Marsh McLennan
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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.
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Property, cyber and workers’ comp rates were all down mid-single digits, offsetting casualty hardening.
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The broker’s new business and client services division is targeting $400mn of savings.
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Earlier this week, the broking house announced a rebrand to Marsh.
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Guy Carpenter will rebrand as Marsh Re, as a new central tech/operations unit is created.
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Plus, the latest people moves and all the top news of the week.
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Willis claims at least two $1mn accounts were also unfairly lost to Howden.
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Sources said Marsh Specialty UK growth leader Lizzy Howe will lead the operation.
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The aviation market has experienced a run of large losses this year.
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According to McKinsey, the projected spending on data centers is expected to hit $6.7tn by 2030.
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Ex-Western Europe CRB head Alberto Gallego and colleagues left for a Marsh joint venture.
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Company said defendant ‘distraction’ can’t make up for flimsy arguments.
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After spending 20 years at Aon, Goodman will start a senior executive position with Guy Carpenter.
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Parrish, now Howden US CEO, and his colleagues said they didn’t violate contracts.
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Patton Kline succeeds Glod as US aviation and space practice leader.
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A key hearing in the poaching case is set for 4 September in New York.
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US retailers have various levers to pull to put pressure on potential new competitors.
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The broker has been on an aggressive hiring spree overseen by Lucy Clarke.
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However, group organic growth among public brokers has slowed to pre-pandemic levels.
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The plaintiffs seek a declaration that part of Marsh recruits’ restrictive covenants are unenforceable.
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The suit asserts the raid will cause “incalculable harm” to the broker.
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Plus, the latest people moves and all the top news of the week.
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The broker is looking to move as much of the book away from its adversary as possible.
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The lawsuit claims more than 100 employees left with Parrish and his three reports.
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Staff targeted include producers that channel business through Howden’s London wholesale arm.
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Property rates declined by 7% globally in the second quarter.
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The expansive European broker is targeting Mike Parrish’s team and former McGriff staff.
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Claims were concentrated in the US, with a significant increase in D&O class actions.
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The technology will help analyse growing and emerging risks, especially climate change.
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Total revenues grew 12% due to the contribution from acquisitions.
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The latest hires follow Rob Hale’s move to Willis.
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The broker made several senior energy hires from Marsh last year.
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Marsh’s property book saw an average decline of 9% in Q1, a trend that appears to have continued through Q2.
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Willis has been adding brokers to its aviation unit in Europe and the US.
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Clients are increasingly using captives because of uncertainty around long-term capacity commitments.
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Gallagher, Marsh and Aon also faced sizeable outstanding premium payments as at Q4 2024.
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The claim hits the downstream market following a loss-hit start to the year.
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He was most recently Marsh’s US manufacturing and automotive practice head.
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Premium rose across the top 15 P&C risks in 2024.
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The facility, backed by six global cyber insurers, offers limits of as much as EUR5mn.
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Brokers across London and Bermuda have handed in their notice to join the start-up reinsurance broker.
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Saul Nagus is the latest from Marsh’s aviation unit to join WTW.
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Marsh McLennan canvassed finance directors and sales leaders across a range of sectors.
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Willis has made a series of aviation hires on both sides of the Atlantic in recent weeks.
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The broker replaces Louise Nevill, who is joining Axa XL as CUO for specialty.
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The broker has also held positions at JLT, Towergate and THB.
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Ransomware threat actors are continuing to attempt ‘smash and grab’ attacks.
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The executive led Ferma for 10 years.
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Christian Kitchen had been at Travelers since October 2022.
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The pair add to the roster of aviation-focussed hires at WTW.
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The hires form part of WTW’s build-out of its US aviation practice.
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The only major product line to see rate increases was casualty.
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Marsh alleges Aon also went after its clients as well as its employees.
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California wildfires had ‘little or no impact’ on property cat pricing at April 1, Dean Klisura said.
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Guy Carpenter president Dean Klisura added that Q1 was a record cat bond issuance quarter.
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The growth figure represents a 5-point deceleration on the 9% reported in Q4 2024.
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The UK broker is still in talks with Mubadala about a standalone investment in the business.
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It is understood that Marsh brokered the tower, which is exposed to claims from a 2024 breach.
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Willis said rising energy demand is creating a revival in the nuclear industry.
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The broker has recently unified its global financial lines practice.
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Adam Russell most recently held the role of head of strategy for global placement.
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The broker has also named Andrew Herring chair of the division from next year.
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The broker has launched a company market section of the facility called Encore.
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Andrew George will report to president and CEO of Marsh Martin South.
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Nevill has extensive experience in underwriting at Talbot, WR Berkley and Markel.
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Fast Track is led by QBE and backed by Canopius, Arch and Beazley.
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The crash is the latest of several losses for aviation insurers in recent months.
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Claims in recent months have brought a period of benign loss activity to an end in the class.
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Plus, the latest people moves and all the top news of the week.
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Single-digit organic growth, robust casualty pricing and tapering margins were all key trends.
