Marsh McLennan
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The transaction value represents approximately 5.9x of its 2023 revenue and 28x net income.
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Early results suggest another strong quarter with a variety of driving forces.
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The US casualty market was “challenging”, the executive said.
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Property rate increases decelerated to 3% in the quarter.
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The Q1 figure represents a 2-point acceleration on the 7% reported in Q4 2023.
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Graham Knight will become chairman of natural resources.
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April Files is based in Houston, Texas.
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The new facility is backed by Lloyd’s syndicates and London-based international insurers.
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Participating members can purchase up to $10mn in (re)insurance.
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The talks are advanced, and the process is likely to move rapidly.
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Marsh Specialty has released its Political Risk Report 2024.
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Insurance Insider US examines public brokers’ 2023 M&A.
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The executive will head a team of over 70 energy specialists.
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Shannan Fort was a partner in McGill’s FI and cyber team.
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The index’s 2023 peak was Q2, when rates increased 19%.
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Falling rates in finpro and increased competition in property drove the trend.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The CEO flagged a trend towards mega settlements and said there was concern around the direction of loss costs.
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Property rate increases decelerated to 6% in Q4, compared to 7% in Q3 and 10% in Q2 2023.
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The broker's growth was down 3 points on the 10% reported in Q3 and level with the 7% posted in Q4 2022.
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Effective immediately, Wolfe will help drive growth strategies across the region. He will also lead Guy Carpenter’s US facultative business alongside Frank Guerriero, chairman of Guy Carpenter Facultative.
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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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The Global Risks Report 2024, made in partnership with Marsh and Zurich, shows that extreme weather events, misinformation and disinformation are top risk severity concerns.
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While not record-setting, 2023 was a “solid year” for insurance brokerage M&A, and there is “tempered” optimism for 2024.
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European rates on line increased by 7.60%, while in the US prices were up 5.25%.
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Andy Stirk comes to Marsh from Ascot Group but had previously been MD in Marsh’s financial and professional liability practice.
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Reinsurers are looking to grow in top-layer cat risk, resulting in “variable” outcomes on sign-downs.
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She joins Marsh following a 20-year career at Aon.
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Amynta Ease-of-Business president Arthur Seifert said he expects MGAs to move away from the popular Dutch auction process and instead find one party that’s a good fit.
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Broker and commercial carrier trends separate as inflation slows but rates stay elevated.
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Kowell succeeds Michael Pellegrini, who was appointed head of specialty for both markets last month as Michelle Sartain took over as US and Canada president.
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Based in Washington, DC, she will report to Pat Tomlinson, Marsh McLennan US and Canada CEO and Mercer president.
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Commercial insurance pricing remained flat, increasing by 3% globally over the period, the same as the prior quarter.
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Marsh cites its primary listing on the NYSE, along with the costs and administrative burdens of listing on LSE, as reasons for delisting.
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Current cyber brokerage leader for the US and Canada, Meredith Schnur, will succeed Reagan as cyber practice leader, US and Canada.
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Last week, this publication revealed that Howden agreed to pay Guy Carpenter in excess of £50mn ($61mn) to settle the poaching suit related to Massimo Reina and a defecting European team.
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The Inside P&C news team runs you through the earnings results for the day.
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Concern around prior-year loss development and social inflation is impacting the market.
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“As we look to January 1, the market appears to be more orderly than last year, but we expect underwriting discipline to continue,” CEO John Doyle told analysts.
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Adjusted earnings per share increased by 33% and the group also reported margin expansion.
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The payment represents the largest ever made in a team lift case in the London market.
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Pat Tomlinson will also step into the role of president and CEO of Mercer and vice chair of Marsh McLennan when his predecessor, Martine Ferland, retires in March 2024.
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Pellegrini succeeds Michelle Sartain, who was promoted to US and Canada president earlier this year as Pat Donnelly took over as Marsh specialty president.
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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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The US and Europe have shown concerns over Lloyd’s of London war exclusion wording, the report shows.
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Outgoing CEO Brian Hanuschak was named chairman and will remain as a strategic advisor to the MGU.
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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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Q2 cat losses reported by most carriers were significantly higher than a year ago owing to the number of US convective storms and likely higher carrier retentions at reinsurance renewals.
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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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Pat Donnelly has succeeded Lucy Clarke at Marsh, and Adam Garrard at WTW has moved into a chairman 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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The Inside P&C news team runs you through the earnings results for the day.
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Global property cat rates were up 30% during the quarter.
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Global property cat reinsurance posted the most notable risk-adjusted rate increases, spiking about 30% on average, with loss-impacted clients seeing higher pricing.
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The results represent a return to double-digit expansion following three quarters of single-digit growth.
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It is understood that London-based SVP Andrew Drysdale, who has worked at Marsh for over six years after almost five years at Aon, will relocate to Chile.
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Assuming the new role immediately, she will oversee growth, innovation and talent development for Icat and its Boulder Claims subsidiary.
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Reinsurers are less worried about their property books compared to last year, and eyeing development of casualty loss costs due to social and macroeconomic inflation.
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The insurance industry is looking to play a part in supporting the rebuild of the war-torn country.
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The executive worked for over four years at CMF first as specialty coordinator and then as Latin America leader of portfolio solutions.
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The supply-chain finance firm dramatically collapsed in 2021 after its trade credit insurance was pulled.
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The executive was previously co-CEO of First Republic Bank.
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The first risks have already been bound under the facility, with work to place a further 5% ongoing.
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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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Most lines continued to record price increases, with global rates being propelled largely by rising rates in property 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 expects the restructure to result in savings of $300mn by 2024.
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GC’s Steve Housse and AJG’s James Elliott have resigned to join the challenger reinsurance broker.
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Primary insurance rate increases were 10% for property in Q1 compared to 7% in Q4.
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The broker said US property cat reinsurance rates increased by 40% to 60% in April for clean renewals.
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The increased growth from Q4 halts a trend of gradual deceleration experienced through 2022.
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The facility will be the largest to launch since Aon Client Treaty in 2016.
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The new facility will provide coverage for all major lines, except motor, and is backed by several A-rated Lloyd’s insurers.
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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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Howden’s reinsurance unit has once again hired extensively from its larger rival in a move likely to spawn further litigation.
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The executives bring diverse management experience from energy, motor, publishing and agriculture.
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She will be responsible for client initiatives, new business, and talent development and report to US and Canada president Pat Donnelly.
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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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Let’s get you up to speed on some of the key highlights of the week.
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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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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The companies did not disclose whether any money exchange hands as part of the agreement.
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Based in Mexico City, Brockmann will report to Marsh McLennan International CEO Flavio Piccolomini, who took over that role earlier this month.
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Human rights groups have issued a complaint to a US mediation body alleging that Marsh has violated OECD guidelines for corporate standards.
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They will lead a new effort to deliver “innovative solutions” at the intersections of Marsh, Mercer, Guy Carpenter and Oliver Wyman.
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The executive noted that the quarter marked the 21st quarter of rate increases.
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The charges spanned workforce actions, rationalizing technology and reducing the overall real estate footprint.
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The executive said the January 1 renewal was the “most challenging” in almost two decades.
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Organic growth has been slowing after a period of bumper double-digit expansion.
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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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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 said this was not yet a settled market as work remained underway.
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Hearn joined the broker along with his brother Peter Hearn in 2015, after serving as executive vice president of Willis Re.
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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.
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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.
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Former renewables head Hamish Roberts has moved to work as growth leader for the broker in the UK and Ireland.
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Marsh McLennan is mobilising the insurance industry to support the UN’s Race to Resilience initiative, starting by featuring 17 climate adaptation projects.
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Discussion on Q3 earnings calls focused heavily on the supply-demand imbalance in cat capacity, as executives discussed how they would navigate a challenging January renewal.
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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 highlights of the week.
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This was the first time since the Q3 2019 that the US insurance composite renewal rate fell to single digits.
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Cyber saw the biggest increase in the quarter, while financial and professional lines saw a slight reduction.
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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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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 highlights of the week.
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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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Marsh CEO Martin South added that the broker expected to see property rates easing, but "the reverse is going to be true."
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Guy Carpenter is lining up for a challenging January 1 renewal, but hard conditions may ultimately prove a tailwind.
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The broker continued to expand margins and posted adjusted earnings per share slightly above analyst expectations.
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The addition of talent follows the departure of 12 employees who left the Dallas-based practice earlier this year and moved to rival broker Howden.
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Inside P&C’s news team runs you through the key highlights of the week.
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The incoming CEO is different than his predecessor, but has already won hearts and minds in Marsh McLennan, and outside it.
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The incoming CEO said growth areas would include the middle market, Asia, LatAm and MGAs.
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Retiring Marsh McLennan CEO Dan Glaser said the company’s staff had demonstrated “real grit in tough times”.
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Glaser’s decade in post included the JLT takeover and a doubling of revenues.
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The executive will succeed Carlos Luna, who moved to head Swiss Re CorSo’s business in Colombia in late May.
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Based in Mexico City, the executive will report directly to Marsh’s LatAm and Caribbean CEO Ricardo Brockmann.
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Management should grasp the opportunity of building a more unified firm while thoughtfully choosing its next M&A move.
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The executive will report to Lockton LatAm energy practice head Diego Ventosa, who has overseen the unit since 2020.
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The hydrogen industry is a key pillar of the energy transition, but securing insurance coverage is challenging.
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The reinsurance broker also sued five former GC Access leaders who now work at Howden as managing directors.
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The executive is succeeding Scott Holden, who has taken over a global engagement partner position overseeing some of the company's largest client relationships.
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In his new role, Hardman will be based in Colombia and report to LatAm risk management & large client practice leader Ana Patricia Giraldo.
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Business placed in the region had shown the sharpest increases, but is also recording the fastest deceleration.
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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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While brokers continue to report positive earnings, the possibility of a downturn shouldn’t be discounted.
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WTW sued the rival broker over the poaching of 25 members of its senior living group in September 2021.
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Inside P&C’s news team runs you through the key highlights of the week.
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On a call for the broker’s Q2 results, Marsh McLennan president John Doyle indicated overall pricing trends ahead of the full index’s publication.
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