Scoop - UK
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Jefferies has been awarded the mandate to seek a buyer for the segment.
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As the carrier looks to provide liquidity to its PE backers, it is examining a range of paths to reshuffle the investor base.
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The executive has headed Marsh McLennan’s reinsurance broker since joining from Willis Re in 2015.
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Further resignations were expected after vesting of compensation incentives, following a number of departures from the firm in the past year.
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The deal fits with a broader strategy of simplification that has already seen several disposals.
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The fairly late notification and the size of the claim have prompted some to question whether further substantial Uri claims could be in the pipeline.
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Piper Sandler has been appointed to run the auction, according to sources.
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With around 50 members of staff across the business, the divestiture is not expected to significantly alter the competitive landscape.
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The US regulator has proposed Willis sells its San Francisco and Houston CRB businesses, and its Bermudian insurance broking arm.
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The reinsurer has around a 20% line on the broadcaster’s policy, with Willis Towers Watson acting as the broker.
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Hessing joined the company in September to replace David Atkins, who had been with Enstar since 2003.
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The territory has been relatively untouched by outbreaks of the virus so far.
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Former Pembroke CEO Mark Wheeler is widely expected to join the business after his restrictions end.
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The change comes ahead of the renewal in December of the Willis Towers Watson-brokered cover.
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Odyssey-backed Tysers has been sidelined in the protracted sale process.
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The PE house and the London market wholesaler will submit bids in just over a week.
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The reinsurance start-up could list on the London Stock Exchange in November.
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Liability account move is latest development in ongoing reinsurance buying overhaul.
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The former Liberty executive’s long-term ambition is to build a tech-enabled, London-based risk carrier to align with the Future at Lloyd’s vision.
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The partial sale to BGC's affiliate follows a market testing of the broking operation's value.
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The executive moves over in what is likely to be interpreted as preparation for an orderly CEO succession.
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The airline has said that it does not expect a total loss to the $200mn policy with the aircraft repairable.
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Activist investor Voce had previously criticised the performance of the firm's international businesses.
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The broker is about to tell staff how the long-awaited $125mn of incentives will be allocated.
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This comes after Everest Re previously let a mid-year renewal lapse, with ILS capacity scarce.
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The execs are set to leave the firm after a combined 26 years at Argo and its predecessor companies.
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In total, nine out of 10 in-scope staff will participate, an internal memo obtained by this publication shows.
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Sources also named sector stalwarts Stone Point and Aquiline as potential sources of start-up capital.
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Broker report models optimistic, moderate, severe and extreme outcomes from pandemic.
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The heatmap of BI exposure is rapidly changing but reinsurers “stand ready” to pay for losses.
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Losses were driven by claims on Canadian dentists’ cover and UK exposure.
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