Howden
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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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