WTW
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The executive said expansion was driven by retention and new business.
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CEO Carl Hess hailed a “solid” first quarter of results.
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High cash-burn, the dearth of available leaders, and weaker market conditions all point to shelving.
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The US regulator faces litigation from both sides of the climate issue.
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Dussuyer has also been appointed head of corporate risk and broking France.
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WTW predicted that ‘meaningful softening’ could creep into energy markets during the year.
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Increased reinsurance retentions left some insurers with their worst net results in a decade.
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In his new role, Harrison will report directly to Adam Garrard, global head of risk & broking.
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Graham Knight will become chairman of natural resources.
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There were 166 deals over $100mn and 34 deals over $1bn in the first quarter of the year.
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Hear the latest from the marine market as it weighs up the implications of the bridge collapse in Baltimore. Early indications are the claim could eclipse losses from Costa Concordia, stretching into the billions.
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WTW said the rise of the risk from health and safety was “surprising”.
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The executive said that adequate rates were encouraging insurers to grow.
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Welcome to the first episode of Behind the Headlines, a fortnightly podcast hosted by Insurance Insider's senior reporter Sam Casey.
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WTW and Tysers collaborated with PPL to design and implement the pilot.
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The facility offers a range of $25mn-$50mn in excess capacity.
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The facility is backed by a host of Lloyd’s syndicates.
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The CEO said winning back clients “validated” the broker’s approach.
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Risk and broking was driven by new business, client retention and rates.
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The executive will work to grow the broker’s affinity proposition in the UK.
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Storm Ciarán incurred insured losses of EUR1.9bn, according to WTW’s natural catastrophe report for July to December.
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Michael Creighton joined WTW in 2019 as an executive director within the financial solutions team.
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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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Nearly 80% of transportation companies surveyed cited a lack of access to insurance solutions and a lack of data to understand supply-chain risks.
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The broker said there was a “record level of dry powder” waiting to be deployed.
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He replaces Mark Stephenson, who is leaving Liberty to join Ardonagh.
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AIG leads the placement, WTW is the lead broker, with Marsh support, on the JAL account.
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The broker is hiring in energy following the departure of several downstream brokers for Price Forbes.
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The brokers will work in the contingency team headed up by Ian Tomlin.
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The broker said reinsurance capacity has contracted over the past 18 months, and the once-diamond-hard aviation war market has started to soften.
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WTW also said private equity will continue to dominate the M&A landscape in 2024, with firms sitting on “over $2tn in dry powder” which is ready to deploy.
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The broker said it anticipated new entrants in the downstream class following a profitable 2023.
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The senior broker said it will take time for clients to return to the market.
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The executive joined family-owned Lockton in 2020, as director of energy within the South Florida-based Latin America and Caribbean team.
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SEC filings show that, in Q3, the activist shareholder liquidated its remaining 508,880 shares in WTW — worth around $120mn at the end of Q2.
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A-Star offers up to $80mn in additional capacity for D&O liability insurance.
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WTW conducted a snap poll at the broker's European Insurance Leaders’ Forum in Brussels, canvassing 75 insurance industry leaders from more than 45 companies.
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The broking executive had a key role in the launch of Marsh’s Fast Track facility.
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Work is at an exploratory stage, with efforts focused on London specialty and US P&C mid-market expertise.
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The broker’s Q3 organic growth was driven by specialty lines, including fac financial solutions, natural resources, surety, construction and aviation.
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WTW said that new staff were ramping up revenue production, following a period of investment in talent.
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The exercise is understood to involve mainly junior and non-broking staff.
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The executive was Marsh McLennan’s global chief claims officer and will join WTW early next year.
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Despite an upswing in deal activity, large deals have continued to see a steady decline in volume that began in 2021.
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Survey participants said "much work remains post-implementation".
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Besides reinsurance broking, MGAs and MGUs, affinity is another segment where WTW can scale its operations, the executive noted.
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WTW has highlighted that global climate change-related litigation cases have doubled to more than 2,000 since 2015.