WTW
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The agreement ends non-solicitation action against the team of brokers, led by Cameron Roe and chairman Tony Phillips. -
The broker’s head of corporate risk and broking for GB also said that not all wholesale brokers would survive in the digital world.
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The competition regulator’s investigation looks to be a procedural matter that will allow the Willis Re saga to conclude.
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The pair are the latest to exit the facultative department at Willis after a stream of senior departures.
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The Competition and Markets Authority will investigate whether the deal lessens competition in the UK.
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Following the collapse of its merger with Aon, Willis Towers Watson is being targeted by activist investors.
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More than half of deals completed this year exceeded $1bn in value.
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The broking giant has spent the past eight weeks executing on the strategy it developed for the combined firm.
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The new hire is to take a role in Miller’s South African fac business.
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Previously, Hess had earned $650,000 a base salary and was eligible to receive a short-term incentive bonus worth 90% of his annual salary.
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The brokerage firm said that $4bn increase comes in addition to the $500mn remaining on its existing share repurchase program.
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The former security chief also highlighted the threat posed by cyber risk to increasingly autonomous ships.
