Aon
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The deal cleared a major antitrust hurdle two months ago.
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The most extensive damage was caused by rainfall in Texas, Louisiana, Mississippi and Florida.
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The executive will report to Aon North America CEO Jennifer Bell.
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Eric Paire has been at Aon since 2018, having joined from Guy Carpenter.
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The executive will report to Aon Northeast region leader Christine Williams.
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Erich Lowe most recently served as SVP with Aon’s property practice.
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The exit follows the broker moving its Climate Risk Advisory function into its Risk Capital segment this year.
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Insurance Insider US examines public brokers’ 2023 M&A.
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He was executive managing director in Aon’s wholesale treaty team.
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As of Friday morning, the Smokehouse Creek fire was 5% contained, up from 3% yesterday.
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The end of the waiting period effectively clears the path to close in the US.
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The exec was speaking alongside Doug Hammond after Aon agreed to buy NFP.
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The broker has been adding to its capabilities in the region.
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The pace of price decreases has eased since Q2 last year.
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The broker wants to “draw a line under the issue” and trade forward.
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Growth driven by 14% expansion in reinsurance solutions division.
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The committee claims Chaucer waited until it had ‘maximum leverage’ over other debtors.
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Jose Antonio Álvarez served as group CEO of Santander from 2015 to 2022
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The parties also signed a release of claims arising from the Vesttoo fraud.
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The transaction would have been one of the largest the market has seen for years.
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The broker’s latest climate report tallied global insured cat losses at $118bn.
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“We're certainly much more optimistic than we've been at any point probably over the last five years,” he told this publication in an exclusive interview.
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The broker’s report also hailed the best risk-adjusted margins for ILS investors in a decade.
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Separately, sources said Swiss Re Miami-based head of auto overseeing the motor portfolio for the LatAm region Carlos Ricci has also left the reinsurer.
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NFP will need to be brought close enough to realize the benefits, but not so close its talent feels smothered.
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The CEO also disclosed that the break fee on the takeover is $250mn.
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Sources suggest that Aon has been proactive in weighing acquisitions since Q4, with a US mid-market platform the obvious gap.
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The deal is expected to close in mid-2024 and will be funded by $7bn of cash and $6.4bn of Aon stock.
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Nancy Woode and Erinn Pearson most recently worked at McGill and Partners and will be based in Aon’s Atlanta office.
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The lawsuit, filed Thursday on behalf of Clear Blue and its subsidiaries, alleges that Aon conducted insufficient due diligence on the ILS InsurTech.
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The CEO anticipates reinsurers to continue focusing on attachment levels and that appetite for specialty classes will be higher.
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The appointment follows Aon's recent hiring of Jeff Alpaugh, formerly Marsh McLennan’s US chief country officer, as president for North America.
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As part of the changes, former Andean CEO Alejandro Gregory will take over as LatAm chief commercial officer.
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In tandem, the firm elevated Cynthia Beveridge as global chief broking officer for commercial risk.
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Broker and commercial carrier trends separate as inflation slows but rates stay elevated.
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The five-person underwriting team will be led by Ian Lewis, who has been named head of intangible assets.
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Aon’s Global Risk Management Survey also places failure to attract or retain top talent in the fourth spot.
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Aon’s three-year plan will allow the firm to go “further faster” in serving clients with increasingly complicated needs, as well as creating additional operating leverage that will create the opportunity for Aon to deploy capital more broadly, CEO Greg Case told this publication.
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Inside P&C runs you through the highlights and exclusive news broken by our team this week.
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The decline marked the sixth consecutive quarter of double-digit pricing declines.
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Current EMEA CEO Eduardo Dávila is to leave the firm to “pursue the next chapter” of his career.
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Jeff Alpaugh spent 34 years at Marsh McLennan, last serving as its US chief country officer.
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The 3x3 plan takes the things about the firm over the last decade that have been distinctive and intensifies them.
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The plan is projected to deliver savings of $100mn in 2024, $250mn in 2025 and $350mn in 2026.
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Aon’s three-year plan will allow the firm to go “further faster” in serving clients with increasingly complicated needs, as well as creating additional operating leverage that will create the opportunity for Aon to deploy capital more broadly, CEO Greg Case told this publication.
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The broker’s share price fell by around 4% after the announcement of its Q3 results and extended restructuring program.
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The group will look to deliver more integrated solutions to clients through increased tech spend, and will look to scale back headcount.
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Creditors already have authorisation to access Vesttoo’s data as part of their investigation.
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The executive remains based in New York and will report to Jennifer Bell, Aon’s CEO of North America, and to Joe Peiser, CEO of CRS.
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The motion seeks discovery of information and documents about the structure and operation of White Rock’s cells.
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Broker consolidation, angst about loss trends in long-tail lines and the confidence of the E&S market were key themes in Colorado Springs.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The business has engaged with the AssuredPartners process, and has also met with a range of other private brokers including Galway and NFP.
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Nichols joins from Aeolus Capital Management, where he’d served as a portfolio manager after previously spending nearly a decade at Guy Carpenter.
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A Delaware judge has ruled in favour of Vesttoo’s automatic stay in the bankruptcy case.
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In the initial court documents, Aon alleged its rival broker and former head of PFI “conspired unlawfully” to recruit key members of the team.
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Data from the broker indicated that around 70% of global losses were driven by SCS, with events in the US causing $35bn of insured losses over H1.
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The executive also recommitted Aon to its mission around creating net new markets – including growing IP – in the wake of the Vesttoo issues.
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The Aon transformer is seeking information on the origins of alleged fraudulent letters of credit.
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Carriers continue to adapt their appetite, capacity deployment, coverage language, attachment points and pricing to manage portfolio performance.
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Sources said Baron is joining Price Forbes after nearly seven years at Aon, where he was managing director based in South Florida.
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The firm’s interim CEO Ami Barlev has argued that, with Vesttoo’s weekly expenses being $360,000, freezing assets above $1m would be “catastrophic for the company”.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The broker has also appointed Paul Shedden as head of advanced risk analytics for its Risk Capital business.
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The ILS transformer platform claims Vesttoo is in breach of shareholder agreements.
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The question of how to finance the private brokers no longer begins and ends with a PE flip.
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Differences in business mix and definitions yield differing trajectories for brokers, but in the absence of a recession, we may see continued margin improvement.
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Some 81.5% of policies renewed with the same limit and deductible, marking a return to historic levels after bottoming out in Q3 2020. Among those policies, the average price decrease was 13.8%, while the average price increase was 30.2%.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The broker said it believes it has meritorious defenses and intends to vigorously fight the claims and seek recourse against third parties where appropriate.
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Depressed M&A activity is a headwind likely to impact Aon for the remainder of the year.
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The growth figure represented a 1-point deceleration from the previous quarter.
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The scale of the coverage offered by the firm means buyers in the emerging line of business face a challenge to swap out their capacity.
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Areas of focus should include hiring external talent, securing capital for M&A, speeding up US growth, and answering the reinsurance question.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The firm said it had identified two specific transactions in which “collateral inconsistencies” were in question.
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The coverage is designed to reduce the island’s obligation to the US Federal Emergency Management Agency.
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At this week's Bermuda Climate Summit, speakers heralded the Island's future as a centre of excellence for climate-related innovation and risk transfer.
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The broker estimated there was a 7% uplift in alternative capital and a 5% recovery in traditional equity.
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The broker’s latest report finds stability but continued price discipline in most lines and regions.
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The broker has also announced several internal promotions, including Jack Snowden’s to lead the GRC London team.
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The broker has published research identifying transformative trends in the insurance industry.
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The broker said the risk from wildfire is also set to increase substantially.
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The broker will report directly to Greg Case and move away from day-to-day client responsibilities.
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Other appointments in the team include Nick Ayres as chairman of global credit and Doug Espenson named as head of US mortgage.
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Mayer will manage a global centre of excellence for parametric products and report to Paul Schultz, CEO of Aon Securities.
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Everest Re’s $1.5bn capital raise could be part of a continued pivot, or an early indicator of a shifting marketplace.
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The broker said it intends to vigorously defend itself against Aon’s allegations concerning the departure of fac re employees.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Aon claims that Alliant has poached around 32% of Aon’s facultative reinsurance group, including 18 of the 25 Aon employees in the casualty fac team at all levels.
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Thomas Uzzo brings more than a decade of industry experience to his new role.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Risk capital comprises commercial risk and reinsurance, with human capital covering health, wealth and talent.
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Though strong growth continues, the future is less clear as driving forces potentially run out of steam.
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The scale of reductions is increasing as the class of business experiences its fourth consecutive quarter of rate falls.
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The broker also said it grew in fac, as well as in its strategy and technology group.
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Aon’s results continue a trend of accelerated organic growth among brokers in the first quarter.
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The appointment comes after a slew of cyber reinsurance brokers left Aon to join Howden.
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Aon expects depleted shareholder equity to be restored over time via higher retained earnings and the ‘pull-to-par’ effect of bonds approaching maturity.
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Based in New York, the executive will lead over 500 employees worldwide to boost Aon’s insurance consulting capabilities.
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Total economic losses came in well above average, driven by the earthquake in Turkey.
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Smith served as chief accounting officer, chief compliance officer and senior advisor at Goldman Sachs before retiring in 2021.
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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.
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Reinsurers achieved an average ROE for 2022 of 5.2% – far below the cost of capital – in what Aon described as a “poor year for reinsurance sector earnings”.
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Inside P&C’s news team runs you through the key highlights of the week.
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The executive joins Lockton Re after almost 11 years at Aon Benfield, where he was treaty broker based in Chile.
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Sources suggest that Aon has been proactive in weighing acquisitions since Q4, with a US mid-market platform the obvious gap.
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Bolig has been executive managing director at Aon since 2014.
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Inside P&C takes a deep dive into public brokers’ M&A activity in 2022 as Q4 earnings season comes to an end.
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The new CEO is perpetuating what has worked in his predecessor’s strategy and refining certain elements.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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M&G investments has committed the capital through its Catalyst private assets strategy.
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Paul Chirchirillo has spent the last eight and a half years as a managing partner at WTW.
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The market has quickly moved away from dramatic hardening in 2020 and 2021 following an influx of capacity.
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The firm’s results and guidance show resilience in the face of economic headwinds.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The broker’s president also noted a stabilization in primary pricing outside of property.
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Commercial risk solutions’ Q4 organic growth dropped 8 points year on year to 4%.
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WTW has appointed Pieter Van Ede as global head of trade credit, in a move the broker said demonstrated its commitment to growth in the class of business.
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Before the move, the executive spent 12 years at Aon working as a reinsurance broker based in London.
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The broker found that the insured-loss figure for 2022 was nearly 60% higher than the annual average over the 21st century.
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The non-profit initiative will broaden to include cyber and casualty after successful tests on property reinsurance placements.
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Moore is Aon’s global excess casualty practice leader in New York, a role he has held since July 2022.
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The broker also predicted elevated demand for all forms of ILS capital throughout 2023.
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Increased interest rates and unfavorable market conditions led to reduction in capital issuance activity in the P&C insurance industry in 2022.
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In each case, the broker asked the judge to dismiss with prejudice, barring the parties from bringing the disputes to another US court.
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Although 2022 was on balance, a good year, macro-economic issues such as a slowing economy, falling employment, and loss cost reversion could create an overhang for 2023.
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The broker has pegged the global reinsurance supply demand imbalance at $20bn-$30bn.
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The broker said clients can move fast in a harder market but need time to review quotes.
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The transaction will add Latin American hurricane and earthquake modelling capabilities to Aon’s product suite.
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In Q3, 46% of primary policies renewing with the same limit and deductible received a price decrease, while 16% received a price increase, according to Aon.
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The brokers asked the judge in the case for a 30-day extension to finalize settlement terms in Aon’s suit against WTW.
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CEO Greg Case said dislocation in the reinsurance market created “tremendous opportunities” for the firm.
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Inside P&C’s news team runs you through the key highlights of the week.
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The organic growth figure came in below that of major rivals Marsh McLennan, WTW and Gallagher.
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As the super-cycle slows and the economic landscape becomes more uncertain, brokers will face pressure, though a cooling labor market may aid margins.
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Only one-third of survey participants said they felt prepared for a possible recession.
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Preliminary total economic losses this year through Q3, including an initial view of Hurricane Ian based on publicly available estimates, were $227bn.
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The executive joins Aon after three years at IT security company vArmour, where she served as SVP and adviser to the CEO.
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Some reinsurers are in “business as usual” mode after Hurricane Ian, while others are pausing to assess the event, as it is too early to tell how cat risk appetite will change, the broker said.
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The brokers are working on finalizing the terms in a written settlement agreement, which could be filed within two weeks.
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Steve Bowen will work closely with the Gallagher Research Centre, which was launched just yesterday.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Aon’s reinsurance solutions CEO, Andy Marcell, said the loss ratios of treaties managed by the brokerage firm performed “pretty well” in the past 10 years.
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The team will offer strategic consulting and technology solutions, starting with clients in property, casualty, life and reinsurance.
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The board expects to appoint Karaboutis to the audit committee.
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The executive joins Aon after 16 years at European reinsurer Scor, where he served as Caribbean market manager.
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Prior to his promotion, the executive served as project solutions national practice leader
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The executive brings more than 15 years of industry experience, having worked for Neon and Validus Reinsurance.
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The new deadlines set last week after a hearing suggest that recent settlement negotiations between the brokers to end the case via private mediation did not come to fruition.
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CFO Christa Davies will also take responsibility for Aon Business Services as Simon transitions to the industry.
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Inside P&C’s news team runs you through the key highlights of the week.
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While still too early to assess the damage fully, Aon believes the impact on property, infrastructure and agriculture will be significant.
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Public companies’ primary prices renewed with the same limit and deductible were down 0.5% year on year in Q2 2022, marking the first decline in 17 quarters.
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The discovery process will run through August and September, and the court will hold a hearing on Aon’s motion for a preliminary injunction on October 12.
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The broker said inflation should positively impact its ability to navigate another recession.
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Initial loss estimates from convective storms and flash flooding place the economic impact in the hundreds of millions, although Aon warned losses may rise further.
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The broker reported organic expansion slightly below rivals Marsh McLennan and AJ Gallagher.
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Gartner accuses the broker of breaching its fiduciary duty and negligent misrepresentation for selling policies that didn’t cover its losses from pandemic-canceled events.
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While brokers continue to report positive earnings, the possibility of a downturn shouldn’t be discounted.
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The first six months of the year also saw more billion-dollar loss events than average.
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The complaint was filed on July 14 in the Superior Court of Suffolk County in Massachusetts.
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Inside P&C’s news team runs you through the key highlights of the week.
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Industry veteran John Katilus is joining from Marsh, where he last served as SVP, specializing in the renewable energy sector.
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The sector was hit by a rough first half of 2022, with more to come in the second half of the year.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The executive will join Aon as head of global digital placement platforms.
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Reinsurer capital fell 8% in Q1 to $645bn on the back of mark-to-market losses, as nat-cat capacity contracted materially for the first time since the 2004-2005 hurricane season.
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The brokers expect to reach an out-of-court agreement to end the poaching case in south Florida within two weeks.
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Brokers may face pressure as the pricing cycle turns and estimates fail to keep up.
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The industry veteran replaces Melissa Thomas, who took over the Cayman business a year ago.
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Market dislocation and macroeconomic disruption were listed as the second and third most prominent risks, with the economic environment as a key concern.
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Sentiment scores are down across the industry, indicating pessimism regarding inflation and the economy.
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The Warren Buffett-led conglomerate also remained firm in its position in rival broker Aon.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The broker promoted Eduardo Hussey to succeed Gregory as part of the leadership changes in Miami.
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Rate rises in the commercial lines market have decelerated in most insurance markets, but executives expect increases to remain above loss costs for some time.
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The broker put ILS capital at $96bn by year end, $1bn lower than mid-2021 but ahead of its $94bn year-end 2020 estimate.
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The figure marks a slowdown from the last three quarters, when price increases registered at 3.7% in Q4, 7.3% in Q3 and 14.2% in Q2 2021.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Inside P&C’s news team canters through the week’s key developments.
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The broker said it planned to ramp up investment for hiring talent, as well as developing employees with improved analytical and technological tools.
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The broker posted earnings per share ahead of analyst expectations and expanded margins.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The figure made 2022 the sixth consecutive year in which Q1 losses topped $10bn.
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Through the collaboration, the two companies will work together to help clients with their investment strategy decisions by providing data sets, analytics and insights into ESG portfolio-level exposures.
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Sources said that the Los Angeles, California-based team joining Hub includes Juliana Selfridge, Michael Glees, Belen Olloqui and Katelyn Kiblinger.
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The brokers asked the judge to delay some pre-trial conferences by two weeks as they could obstruct the settlement negotiations.
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The brokers asked a judge to adjourn the conference set for Thursday after reaching an agreement to settle the case.
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Aon’s E&O and Cyber Market Review found that between Q1 2019 and Q4 2021, ransomware attacks surged 323%.
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Muñoz will also take over the role Aon Latin American reinsurance solutions chairman, reporting to global reinsurance CEO Andy Marcell.
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The executive served as managing director and risk leader in the East region for three years, based in Boston.
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The executive had served as head of US client engagement at AIG since 2018.
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The CEO says shortfalls exposed by responses to the pandemic can spur companies to finally take climate and other long-tail risks seriously.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Defendants claim that WTW’s complaint “improperly seeks to transform a simple contract dispute with certain former employees into a series of tort claims”.
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Damage from windstorms that swept across the central and eastern United States from 21 to 23 March could cause hundreds of millions of dollars in economic and insured losses, according to the Aon Impact Forecasting weekly cat report.
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A discrimination claim against a corporate vaccine mandate could be harder to assert if an employer is being consistent in their approach.
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In his new role, Merlo will be primary contact for claims officers handling difficult claims.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Inside P&C’s news team runs you through the key developments from the past week.
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The firm made the announcement soon after Marsh McLennan took a similar decision earlier today.
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Aon took a top five spot in the independent magazine’s list of the top 10 most innovative finance companies.
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The broker’s appointment of Jim Fiore follows his decision last year to leave QBE after nearly 30 years at the carrier.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Following the cyber incident, the broker launched an investigation with the support of third-party advisers, incident response professionals and counsel.
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US central region leader Bleu Bettencourt will also join the team as alternative risk transfer and innovation managing director.
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With the approval, Aon’s total buybacks authorization increased to approximately $9.2bn.
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Combined, Warren Buffet’s investment conglomerate has shed over 4.88 million shares of Marsh since the end of June, or more than 92% of its holdings.
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According to a recent M&A risks market report, nearly 70% of US transactions use R&W coverage and four out of five PE deals in North America use M&A insurance.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The broker has reported successive slowdowns since price increases climbed to a peak in Q1 2020.
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Insurance stocks mixed following swath of earnings results; Aon gains nearly 7% in Friday trading.
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Shares in the broker are up by 4% after it comfortably beat analyst earning expectations.
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The broker grew organically in all divisions and comfortably beat analyst earning expectations by 11%.
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The broker joins after a brief spell at Aon, where he was head of EMEA business development.
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The new company will provide D&O coverage with limits up to $5mn, as well as EPL, fiduciary liability, and limits in excess of primary management liability programs.
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The broker reported that only 2% of family offices and “very few” individual households in the high-net-worth market carry comprehensive cyber coverage.
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The executive said the pandemic had ratcheted up the level of volatility faced by clients.
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The broker’s new program is made to educate students on the fundamentals of risk management through guest lectures, internships and an Aon/Spencer Educational Foundation Course Development Grant.
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Higher returns are available, but at the cost of increased revenue risk, slower results and potential cultural challenges.
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AIG joins Aon, Zurich in industry apprenticeship program that aims to draw in young talent, improve diversity efforts.
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The brokers will have until early 2023 to settle the case via private mediation or the case will move forward to a jury trial that could last between seven and 10 days.
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The Inside P&C research team looks forward to the big issues of the new year.
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The SME specialist InsurTech was launched in 2015 and acquired by Aon in 2020.
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Inside P&C dissects the biggest deals of the year across broking, commercial lines and InsurTech.
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A judge for the Miami-Dade County Court has ordered Aon and individual defendants in the Miami facultative team poaching case to avoid doing reinsurance brokerage business with the defendants’ former Willis Towers Watson clients.
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Although Aon views the market as “favorable” relative to this time a year ago, pressures related to claims capacity and coverage rates continue, albeit to a lesser extent.
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Carriers are planning for inflationary threats and have been responding to major catastrophes, while the InsurTech and broking markets have driven M&A drama.
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Casualty rate hikes moderate, though areas like wildfire liability remain difficult amid an ever-more litigious environment.
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Willis president Carl Hess said that hiring rates have dramatically increased in his firm's corporate risk and broking business.
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Willis is accusing its blue-chip rival of conspiring with its former employees to pilfer some of its reinsurance brokerage clients in Florida, causing “irreparable harm".
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Insurance carriers tend to favor a negative outlook during their earnings calls, even when its unwarranted.
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Jillian Slyfield will assume the responsibilities of current chief innovation officer, Tony Goland, who will retire at the end of 2021.
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Berkshire Hathaway reduced its shareholding in Marsh McLennan by 35% during the third quarter, as the Warren Buffet-led business continued to sell down across its portfolio, an analyst note from Morgan Stanley shows.
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Insured losses from severe weather events in the US are on course to exceed $20bn, following the second highest October tornado tally on record, according to a report from Aon.
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Cyber has surpassed D&O and natural catastrophe risk to become the most strained class of business for insurers, according to Aon’s Global Market Insights report for Q3 2021.
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The broker said that weather-related losses had become more severe in the past decade because of climate change.
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Amanda Lyons will lead growth for US casualty, with Paul Anderson taking the same role in property.
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As part of the ongoing legal battle over the alleged orchestrated resignation of 44 employees, Judge Thomas has given both Aon and Marsh a month to hand over crucial documents during the discovery phase of the case.
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The broker has reported successive slowdowns since rate increases hit a high in Q1 o 2020.
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The hiring war heats up, stretching the firm’s compensation expenses relative to revenue and stealing the spotlight from positive earnings results.
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The appointments come after the shock departure by former president of North America for reinsurance Tim Ronda, who left late last month to become president of rival intermediary TigerRisk.
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Brokers have reported strong earnings in Q3, with Aon growing by 12% and Marsh McLennan 13%.
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Aon is the latest of the major brokers to report rising growth levels this quarter.
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Margin expansion and higher returns to shareholders would come at a cost with a cut in investment and staff over the coming years.
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Another hearing will be held to determine whether Marsh will receive documents shedding light on the failed mega-merger between Aon and Willis.
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The giant broker claimed that Aon’s complaint contradicts its own defenses in the antitrust case against the US DoJ last summer.
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The broker is developing solutions to accurately quantify intangibles including IP
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In the new lawsuit, Aon gives details of the only two Marsh subsidiaries involved in the complaint, Marsh USA and Marsh & McLennan Agency, also known in the case as MMA.
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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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Through the plan, employees of all levels will get stock options or cash-settled units based on the company’s performance.
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GWP rose by 17% to $177bn for Aon’s peer group of reinsurers, while their average combined ratio stood at 94.0% – down from 104.4% for the prior-year period.
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Next year could see more M&A activity in the P&C space as carriers look for growth amid a moderating pricing environment.
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The high-profile ILS lead has departed Aon Securities to spend more time with his family.
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Aon made internal announcements on a rebrand last week, as the broker forges a new path after ending plans to merge with Willis.
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As federal courts and the SEC take a more critical view of the vehicles, D&O underwriters are approaching coverage with caution.
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Aon will have 20 days to amend the complaint with detailed allegations against Marsh USA and sister company MMA.
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In its 2021 captives report, Aon found that both cyber captive premiums and environmental captive premiums have skyrocketed in tandem with emerging ESG and cybersecurity priorities.
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Pressure on Root cools following stock price dips, but persistent short interest in InsurTechs suggests that prices haven’t bottomed out yet.
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The firm’s head of business intelligence Mike Van Slooten said strong capital levels contrasted with cat loss activity running above budgets.
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The brokers will have one year to reach private mediation or otherwise set for a jury trial that could last seven to ten days.
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The broker has partnered with the industrial Internet of Things firm to help construction companies “prevent incidents before they happen”.
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The Inside P&C Select Index outperformed the S&P 500 (5.7% to 2.9%) in August, despite Hurricane Ida making landfall.
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UK CEO Nick Frankland moves to a chairman role of a new consultancy unit.
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The move comes after major defections to rivals from the firm’s retail broking and reinsurance operations earlier in the year.
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Berkshire Hathaway’s Aon holding rose 7.3% in Q2, with the Marsh McLennan stake down 21%.
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The emergence of Covid-19, combined with a surge in natural catastrophes, is changing the way society thinks about such events, the broker says.
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Joe Sergio Jackson will be responsible for key property accounts regionally and globally.
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The executive was speaking in his first interview since the collapse of his firm's proposed merger with Willis.
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The executive is leaving his role as global head of broking at Willis to take on a major role at Aon, in the aftermath of the mega-merger collapse.
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The limits of the mega deal for the public players has been tested, but there is scope for some of the bigger private players to merge.
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The broker said insurers in North America were looking to return to classes of business they deemed profitable.
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Christophe Bonneville, Cristina Chaparro and Joyce Koch join in Paris, Madrid and Amsterdam.
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Adjusted for large renewals and IPOs, the pricing index rose 7.7% in the second quarter.
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The firm posts positive results, but the focus remains on how quickly it can bounce back from a prolonged distraction.
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Willis Towers Watson will not pay staff bonuses that were contingent on the completion of the Aon merger.
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Executives addressed analysts following strong Q2 results and the earlier collapse of the Willis integration.
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The Q2 results update came at the end of a week in which an agreement to acquire Willis Towers Watson collapsed.
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The committee will be responsible for seeing through the broker’s four-pronged Aon United Blueprint.
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Following the implosion of the recent merger, we take stock of what happened – and what’s next – for Aon.
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A White House press spokesperson said the deal would have led to higher costs for businesses and consumers.
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CEO Case reiterated the message that the merger was pulled because of poor timing and "misunderstanding" from the DoJ.
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The firm must now grapple with the related questions of leadership, ownership and the future shape of the group.
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The Illinois-based broker said it would also redeem $650mn in 10-year notes that it issued in May.
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Wells Fargo insurance analyst Elyse Greenspan said Willis Towers Watson stock “seems very inexpensive” in a note to investors on Monday.
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