Marsh McLennan
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With pricing surpassing a previous peak in 2002, new entrants and established carriers vied to secure business.
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The broker said there was “genuine pressure” for downstream rate reductions, whilst renewable rate rises were single digit.
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The broker’s political risk report has highlighted the competing interests between countries for ownership of untapped natural resources and space exploration.
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It is understood that the Marsh and Aon Alpha facilities are those with the most exposure to the war in the Ukraine.
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Until recently, the executive served as Marsh’s corporate strategy and sales regional leader based in Colombia.
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The move is one of the first signals that the PV market anticipates industry insured losses from the conflict are already at $1bn or more.
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The broker said the war in Ukraine and loss cost inflation were adding pressure to an already challenging market.
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“We like where we are positioned right now in terms of the performance of some of that strategic hiring,” Glaser told analysts.
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On an investor call for the broker’s Q1 results, Marsh McLennan COO John Doyle indicated overall pricing trends for Q1 ahead of the full index.
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The company disclosed a $0mn loss from its risk & insurance services unit and a $12mn charge from its consulting business.
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Guy Carpenter CEO Dean Klisura outlined challenges for reinsurance buyers, due to the war’s impact, on a Marsh McLennan investor call.
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First quarter results are being watched closely amid global macro-economic turbulence after a bumper 2021.
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