Marsh McLennan
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AJ Gallagher had also shown an interest in acquiring the Australian retailer.
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The practice aligns existing capabilities from Marsh Specialty and others.
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Global commercial insurance rates rose 1% in Q1, down from a 2% increase in Q4 2023.
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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.