WTW
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Simon Delchar will become global head of placement. -
Tony Simm will report to Garret Gaughan, global head of direct and facultative.
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Jon Thacker has been at WTW for 20 years, specialising in construction.
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Adam Garrard will cover his responsibilities on an interim basis.
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WTW will hold a significant minority stake in the start-up with an option to acquire complete ownership over time.
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WTW sold Willis Re to Gallagher in 2021 for $3.5bn.
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The global market is stabilising and softening, and casualty and specialty lines are generally stable, the CEO said.
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The broker posted a net loss of $1.67bn including pre-tax non-cash losses.
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Benign claims activity and increased capacity are contributing to “competitive pressures”.
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The WTW president of risk and broking is the first woman to hold the role in the institute’s history.
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The broker will take a charge of $1.6bn-$2.1bn relating to the sale.
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Baudouin is transitioning to a chairman position in Mexico.
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