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Regulation is one of the driving forces for most small brokers to sell.
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Michael Yeats will now lead the automatic reinsurance facilities division in the US.
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He will report to Kelly Superczynski, Aon’s global head of capital advisory.
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The consideration in this deal will also include $2.2mn of Ryan Specialty Class A common stock.
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Aon’s CEO said the business was formerly “very underweight” in the middle market.
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The practice aligns existing capabilities from Marsh Specialty and others.
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This publication revealed the appointment in November last year.
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Eric Paire has been at Aon since 2018, having joined from Guy Carpenter.
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The broker attributed increased capacity to improving profitability.
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This follows the broker’s report last year, which also found a “notable uptick” in claims.
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Leahy has worked in the London market for almost a decade.
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The RfP covers the CEA and/or the California Wildfire Fund.
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If you only read a handful of stories this week, make it the selection below.
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The exit follows the broker moving its Climate Risk Advisory function into its Risk Capital segment this year.
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The former MS Re CUO brings over 30 years of industry experience.
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Mike Smith will step down from his role on 31 March.
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Ryan entered into a £200mn currency forward to manage the appreciation risk of the Castel deal.
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The broker had approached underwriters to consult on additional brokerage of 0.5%.
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The end of the waiting period effectively clears the path to close in the US.
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The broker’s $47bn DoJ fine had “no material impact” on profits.
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The ratings agency said P&C insurers must "push through" price increases.
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Plus all the latest executive moves and the top news of the week.
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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 probe concluded in Q4 last year, according to Gallagher’s 10-K.
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The hire has 20 years’ experience in asset management and corporate finance.
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The CEO said winning back clients “validated” the broker’s approach.
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Ditte Deschars will be moving into the chairperson role for EMEA.
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The transaction will reduce the firm’s reliance on private debt deals.
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The executive has headed up Marsh’s Pacific region for the last four years, having joined via the acquisition of JLT.
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A deal would mark Amwins’ second LatAm sale, after this publication revealed that Lockton acquired THB Brazil last May.
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The executive will lead for the EMEA region in its strategy and development business segment.
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2023 was the fourth consecutive year insured cat losses surpassed $100bn.
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In October 2023, it was announced that Powell was leaving Marsh to join WTW as the broker’s global chief claims officer.
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Discussions include insuring military risks in the field of air and business travel to Ukraine.
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Wind and tornado in the US may already have led to losses in the hundreds of millions, according to Aon’s report.
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The broker grew by 35% in 2023 and is looking to reach gross written premiums of $1.4bn by 2026.
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The incoming executive previously spent 17 years at AIG, most recently as head of financial lines for MENA.
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The broker said over-placement on some deals was a positive sign for brokers, though reinsurance capacity is still very tight in some areas.
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The CEO also disclosed that the break fee on the takeover is $250mn.
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It is understood that AUB’s investment in Mexbrit includes the broker’s marine-focused MGA subsidiary Forte Underwriters.
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The executive joined Gallagher in 2015 as COO of its international division.
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The broker is hiring in energy following the departure of several downstream brokers for Price Forbes.
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Business lines offered include P&C, marine, construction, cyber, trade credit, financial lines, and energy plus employee benefits services.
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The broker’s global marine team services global premiums of $3.9bn across marine classes.
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The brokers will work in the contingency team headed up by Ian Tomlin.
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The GBC in London will be led by Mark Parker, supported by Cynthia Beveridge, as Joe Peiser moves to London.
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The senior broker said it will take time for clients to return to the market.
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To help you keep track of investment activity in the UK's private broking sector, Insurance Insider has mapped out the important relationships between the key players and their capital providers.
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Unity will provide $50mn of coverage supporting the export of grain and other commodities.
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Interim UK CEO Kate Roy will step down from the position but retain her role as group COO.
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The deal comes over a year after this publication revealed that the companies were in takeover conversations.
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The broking executive had a key role in the launch of Marsh’s Fast Track facility.
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Marsh cites its primary listing on the NYSE, along with the costs and administrative burdens of listing on LSE, as reasons for delisting.
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The unit almost doubled its organic growth rate from 11% in Q2, while in Q1 the division posted 12% organic growth.
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Current cyber brokerage leader for the US and Canada, Meredith Schnur, will succeed Reagan as cyber practice leader, US and Canada.
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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.
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Concern around prior-year loss development and social inflation is impacting the market.
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The executive brings more than 25 years of global reinsurance broking experience to the new company.
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Bohm joins from Swiss Re Capital Markets, where he was head of structuring for the Americas.
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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.
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It is understood that Padin will take on a treaty role overseeing client relationships across LatAm and the Caribbean while Martinez will lead fac re for Central America.
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Mark Shumway joins from Howden Capital Markets, where he has been managing director since 2020.
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Mark Jenkins becomes chairman of the global credit and political risk team.
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Francisco Torres joins UIB as CEO of the Miami operation after a stint at Price Forbes and Ed Broking.
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The rebrand aims to unify and simplify the business structure under a single global executive.
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The leadership change follows Howden’s landmark acquisition of TigerRisk at the beginning of the year.
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The former owners of AFL Insurance Brokers have been ordered to pay damages totalling £6.1mn after being found guilty of fraud and of breaching director duties.
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The news comes a few weeks after this publication revealed that UIB was in advanced discussions to take over local broker South Re.
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Nichols joins from Aeolus Capital Management, where he’d served as a portfolio manager after previously spending nearly a decade at Guy Carpenter.