Marsh McLennan

He will join Gallagher as chief broking officer for EMEA transaction solutions.

This publication revealed the GC trio were set to join the start-up broker in June.

Fears relating to an economic downturn continue to dominate concerns.

Marsh has accused its former execs of flouting a preliminary injunction.

Marsh is also seeking expedited discovery in a related talent poaching case.

The lawsuit alleges that Marsh misnamed the insured party on the policy.

Parties will now brief on a request for a preliminary injunction on an expedited timeline.

Liberty recently restructured its UK and MENA underwriting leadership.

Chris Lay will retire from the business in Q1 2026.

A motion by defendants to dismiss the case was also denied.

Tim Wakeman joined Marsh in 2021 and previously worked at Elseco.

The move comes after the withdrawal of a complaint in the Delaware court.

A New Jersey judge also refused to grant WTW’s request for a restraining order.

The Marsh-placed account renews its all-risks cover on 16 November.

Marsh is also suing a second tier of former Florida leaders.

The move comes as Michael Creighton is made credit and political-risk director for Africa.

Willis Re kicked off its talent acquisition with mass hiring from Guy Carpenter over the summer.

The broker said WTW hasn’t shown it was irreparably harmed by the defection.

Property pricing fell by 8%, while casualty rate increases tapered to 3%.

Plus, the latest people moves and all the top news of the week.

Property, cyber and workers’ comp rates were all down mid-single digits, offsetting casualty hardening.

The broker’s new business and client services division is targeting $400mn of savings.

Earlier this week, the broking house announced a rebrand to Marsh.

Guy Carpenter will rebrand as Marsh Re, as a new central tech/operations unit is created.

Plus, the latest people moves and all the top news of the week.

Willis claims at least two $1mn accounts were also unfairly lost to Howden.

Sources said Marsh Specialty UK growth leader Lizzy Howe will lead the operation.

The aviation market has experienced a run of large losses this year.

According to McKinsey, the projected spending on data centers is expected to hit $6.7tn by 2030.

Ex-Western Europe CRB head Alberto Gallego and colleagues left for a Marsh joint venture.

Company said defendant ‘distraction’ can’t make up for flimsy arguments.

After spending 20 years at Aon, Goodman will start a senior executive position with Guy Carpenter.

Parrish, now Howden US CEO, and his colleagues said they didn’t violate contracts.

Patton Kline succeeds Glod as US aviation and space practice leader.

A key hearing in the poaching case is set for 4 September in New York.

US retailers have various levers to pull to put pressure on potential new competitors.

The broker has been on an aggressive hiring spree overseen by Lucy Clarke.

However, group organic growth among public brokers has slowed to pre-pandemic levels.

The plaintiffs seek a declaration that part of Marsh recruits’ restrictive covenants are unenforceable.

The suit asserts the raid will cause “incalculable harm” to the broker.

Plus, the latest people moves and all the top news of the week.

The broker is looking to move as much of the book away from its adversary as possible.

The lawsuit claims more than 100 employees left with Parrish and his three reports.

Staff targeted include producers that channel business through Howden’s London wholesale arm.

Property rates declined by 7% globally in the second quarter.

The expansive European broker is targeting Mike Parrish’s team and former McGriff staff.

Claims were concentrated in the US, with a significant increase in D&O class actions.

The technology will help analyse growing and emerging risks, especially climate change.

Total revenues grew 12% due to the contribution from acquisitions.

The latest hires follow Rob Hale’s move to Willis.

The broker made several senior energy hires from Marsh last year.

Marsh’s property book saw an average decline of 9% in Q1, a trend that appears to have continued through Q2.

Willis has been adding brokers to its aviation unit in Europe and the US.

Clients are increasingly using captives because of uncertainty around long-term capacity commitments.

Gallagher, Marsh and Aon also faced sizeable outstanding premium payments as at Q4 2024.

The claim hits the downstream market following a loss-hit start to the year.

He was most recently Marsh’s US manufacturing and automotive practice head.

Premium rose across the top 15 P&C risks in 2024.

The facility, backed by six global cyber insurers, offers limits of as much as EUR5mn.

Brokers across London and Bermuda have handed in their notice to join the start-up reinsurance broker.

Saul Nagus is the latest from Marsh’s aviation unit to join WTW.

Marsh McLennan canvassed finance directors and sales leaders across a range of sectors.

Willis has made a series of aviation hires on both sides of the Atlantic in recent weeks.

The broker replaces Louise Nevill, who is joining Axa XL as CUO for specialty.

The broker has also held positions at JLT, Towergate and THB.

Ransomware threat actors are continuing to attempt ‘smash and grab’ attacks.

The executive led Ferma for 10 years.

Christian Kitchen had been at Travelers since October 2022.

The pair add to the roster of aviation-focussed hires at WTW.

The hires form part of WTW’s build-out of its US aviation practice.

The only major product line to see rate increases was casualty.

Marsh alleges Aon also went after its clients as well as its employees.

California wildfires had ‘little or no impact’ on property cat pricing at April 1, Dean Klisura said.

Guy Carpenter president Dean Klisura added that Q1 was a record cat bond issuance quarter.

The growth figure represents a 5-point deceleration on the 9% reported in Q4 2024.

The UK broker is still in talks with Mubadala about a standalone investment in the business.

It is understood that Marsh brokered the tower, which is exposed to claims from a 2024 breach.

The $1bn+ programme renews at 1 May.

Willis said rising energy demand is creating a revival in the nuclear industry.

The broker has recently unified its global financial lines practice.

Adam Russell most recently held the role of head of strategy for global placement.

The broker has also named Andrew Herring chair of the division from next year.

The broker has launched a company market section of the facility called Encore.

Andrew George will report to president and CEO of Marsh Martin South.

Nevill has extensive experience in underwriting at Talbot, WR Berkley and Markel.

Fast Track is led by QBE and backed by Canopius, Arch and Beazley.

The crash is the latest of several losses for aviation insurers in recent months.

Claims in recent months have brought a period of benign loss activity to an end in the class.

Plus, the latest people moves and all the top news of the week.

Single-digit organic growth, robust casualty pricing and tapering margins were all key trends.

The Pacific region led the quarter’s price decline at -8%.

The executive will link up again with former colleague Lucy Clarke in Q2.

Guy Carp CEO Dean Klisura said LA wildfires could slow rate reductions at 1 April.

Organic growth in broking segment Marsh accelerated during the reporting period.

Panellists discussed the softening market, and what would flip the switch on rates.

Rivera will succeed current CEO Carlos Rivera, effective 1 January.

Samer Ahmad was with Marsh for more than seven years.

The Indonesian flag carrier moves during the busy Q4 airline renewals.

The long-serving Aon broker specialises in the placement of cruise portfolios and Norwegian accounts.

Alistair Brighton will succeed Alistair Fraser as CEO for corporate and commercial in the UK.

The facility is backed by Sompo, Brit and Talbot, and benefits from We2Sure’s tech offering.

The promotion is effective as of January 1.

DeWitt was recently VP of financial planning and analysis and head of investor relations at Marsh.

Prior to the event, clients were expecting a “very competitive market environment”.

Organic growth fell by 1 point quarter on quarter and was down by 5 points from Q3 2023.

Elaine Casaprima will serve as CEO of the combined entity.

The broker confirmed Darren Jones and Ian Curtin were also joining the firm.

The transaction will be one of the largest involving two strategics in broking history.

The vehicle provides coverage for non-physical damage BI.

The account is among a handful of airlines that have swapped out their brokers this year.

Kristof De Bremme will relocate from London to Brussels, reporting to Europe CEO Christos Adamantiadis.

The brokers called on the industry to “catalyse” the country’ growth by removing blanket exclusions.

A whitepaper published by the two companies set out measures that could create cyber insurance capacity.

Sources said that the business will be marketed off adjusted Ebitda of ~$500mn, including a title broking asset.

Will Curran is moving into broking after a career in underwriting, mostly at Tokio Marine Kiln.

The duo will be reunited with former colleague Tim Martin.

The facility automatically follows the lead market which offers the lowest quote.

The facility launch comes after Marsh launched its Slipstream marine facility.

The quarter was the first period where prices didn’t increase since the third quarter of 2017.

The executive said challenging loss cost trends were contributing to rate rises.

Earnings per share were up 10%, while the margin expanded by 1.3 points.

Steadfast, AUB and BMS have joined the top 20.

The moves are the latest in a period of personnel upheaval in the energy market.

Seven members of the construction team have resigned, including construction practice leader Patrick Baker.

The executive was due to join Marsh in a similar role.

Loss assessment is ongoing but the event looks likely to be a total loss.

Darren Howlett was a member of Marsh’s relationship management executive leadership.

Renewable energy assets have been plagued by severe weather losses.

Cyber insurance rates for UK clients dropped 12% on average, Marsh said.

He will report to Cynthia Beveridge, global chief broking officer for commercial risk.

Since 1 January, the market’s potential descent into freefall has been closely watched.

WTW is looking to strategically hire across its business, having rebuilt its team following the failed Aon merger.

The broker had been vying with Marsh McLennan and AJ Gallagher.

The broker said the $125mn excess cyber vehicle is now the largest of its kind.

The practice aligns existing capabilities from Marsh Specialty and others.

Global commercial insurance rates rose 1% in Q1, down from a 2% increase in Q4 2023.

The US casualty market was “challenging”, the executive said.

The Q1 figure represents a 2-point acceleration on the 7% reported in Q4 2023.

Graham Knight will become chairman of natural resources.

Rates continue to trend downwards in the D&O class of business.

The move comes as rates continue to decrease in the D&O class.

The broker specialises in Norwegian business for Marsh.

The talks are advanced, and the process is likely to move rapidly.

The move reunites Van Leuven with former colleague Kristof De Bremme.

Marsh Specialty has released its Political Risk Report 2024.

The marine hull market is looking to retain rating robustness in 2024.

The facility was launched in November for grain shipments.

Brokers face pressure on margins as the market’s firming phase slows

Slipstream will be available to marine, cargo and logistics UK clients.

The broker had approached underwriters to consult on additional brokerage of 0.5%.

Insurance Insider reported last year that the facility was relaunching.

Trading on a data-first approach marks a 'new era of innovation', execs said.

Shannan Fort was a partner in McGill’s FI and cyber team.

He spent more than 15 years at Marsh.

The broker also announced Rob Geraghty as her successor.

Falling rates in finpro and increased competition in property drove the trend.

The CEO flagged a trend towards mega settlements and said there was concern around the direction of loss costs.

Property rate increases decelerated to 6% in Q4, compared to slowdowns of 7% in Q3 and 10% in Q2 2023.

The broker’s growth was down 3 points on the 10% reported in Q3 and level with the 7% posted in Q4 2022.

The executive has headed up Marsh’s Pacific region for the last four years, having joined via the acquisition of JLT.

The senior upstream energy broker departed Marsh last autumn.

In October 2023, it was announced that Powell was leaving Marsh to join WTW as the broker’s global chief claims officer.

Discussions include insuring military risks in the field of air and business travel to Ukraine.

The 737 Max fleet was previously grounded in 2019 following the fatal crashes of Lion Air Flight 610 and Ethiopian Airlines Flight 302, when Boeing had a $500mn sub-limit on such claims.

The Global Risks Report 2024, made in partnership with Marsh and Zurich, shows that extreme weather events, misinformation and disinformation are top risk severity concerns.

AIG leads the placement, WTW is the lead broker, with Marsh support, on the JAL account.

The Hartford, Canopius, Newline, QBE, CNA Hardy, Travelers, Hamilton and Volante are participating in the facility.

The broker, who has worked at Marsh since 1989, will report to John Donnelly and Chris Lay.

Gamze Konyar has been promoted from her prior role as head of Marsh’s cyber practice for the Central and Eastern Europe and Eastern Mediterranean regions.

The broker’s global marine team services global premiums of $3.9bn across marine classes.

Canopius will write a 2.5% line on the multi-class facility, while Axa XL will write 1%.

Unity will provide $50mn of coverage supporting the export of grain and other commodities.

Donnelly will take up the role on 1 January 2024 and will be responsible for Marsh’s retail and wholesale broking activities.

This publication confirmed the move in September

The broking executive had a key role in the launch of Marsh’s Fast Track facility.

Commercial insurance pricing remained flat, increasing by 3% globally over the period, the same as the prior quarter.

Marsh cites its primary listing on the NYSE, along with the costs and administrative burdens of listing on LSE, as reasons for delisting.

Current cyber brokerage leader for the US and Canada, Meredith Schnur, will succeed Reagan as cyber practice leader, US and Canada.

Hema Mistry returns to the UK to run the finpro division, following a stint at the broker in San Francisco.

Plus, all the latest company results, executive moves and top news from the week.

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.

Concern around prior-year loss development and social inflation is impacting the market.

Adjusted earnings per share increased by 33% and the group also reported margin expansion.

Sources said a move towards facilities was the latest evidence of market softening in the D&O class.

The executive was Marsh McLennan’s global chief claims officer and will join WTW early next year.

Pat Tomlinson will also step into the role of president and CEO of Mercer and vice chair of Marsh McLennan when his predecessor, Martine Ferland, retires in March 2024.

Upstream energy broker David Patten has also left Marsh.

Jay Payne has been with Marsh since 2019 and was head of retail and cargo sales leader.

Marsh McLennan has also appointed Ailsa King as UK CCO.

On completion, Honan CEO Fluitsma will report to Marsh Pacific CEO Nick Harris.

The broker argued that it was not “reasonable” to overstep its position as broker to Greensill, the failed supply chain finance firm, and provide certain information to White Oak.

Guy Carpenter has succeeded in bringing Ronda into the suit, while Baotic and Nicosia will not be added.

Robson has been named global chairman of credit specialties, both reporting to Donnelly.

The US and Europe have shown concerns over Lloyd’s of London war exclusion wording, the report shows.

Outgoing CEO Brian Hanuschak was named chairman and will remain as a strategic advisor to the MGU.

Areas of focus should include hiring external talent, securing capital for M&A, speeding up US growth, and answering the reinsurance question.

Pat Donnelly has succeeded Lucy Clarke at Marsh, and Adam Garrard at WTW has moved into a chairman role.

Global property cat rates were up 30% during the quarter.

Global property cat reinsurance posted the most notable risk-adjusted rate increases, spiking about 30% on average, with loss-impacted clients seeing higher pricing.

The results represent a return to double-digit expansion following three quarters of single-digit growth.

Kelly Butler will be responsible for the strategic development and delivery of Marsh UK cyber insurance and placement capabilities.

The executive will report to international segment co-heads Adam Clifford and Jason Keen.

The insurance industry is looking to play a part in supporting the rebuild of the war-torn country.

The supply-chain finance firm dramatically collapsed in 2021 after its trade credit insurance was pulled.

There are more examples in the market of more experienced entrepreneurs going out to get capital to start up and "do it themselves”, according to CIO Dan Topping.

The executive was previously co-CEO of First Republic Bank.

Lloyd's chief of markets Patrick Tiernan set out some of the reasons why Lloyd's controversial approach to cyber war segregations could have had a "softer landing".

Miller has made a string of senior hires in its marine team in the past few months.

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.

The broker is targeting to double its revenues to £400mn by 2025.

The broker has hired Tom Summers and Tyler Walsh from Marsh and Adam Carr from Howden.

The first risks have already been bound under the facility, with work to place a further 5% ongoing.

Most lines continued to record price increases, with global rates being propelled largely by rising rates in property insurance.

The broker said pricing reductions might decelerate throughout the year if carriers perceive increased risk.

Plus the latest executive moves and all the top news of the week.

The broker expects the restructure to result in savings of $300mn by 2024.

Primary insurance rate increases were 10% for property in Q1 compared to 7% in Q4.

The broker said US property cat reinsurance rates increased by 40% to 60% in April for clean renewals.

The increased growth from Q4 halts a trend of gradual deceleration experienced through 2022.

The cross-line facility launch – in a generally firm market – suggests that the tech-driven era of facilitisation is continuing to gain pace.

The facility will be the largest to launch since Aon Client Treaty in 2016.

The new facility will provide coverage for all major lines, except motor, and is backed by several A-rated Lloyd’s insurers.

The loss hits a market grappling with social and economic inflation, plus increased reinsurance costs.

Political instability, economic retrenchment, competition for strategic resources and supply-chain diversification are contributing to increasing risk.

The executives bring diverse management experience from energy, motor, publishing and agriculture.

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.

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.

Based in Mexico City, Brockmann will report to Marsh McLennan International CEO Flavio Piccolomini, who took over that role earlier this month.

Lay will lead a new collaborative effort in the region to deliver innovative solutions and greater client impact.

Human rights groups have issued a complaint to a US mediation body alleging that Marsh has violated OECD guidelines for corporate standards.

Once again, cyber had the biggest increase in the quarter, while rates in financial and professional lines fell for the second consecutive quarter.

They will lead a new effort to deliver “innovative solutions” at the intersections of Marsh, Mercer, Guy Carpenter and Oliver Wyman.

The executive noted that the quarter marked the 21st quarter of rate increases.

The charges spanned workforce actions, rationalizing technology and reducing the overall real estate footprint.

The executive said the 1 January renewal was the “most challenging” in almost two decades.

Organic growth has been slowing after a period of bumper double-digit expansion.

Perry will take up his new role alongside his responsibilities as global political risk and structured credit leader at Marsh Specialty.

Under the terms of the renewal, the brokers made several concessions to underwriters, including making PV and SRCC risks prior submit, rather than automatic delegation.

In his new role, Knowles will report to Lucy Clarke, president of Marsh Specialty, and will relocate from London to New York in Q2 2023.

In the past two years, the broker has seen more captive uptake than any point since the 1980s.

Announcements and interviews at the UN conference have shed light on the tools emerging to help carriers decarbonise their underwriting portfolios.

It is understood that Wilson will join Marsh as a vice president, having previously worked at UIB, International Risk Solutions and Aon.

In addition, the executive will be eligible to participate in the company's long-term incentive program with a target grant date value of $11.1mn.

Christos Adamantiadis succeeds outgoing CEO Siegmund Fahrig, who will retire at the end of the year.

Former renewables head Hamish Roberts has moved to work as growth leader for the broker in the UK and Ireland.

Marsh McLennan is mobilising the insurance industry to support the UN’s Race to Resilience initiative, starting by featuring 17 climate adaptation projects.

Cyber saw the biggest increase in the quarter, while financial and professional lines saw a slight reduction.

Anthony Siggers previously held a number of senior positions at WTW, including global head of broking operations, technology and analytics.

Marsh CEO Martin South added that the broker expected to see property rates easing, but "the reverse is going to be true."

Guy Carpenter is lining up for a challenging 1 January renewal, but hard conditions may ultimately prove a tailwind.

The broker continued to expand margins and posted adjusted earnings per share slightly above analyst expectations.