Marsh McLennan
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Chris McTear joined Aon in 2018 and has previously worked as part of the Airmic Insurance Steering Group. -
The endorsement allows for broader coverage, as it includes a writeback on collateral impacts arising from a cyber operation that is carried out as part of a war.
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The broker is targeting to double its revenues to £400mn by 2025.
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The broker has hired Tom Summers and Tyler Walsh from Marsh and Adam Carr from Howden.
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The first risks have already been bound under the facility, with work to place a further 5% ongoing.
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Most lines continued to record price increases, with global rates being propelled largely by rising rates in property insurance.
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The broker said pricing reductions might decelerate throughout the year if carriers perceive increased risk.
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Plus the latest executive moves and all the top news of the week.
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The broker expects the restructure to result in savings of $300mn by 2024.
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Primary insurance rate increases were 10% for property in Q1 compared to 7% in Q4.
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The broker said US property cat reinsurance rates increased by 40% to 60% in April for clean renewals.
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The increased growth from Q4 halts a trend of gradual deceleration experienced through 2022.
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