Marsh McLennan
-
The US casualty market was “challenging”, the executive said.
-
Property rate increases decelerated to 3% in the quarter.
-
The Q1 figure represents a 2-point acceleration on the 7% reported in Q4 2023.
-
Graham Knight will become chairman of natural resources.
-
April Files is based in Houston, Texas.
-
The new facility is backed by Lloyd’s syndicates and London-based international insurers.
-
Participating members can purchase up to $10mn in (re)insurance.
-
The talks are advanced, and the process is likely to move rapidly.
-
Marsh Specialty has released its Political Risk Report 2024.
-
Insurance Insider US examines public brokers’ 2023 M&A.
-
-
The executive will head a team of over 70 energy specialists.
-
Shannan Fort was a partner in McGill’s FI and cyber team.
-
The index’s 2023 peak was Q2, when rates increased 19%.
-
Falling rates in finpro and increased competition in property drove the trend.
-
The Insurance Insider US news team runs you through the earnings results for the day.
-
The CEO flagged a trend towards mega settlements and said there was concern around the direction of loss costs.
-
Property rate increases decelerated to 6% in Q4, compared to 7% in Q3 and 10% in Q2 2023.
-
The broker's growth was down 3 points on the 10% reported in Q3 and level with the 7% posted in Q4 2022.
-
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.
-
In October 2023, it was announced that Powell was leaving Marsh to join WTW as the broker’s global chief claims officer.
-
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.
-
While not record-setting, 2023 was a “solid year” for insurance brokerage M&A, and there is “tempered” optimism for 2024.
-
European rates on line increased by 7.60%, while in the US prices were up 5.25%.
-
Andy Stirk comes to Marsh from Ascot Group but had previously been MD in Marsh’s financial and professional liability practice.
-
Reinsurers are looking to grow in top-layer cat risk, resulting in “variable” outcomes on sign-downs.
-
She joins Marsh following a 20-year career at Aon.
-
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.
-
Broker and commercial carrier trends separate as inflation slows but rates stay elevated.
-
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.
-
Based in Washington, DC, she will report to Pat Tomlinson, Marsh McLennan US and Canada CEO and Mercer president.
-
Commercial insurance pricing remained flat, increasing by 3% globally over the period, the same as the prior quarter.
-
Marsh cites its primary listing on the NYSE, along with the costs and administrative burdens of listing on LSE, as reasons for delisting.
-
Current cyber brokerage leader for the US and Canada, Meredith Schnur, will succeed Reagan as cyber practice leader, US and Canada.
-
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.
-
The Inside P&C news team runs you through the earnings results for the day.
-
Concern around prior-year loss development and social inflation is impacting the market.
-
“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.
-
Adjusted earnings per share increased by 33% and the group also reported margin expansion.
-
The payment represents the largest ever made in a team lift case in the London market.
-
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.
-
Pellegrini succeeds Michelle Sartain, who was promoted to US and Canada president earlier this year as Pat Donnelly took over as Marsh specialty president.
-
The question of how to finance the private brokers no longer begins and ends with a PE flip.
-
Differences in business mix and definitions yield differing trajectories for brokers, but in the absence of a recession, we may see continued margin improvement.
-
The US and Europe have shown concerns over Lloyd’s of London war exclusion wording, the report shows.
-
Outgoing CEO Brian Hanuschak was named chairman and will remain as a strategic advisor to the MGU.
-
Areas of focus should include hiring external talent, securing capital for M&A, speeding up US growth, and answering the reinsurance question.
-
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.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
Pat Donnelly has succeeded Lucy Clarke at Marsh, and Adam Garrard at WTW has moved into a chairman role.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The Inside P&C news team runs you through the earnings results for the day.
-
Global property cat rates were up 30% during the quarter.
-
Global property cat reinsurance posted the most notable risk-adjusted rate increases, spiking about 30% on average, with loss-impacted clients seeing higher pricing.
-
The results represent a return to double-digit expansion following three quarters of single-digit growth.
-
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.
-
Assuming the new role immediately, she will oversee growth, innovation and talent development for Icat and its Boulder Claims subsidiary.
-
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.
-
The insurance industry is looking to play a part in supporting the rebuild of the war-torn country.
-
The executive worked for over four years at CMF first as specialty coordinator and then as Latin America leader of portfolio solutions.
-
The supply-chain finance firm dramatically collapsed in 2021 after its trade credit insurance was pulled.
-
The executive was previously co-CEO of First Republic Bank.
-
The first risks have already been bound under the facility, with work to place a further 5% ongoing.
-
Though strong growth continues, the future is less clear as driving forces potentially run out of steam.
-
Most lines continued to record price increases, with global rates being propelled largely by rising rates in property insurance.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The broker expects the restructure to result in savings of $300mn by 2024.
-
GC’s Steve Housse and AJG’s James Elliott have resigned to join the challenger reinsurance broker.
-
Primary insurance rate increases were 10% for property in Q1 compared to 7% in Q4.
-
The broker said US property cat reinsurance rates increased by 40% to 60% in April for clean renewals.
-
The increased growth from Q4 halts a trend of gradual deceleration experienced through 2022.
-
The facility will be the largest to launch since Aon Client Treaty in 2016.
-
The new facility will provide coverage for all major lines, except motor, and is backed by several A-rated Lloyd’s insurers.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
Howden’s reinsurance unit has once again hired extensively from its larger rival in a move likely to spawn further litigation.
-
The executives bring diverse management experience from energy, motor, publishing and agriculture.
-
She will be responsible for client initiatives, new business, and talent development and report to US and Canada president Pat Donnelly.
-
Inside P&C takes a deep dive into public brokers’ M&A activity in 2022 as Q4 earnings season comes to an end.
-
Let’s get you up to speed on some of the key highlights of the week.
-
The new CEO is perpetuating what has worked in his predecessor’s strategy and refining certain elements.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The companies did not disclose whether any money exchange hands as part of the agreement.
-
Based in Mexico City, Brockmann will report to Marsh McLennan International CEO Flavio Piccolomini, who took over that role earlier this month.
-
Human rights groups have issued a complaint to a US mediation body alleging that Marsh has violated OECD guidelines for corporate standards.
-
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.