Marsh McLennan
-
They will lead a new effort to deliver “innovative solutions” at the intersections of Marsh, Mercer, Guy Carpenter and Oliver Wyman. -
The executive noted that the quarter marked the 21st quarter of rate increases.
-
The charges spanned workforce actions, rationalizing technology and reducing the overall real estate footprint.
-
The executive said the January 1 renewal was the “most challenging” in almost two decades.
-
Organic growth has been slowing after a period of bumper double-digit expansion.
-
Increased interest rates and unfavorable market conditions led to reduction in capital issuance activity in the P&C insurance industry in 2022.
-
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.
-
The broker said this was not yet a settled market as work remained underway.
-
Hearn joined the broker along with his brother Peter Hearn in 2015, after serving as executive vice president of Willis Re.
-
In his new role, Knowles will report to Lucy Clarke, president of Marsh Specialty, and will relocate from London to New York in Q2 2023.
-
In addition, the executive will be eligible to participate in the company's long-term incentive program with a target grant date value of $11.1mn.
-
Former renewables head Hamish Roberts has moved to work as growth leader for the broker in the UK and Ireland.
Most Recent
-
The Week in Brief: Levered brokers, Chubb Q4, cyber softening
February 03, 2023 -
M&A weekly round-up: Hub, PCF and more
February 03, 2023
