Marsh McLennan
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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.