WTW

The broker spent much of his career serving multinational clients.

Shares were trading down 6% following the publication of the broker’s Q1 results.

The broker reported new business and increased retention in aerospace, financial solutions and natural resources.

The WTW D&O liability 2023 survey canvassed directors and risk managers in 40 countries around the world.

The move marks a return to growth in fac for the broker after heavy talent attrition during Aon’s attempted takeover.

The number of global firms surveyed in WTW’s report that purchased political risk cover surged to 68% in 2022 from 25% in 2019, as the Ukraine war changed the geopolitical outlook.

Based in London, Artunduaga has served as Aon’s LatAm network leader. In addition, Chile-based Jose Necochea, Victor Padilla and Andres Claro will move to WTW.

The offshore construction market was identified by the broker as being “inherently unprofitable”.

Hardening has recommenced in the market, although conditions vary depending on client, according to WTW.

WTW’s survey cites regulatory risk, health and safety precautions and bribery and corruption on the list of top D&O risks.

WTW said driver shortages continue to force contractors to use younger, often less experienced drivers, potentially putting upward pressure on losses.

WTW only gained majority ownership of the India operation last year, meaning it did not transfer in the wider Gallagher acquisition.