
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Estevam Souza joins from Sompo Seguros.
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He joins from Howden Tiger, where he was the international head of analytics.
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He succeeds WTW’s Alastair Swift, who has been chair since 2022.
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Royal and Underwood also join the capital, advisory and placement surety team.
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Arm is based in Guernsey and has a Bermudan management licence.
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The MGA has also hired Axa’s Rob Corner and IQUW’s Catherine Farnworth.
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Howden acquired a majority interest in Mexico’s Adrisa in 2020 and Grupo Ordas in 2017.
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The broker has been adding to its capabilities in the region.
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Rising legal costs show the risk of Howden’s growth-hungry approach.
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The CEO said long-term backers give the company confidence.
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David Shalders will be based in London and report to CEO David Howden.
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The broking group aims to release cash and facilities for investment.
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The facility provides cover for environmental damage and loss of revenue.
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Swiss Re will transfer its Genoa-based hull business to Dual Europe and provide the MGA with underwriting capacity.
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Property cat and casualty pricing remain steady following chaotic 2023 renewal, with global cat rates rising 3%.
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The acquisition was “amongst the most significant” the broker has made in Continental Europe, according to Howden.
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Wolfram Schultz joins from Axa Global Re, where he was head of underwriting and group protection liability and specialty.
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In one deal, JC Flowers-backed broker Oneglobal and Insuterch Floodbase announced a partnership to develop parametric flood insurance across Asia.
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The executives will look to bring the company’s full suite of products to clients.
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Other early users include Amwins, Aon, BMS Group, Consilium and Costero.
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David Howden, founder and CEO of Howden, said his proposed method of minimising loss is “entirely non-political” and provides guaranteed funds, as well as certainty and the confidence to invest.
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The product is led by Canopius and IQUW, with support from three other Lloyd’s insurance company markets.
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The incoming cyber head was previously head of cyber for Marsh Europe.
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Patrick Bousfield is understood to have resigned from his current role as senior broker at Lockton Re Bermuda.
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Eaton is currently the managing director and global head of cargo at Howden Specialty.
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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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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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The 30-strong segment will combine reinsurance and capital markets with data, analytics and technology.
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Tokio Marine Kiln, Chaucer and Liberty Specialty Markets are among the Lloyd’s carriers understood to have joined the new venture.
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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 hire comes as group CUO Alan Telford plans to leave the business next summer.
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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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Upstream energy broker David Patten has also left Marsh.
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The MGA has hired MS Amlin’s Aram Stoop and Pim de Pooter for its marine hub.
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Aon Re Brazil CEO Antonio Jorge Rodrigues and four other executives have left the firm and are expected to join rival broker Howden, this publication has learned.
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The rebrand aims to unify and simplify the business structure under a single global executive.
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In the initial court documents, Aon alleged its rival broker and former head of PFI “conspired unlawfully” to recruit key members of the team.
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Danny Hubbard and Richard Stockley both have decades of insurance market experience under their belts and have been named as divisional director and associate director, respectively.
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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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Green will be responsible for servicing companies across both Howden’s specialty and retail divisions.
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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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Howden’s Indian operation was established in 2004 and now has more than 300 employees.
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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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This acquisition is part of Howden’s wider strategy to expand its product offering for Swiss and multinational clients.
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The pair will be based in London and report to Jason Humphreys, global head of aviation.
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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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Cyber GWP could exceed $50bn by 2030, the broker predicts.
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The broker has made a series of acquisitions in Europe in the entertainment space this year.
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The CRO has worked for the company since late 2021.
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The executive worked for WTW for more than two decades.
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Howden Tiger, which has been hiring aggressively from rivals, currently has only limited involvement in marine reinsurance.
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The deals take Howden’s Swiss headcount to 130 across eight locations.
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The treaty specialist has also worked at QBE Re, Aspen and Swiss Re.
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The deal comes only months after the acquisition of Franz Gossler.
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Chris Harris and Fiona Woodcock join the US liability and international liability teams in London, respectively, while Andrew Halls has joined Howden’s Bermudian property casualty team.
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The Big Three reinsurance brokers face a number of factors that could challenge their supremacy.
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The decaying oil tanker FSO Safer is holding over a million barrels of oil and is at risk of explosion.
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Some cedants paid more than 40% increases depending on Florida concentration and Hurricane Ian losses.
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The first cohort of insurance professionals will embark on their secondments to cities such as Melaka in Malaysia, Surat in India and The Hague in The Netherlands next month.
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Gallagher Re is looking to increase its presence in the North American large-account space, where it is underweight compared with rivals.
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The broker is trialling a contract-checker tool provided by Morning Data to support adoption of the core data record and MRC v3, as foundational reforms for the Blueprint Two programme accelerate across the market.
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Artificial Labs is developing a pilot with several carriers and brokers that integrates a generative AI model, including the use of ChatGPT, into its algorithmic underwriting platform.
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The senior hires will help Howden CAP’s surety team to expand across new markets and develop new products for the broker’s surety clients.
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Howden’s insurance broking, reinsurance broking and underwriting outfits will all report directly to David Howden under the restructure.
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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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Warne joins from Inigo where she was head of political violence, terrorism and aviation war for nearly two years.
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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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Howell joins after a 22-year long tenure at Marsh, currently holding the position of MD and global service leader in its risk management practice.
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The firm also announced the creation of Howden Deutschland, appointing newly minted CEO Holz to its board alongside other key appointments.
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The previous Aston Lark CEO will be responsible for supporting the leadership team to build out the broker’s geographic reach and product expertise.
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Sources suggested the equity was raised at a valuation in excess of 16x Ebitda.
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The latest round of hires marks a continuation of the broker’s expansive and rapid talent acquisition.
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Colin Reddy joins from Mizuho Financial Group, where he was responsible for the financial institutions Debt Capital Markets team.
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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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SRCC losses have now also surpassed other classes of political violence insurance claims, with more than $10bn since 2015, compared with $1bn for terrorism.
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The later notification trend means the impact of bumper M&A year 2021 on the warranty market has yet to fully materialise.
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The Stockholm-based leader is the latest to depart amid multiple European defections.
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Growth in renewable energy is anticipated to be achieved through new business rather than rate change.
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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 appointment comes as the legacy and investment banking divisions join under common management.
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With brokers shifting to new providers to place certain classes, and competition among e-trading firms intensifying, the placement platform landscape has reached a crucial turning point.
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Minesh Jani will report to Bradley Maltese, CEO of international and global specialties.
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The companies did not disclose whether any money exchange hands as part of the agreement.
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The transaction has been executed by Howden Germany’s specialty broker Howden Caninenberg.
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The business is being advised on the potential transactions by Howden.
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The broker said that rates were falling but remained well above soft market levels.
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The broker’s London market specialty unit is on the brink of closing a deal with Whitespace to place North American casualty risks on the e-placement platform.
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Insurance Insider reported last year that the bloodstock team had resigned en masse to join Howden
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The broker is looking to embrace forms of data integration ahead of the Blueprint Two reforms at Lloyd’s.
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Throughout his career, James Matusiak also worked at RenRe, PXRE, PWC Bermuda and Guy Carpenter.
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The launch comes after the unit created its MGA and programme business SabRe.
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In her new position, the executive will oversee the South American region, excluding Brazil.
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It is understood that Stuart Willcocks will join Howden in March as an executive director.
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The expansive intermediary, which completed its $1.6bn acquisition of TigerRisk earlier this month, also reported 19% organic growth for the second year running.
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The unit brings together the firm’s facultative, consortia, facilities expertise and specialty reinsurance capabilities.
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The executive worked at Howden’s office in south Florida for over two years, following a nine-year spell at Guy Carpenter.
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Matthew Strong spent three years at Marsh as CEO, credit specialties, UK & Ireland.
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Federico Casini spent 17 years at Aon, most recently as executive chairman.
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The deal propels Howden to become the fourth-largest global reinsurance broker.
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The intermediary recorded “one of the hardest reinsurance markets in living memory” as primary rate increases slowed.
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Howden has acquired a 100% stake in Spanish broker March Risk Solutions, in a deal that pushes the revenues of Howden Iberia to more than EUR100mn ($106mn).
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Marc Lehmann will be responsible for growing Howden’s climate risk analytics capabilities, by building new partnerships and informing insurance solutions.
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The executive was CEO of reinsurance solutions at Aon Switzerland.
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The broker specialises in a broad range of marine coverage in the Pacific region.
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The correlation between a good ESG score and low loss ratio is strongest in property insurance, the report shows.
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David Howden said insurance protection made the global north more able to respond to catastrophes.
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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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The claim will add pressure to an already stressed downstream market facing resurgent loss activity.
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The bloodstock veteran joins from Tysers.
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David Long will be responsible for growing Howden’s bloodstock book across the UK, the US and Australasia.
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The acquisition marks the third in France in recent months after Howden acquired C.R.F. Conseils and Théorème earlier in the year.
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Doreen Tan will be based in Singapore and have responsibility for helping to service Howden Re’s treaty clients across Asia.
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Philippe Lutgen was previously COO of Axa XL’s operations in Asia Pacific and the Middle East.
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It is the second acquisition under the leadership of new CEO of France Nicolas Aubert.
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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 climate, conflict and capital concerns will keep driving up reinsurance rates but suggested new capital may be attracted to the market.
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The product protects firms buying carbon credits from third-party negligence and fraud.
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Bowood managing director Stephen Greener will chair the entity, which is to place $6bn in GWP.
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The broker said the developments could have “huge implications” for capacity, pricing and the market cycle.
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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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The deal marks Howden’s first acquisition in country since appointing Nicolas Aubert as CEO in February.
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The executive has worked at Guy Carpenter, Ed and Hannover Re.
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Regulatory burdens mean that restarting the Freeport refinery could take longer than first hoped.
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Mary O’Connor joins from KPMG, where she was acting CEO.
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The broking magnate dismissed criticisms about underwriting alignment and added cost.
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Sources have pointed to a deal multiple in excess of £360mn for the UK retailer.
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