North America
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The agency forecasts up to five major hurricanes and 19 named storms. -
Two large storms hit the Midwest and Ohio Valley regions on 14-17 May and 18-20 May.
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The executive will take the global role alongside his existing US responsibilities.
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The underwriter has held positions at The Hanover, Liberty Mutual and Zurich.
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Broker facilities and increased US domestic appetite are accelerating the softening.
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As with 2024, pricing pressure has been most acute on top layers.
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Tornadoes have killed at least 32 people in three states.
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Sources said MarshBerry was retained earlier this year to run the sale.
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Are intermediaries facing tougher times as the broking supercycle winds down?
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Michael Brooks, SVP, head of transactional liability, will be taking over temporarily.
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The programme will succeed the previous buyback launched in 2023.
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The revision is significantly lower than the $4.5bn October estimate.
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