WTW
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The executive said expansion was driven by retention and new business.
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CEO Carl Hess hailed a “solid” first quarter of results.
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Prior to her stint at Lockton, the executive worked at Marsh.
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The firm reportedly parted ways with 120-130 employees as part of the cuts.
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The executive joins from regional insurer ASSA, where he spent almost 16 years.
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WTW predicted that ‘meaningful softening’ could creep into energy markets during the year.
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The US regulator faces litigation from both sides of the climate issue.
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Increased reinsurance retentions left some insurers with their worst net results in a decade.
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Graham Knight will become chairman of natural resources.
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WTW said the rise of the risk from health and safety was “surprising”.
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WTW said adverse development “is evident” in auto liability lines from 2015 to present.
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WTW hired Kolos for transactional solutions, Chin for tax insurance and Kesack for contingent solutions.
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The facility offers a range of $25mn to $50mn in excess capacity.
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Insurance Insider US runs you through the earnings results for the day.
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At market close, WTW shares were up almost $18.
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The CEO said winning back clients had “validated” the broker’s approach.
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Risk and broking was driven by new business, client retention and rates.
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The role marks Miranda Rodriguez’s return to WTW from Brookfield Asset Management, where she was vice president of risk and insurance.
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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 broker said there was a “record level of dry powder” waiting to be deployed.
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Joining WTW in 2010, Despina Buganski has served as COO for the Ppersonal lines business since 2015.
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Tyson Stevenson will be responsible for producing new business and driving growth in WTW’s real estate portfolio for 2024.
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Commercial Property experienced the greatest rate increase, with a double-digit surge that came in slightly lower than the previous quarter.
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The appointment comes two weeks after this publication revealed that the executive had resigned from Lockton to join the rival broker.
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