WTW
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deLaricheliere will report to WTW head of FIPS Brad Messinger.
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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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The broker said reinsurance capacity has contracted over the past 18 months, and the once-diamond-hard aviation war market has started to soften.
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WTW also said private equity will continue to dominate the M&A landscape in 2024, with firms sitting on “over $2tn in dry powder” which is ready to deploy.
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The broker said it anticipated new entrants in the downstream class following a profitable 2023.
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A quick roundup of this week’s biggest stories.
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The executive joined family-owned Lockton in 2020, as director of energy within the South Florida-based Latin America and Caribbean team.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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SEC filings show that, in Q3, the activist shareholder liquidated its remaining 508,880 shares in WTW — worth around $120mn at the end of Q2.
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A-Star offers up to $80mn in additional capacity for D&O liability insurance.
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The broker has not been acquisitive since the deal to create the group in 2015, and has divested a number of its units in that time.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Broker and commercial carrier trends separate as inflation slows but rates stay elevated.
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Work is at an exploratory stage, with efforts focused on London specialty and US P&C mid-market expertise.
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AJ Gallagher posts 10.5% Q3 organic growth, lower sequentially but up year-on-year
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As of 14:00 ET, the broker’s stock stood at $232.24 per share, 11.9% higher than the previous close of $207.74.
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The broker’s Q3 organic growth was driven by specialty lines, including fac financial solutions, natural resources, surety, construction and aviation.
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WTW said that new staff were ramping up revenue production, following a period of investment in talent.
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The exercise is understood to involve mainly junior and non-broking staff.
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Kenneth Gould and Frank Scardino resigned “effective immediately” in early October to join WTW, allegedly forgoing a required 30-day notice period.
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Despite an upswing in deal activity, large deals have continued to see a steady decline in volume that began in 2021.
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The two executives, based in Dallas, Texas, have close to 60 years of combined insurance experience.
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The start-up MGU will initially focus on real estate, hospitality and leisure, financial institutions and professional services industries.
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The executive was most recently global engagement partner at Marsh.
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Survey participants said "much work remains post-implementation".
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Besides reinsurance broking, MGAs and MGUs, affinity is another segment where WTW can scale its operations, the executive noted.
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The investor’s stake in WTW is now valued at roughly $120mn, while its position the prior quarter was worth around $423mn, according to its Q1 13-F filed with the SEC.
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Prior to joining WTW, Bryce was a partner and private client practice leader at Canadian broker The Magnes Group.
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Differences in business mix and definitions yield differing trajectories for brokers, but in the absence of a recession, we may see continued margin improvement.
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WTW is quietly sounding out market executives for a potential relaunch into reinsurance once its two-year non-compete agreement with Gallagher Re ends in December, this publication can reveal.
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The broker said that key hires – including Lucy Clarke – would pay off in improved results.
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The broker said it experienced headwinds from prior-year book sales, inflation and investment costs.
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Areas of focus should include hiring external talent, securing capital for M&A, speeding up US growth, and answering the reinsurance question.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Pat Donnelly has succeeded Lucy Clarke at Marsh, and Adam Garrard at WTW has moved into a chairman role.
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Allegretti joins as WTW’s personal lines P&C sales director for the ICT division, while Anderson-Higgins will step into the corresponding role for commercial insurance lines.
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The executive will be responsible for the growth of the hospitality insurance portfolio and for providing service to current and prospective clients in this segment.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The exercise is no longer focused around crunching wholesale broking relationships down to a small preferred panel.
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The incoming executive brings over 25 years’ industry experience, having previously held roles at Allianz Trade, Altradius and Zurich.
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The intermediary’s latest study shows double-digit rate increases in commercial property and auto lines.
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He was previously North America Cyber Growth leader and before that Midwest Regional Leader - FINEX Cyber/E&O.
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Douglas spent the last decade of his 23-year tenure as head of WTW’s climate and resilience hub.
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A report from WTW and the Institute of International Finance has found little correlation between companies’ operation emissions intensity and their climate transition value-at-risk.
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Three months ago, Starboard trimmed its stake by almost 14% to 1,925,491 shares valued at over $470mn from 2,232,209 shares at the end of Q3.
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Though strong growth continues, the future is less clear as driving forces potentially run out of steam.
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Shares were trading down 6% following the publication of the broker’s Q1 results.
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The broker reported new business and increased retention in aerospace, financial solutions and natural resources.
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He was previously vice president – North America construction manager at Scor, and held past roles at Liberty, Swiss Re and CNA.
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The WTW D&O liability 2023 survey canvassed directors and risk managers in 40 countries around the world.
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She joins from Aviva Canada and has over 20 years of experience in the insurance industry in North America and the UK.
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Based in London, Artunduaga has served as Aon’s LatAm network leader. In addition, Chile-based Jose Necochea, Victor Padilla and Andres Claro will move to WTW.
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WTW’s survey cites regulatory risk, health and safety precautions and bribery and corruption on the list of top D&O risks.
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WTW said driver shortages continue to force contractors to use younger, often less experienced drivers, potentially putting upward pressure on losses.
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Bolig has been executive managing director at Aon since 2014.
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Inside P&C takes a deep dive into public brokers’ M&A activity in 2022 as Q4 earnings season comes to an end.
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The rise marked a deceleration from the increase in Q3, when carriers reported a 5.2% climb, according to WTW figures.
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Based in Chicago, the executive will lead digital underwriting transformation projects for global commercial lines insurance clients.
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The executive said the broker stopped receiving client proposals whilst it was set to be taken over.
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The broker has experienced a resurgence in growth under new leadership and strategy.
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WTW has appointed Pieter Van Ede as global head of trade credit, in a move the broker said demonstrated its commitment to growth in the class of business.
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According to WTW’s report, countries are “de-aligning” from the West due to the declining influence of the US and its allies.
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Inside P&C’s news team runs you through the key highlights of the week.
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The firm’s strategy to consolidate trading relationships faces fundamental, cyclical and company-specific challenges.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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In each case, the broker asked the judge to dismiss with prejudice, barring the parties from bringing the disputes to another US court.
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The broker argued that WTW conspired with former employees Terry Rolfe and Daryl Abbey to use its confidential information and divert customers to WTW.
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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.
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The move aligns WTW resources with specialist industries to operate as standalone businesses within North America.
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Based in Toronto, the executive will focus on supporting clients to redesign their businesses with structures aimed at delivering better results.
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Only D&O and workers’ compensation clients experienced price decreases during Q3, according to WTW.
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Based in New York, Sallada will focus on developing and executing an industry vertical growth strategy for the broker’s casualty business.
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Evan Freely will head up a team of 130 staff specializing in credit and political risk.
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The members were unanimously selected by the board as part of its multi-year succession planning process.
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Mahoney joins from Aon, where he was team leader for US general casualty and energy in London.
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The business line’s premium increases this year were less pronounced than in 2021, when quarterly renewals were in the 50%-200% range.
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The product will provide $100mn in cover across eight countries at high risk of tropical cyclones.
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The project, funded by Agence Française de Développement, was revealed during the G20 Leaders’ Summit in Bali.
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The broker warned that more insurers will restrict or drop oil and gas business in the coming years.
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The brokers asked the judge in the case for a 30-day extension to finalize settlement terms in Aon’s suit against WTW.
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Inside P&C’s news team runs you through the key highlights of the week.
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Growth is accelerating at the broker in the wake of a challenging period following the collapse of the Aon merger.
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The acceleration defied wider sector trends, which has led to slowing growth at other brokers.
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As the super-cycle slows and the economic landscape becomes more uncertain, brokers will face pressure, though a cooling labor market may aid margins.
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Lopez succeeds Hector Martinez, who was appointed as Latin America leader at WTW earlier this year.
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WTW has hired Michelle Cui from Zurich North America as director of actuarial property and casualty in its insurance consulting and technology business.
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The brokers are working on finalizing the terms in a written settlement agreement, which could be filed within two weeks.
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In his new role, Ryan will report to WTW North American leader for CRB Mike Liss.
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The broker said the fallout from the Russia-Ukraine conflict was increasing competition for business.
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The new deadlines set last week after a hearing suggest that recent settlement negotiations between the brokers to end the case via private mediation did not come to fruition.
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The managing director is the latest in a series of hires at WTW’s natural resources division.
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The parties did not disclose whether any money changed hands to end the legal proceedings.
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In the lawsuit, filed last week in a New York court, WTW is seeking injunctive relief and compensatory damages over a year after Lockton lured the executives.
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The discovery process will run through August and September, and the court will hold a hearing on Aon’s motion for a preliminary injunction on October 12.
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The CEO said that WTW was making good progress under its strategy but acknowledged there is more to do.
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Growth was slower than rival brokers, but CEO Carl Hess said investments would bear fruit in H2.
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WTW sued the rival broker over the poaching of 25 members of its senior living group in September 2021.
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The complaint was filed on July 14 in the Superior Court of Suffolk County in Massachusetts.
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Luis Maurette, current head of Latin America and head of global sales and client management, will retire on December 31, 2022.
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Peru’s state-owned firm Petroperu has said that the broker designated to run its account was chosen as a result of a “technical evaluation”, following local media and Inside P&C reports that WTW had won with the highest bid in the process.
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Inside P&C’s news team runs you through the key highlights of the week.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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It is understood that the two other bidders in the process were AJ Gallagher with a fee of $885,000 and Lockton with $700,000.
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Mayers' role will focus on the ICT unit's commercial lines pricing and underwriting propositions.
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Before his appointment, the executive served multiple senior leadership roles within the division across Germany and Northern and Central Europe.
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The brokers expect to reach an out-of-court agreement to end the poaching case in south Florida within two weeks.
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Brokers may face pressure as the pricing cycle turns and estimates fail to keep up.
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The complaint names surety executives John Thomas, Andrew Bennett and Jennifer Boyers Gullett as defendants.
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Insurers have expressed concerns about hitting the 2023 deadline for the regime.
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The executive will report to Tom Coughlin, WTW’s head of industry and specialty for CRB North America.
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Q1 marked a deceleration from the last quarter of 2021, when commercial lines rates increased around 7% from the same period of 2020.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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It is understood that the account includes oil platforms, crude barrels and 12 vessels, and is one of the largest accounts in the South American country.
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The buybacks will be in addition to the $1.3bn remaining on the broker’s current open-ended repurchase program.
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Inside P&C’s news team canters through the week’s key developments.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The loss of the carrier’s Russian operations is set to create “modest margin headwinds” for the business.
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The company posted adjusted diluted earnings per share of $2.66, ahead of analyst consensus of $2.50.
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Michael Chang will join WTW later this year with current head of corporate risk and broking for North America, Mike Liss, set to retire in 2023.
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WTW Peru recently appointed head Gerbo Pacchioni will report to Tagle as part of the cluster.
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Cyberattacks and data losses were the top risks with 65% and 63%, respectively, followed by cyber extortion and regulatory threats with 59% and 49%.
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The appointments come as the broker revamps its corporate development operations.
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The brokers asked the judge to delay some pre-trial conferences by two weeks as they could obstruct the settlement negotiations.
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The broker said there was still a “big unknown” around the potential global economic impact of the conflict.
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WTW forecasts that cyber rates could increase by 100% to 200% for heavily exposed industries.
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The intermediary said capacity for downstream energy has now returned to 2017 levels.
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The potential for major deterioration on a 2019 loss could yet prove “devastating” for the market.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Defendants claim that WTW’s complaint “improperly seeks to transform a simple contract dispute with certain former employees into a series of tort claims”.
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The embattled broker could stand to lose around $50mn in Ebitda as major economies shun Russian trade.
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Before his promotion, the executive served as WTW’s head of strategy based in London since April 2019.
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The move follows similar actions taken by Aon and Marsh McLennan.
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Singh had managed Lloyd’s catastrophe risk appetite prior to joining MS Amlin.
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The company said it introduced cyber into the survey for the first time and that the line showed a significant rate increase.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The CEO outlined areas of the business which needed additional care and attention, while highlighting the need to build a culture of trust between management and staff.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Financial results in the fourth quarter were impacted by senior staff departures and lost business.
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CEO Carl Hess said the results did not fully reflect the near and long-term potential of the firm.
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The broker joins after a brief spell at Aon, where he was head of EMEA business development.
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Stock prices fluctuated, and InsurTech short-sellers took some profits.
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Higher returns are available, but at the cost of increased revenue risk, slower results and potential cultural challenges.
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The brokers will have until early 2023 to settle the case via private mediation or the case will move forward to a jury trial that could last between seven and 10 days.
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The broker said the last three years of hardening had led to a “substantial technical correction”.
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The change comes as the broker seeks to draw a line under a tumultuous chapter in which the planned takeover of Willis by rival Aon collapsed.
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The executive will be based in Toronto reporting directly to Mike Liss, Willis’ North America risk & broking leader.
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This year deals will continue to increase but ESG, inflation and supply chain issues bring complexity.
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Heinicke brings over 25 years of experience in the insurance industry, most recently spending over 11 years at Aon Bermuda.
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The three new directors that will not seek reappointment take the total board members standing down to five.
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Inside P&C dissects the biggest deals of the year across broking, commercial lines and InsurTech.
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A judge for the Miami-Dade County Court has ordered Aon and individual defendants in the Miami facultative team poaching case to avoid doing reinsurance brokerage business with the defendants’ former Willis Towers Watson clients.
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The new coverage marks the first time that sovereign debt repayments have been protected by a parametric catastrophe clause.
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Carriers are planning for inflationary threats and have been responding to major catastrophes, while the InsurTech and broking markets have driven M&A drama.
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The Week in Brief: FM Global’s vaccine mandate, Hippo on going public, Hagerty SPAC deal redemptionsInside P&C’s news team runs you quickly through the key developments from the last week.
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Rate increases were down from just below 8% in the second quarter, with professional lines registering the biggest increases from the prior year.
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The promotion comes shortly after Willis hired Marsh’s Scott Pizzi to lead property broking in North America.
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The CEO-designate's comments at the Morgan Stanley conference on Friday were a marked – and welcome – change of tone.
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Willis president Carl Hess said that hiring rates have dramatically increased in his firm's corporate risk and broking business.
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Inside P&C’S news team runs you quickly through the key developments from the last week.
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In an interview, the new Gallagher Re CEO noted that his former company had been weighed down by nearly two years of uncertainty, telling this publication: “That stops today.”
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The group CEO also observed that the Big Three reinsurance brokers do have a competitive moat based on their scale.
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The deal was struck in the wake of the collapse of Aon and Willis Towers Watson’s merger.
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Pizzi will take over the position that has remained open since Nancy Woode left Willis to join McGill and Partners last April.
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Willis is accusing its blue-chip rival of conspiring with its former employees to pilfer some of its reinsurance brokerage clients in Florida, causing “irreparable harm".
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Insurance carriers tend to favor a negative outlook during their earnings calls, even when its unwarranted.
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Increasing cat costs will drive the focus on modelling and price adequacy, the intermediary said.
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Willis Towers Watson has selected Inga Beale, Fumbi Chima, Michael Hammond and Michelle Swanback to join its board of directors.
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While Willis predicted market moderation as capacity expands, the report concluded that the cost of insurance in the near term is still going up.
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The executive has spent the majority of his 35-year career with Aon.
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The executive will also remain his current role as head of Colombia, it is understood.
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Positive earnings results point to the firm meeting full-year guidance, but will it hit the 500 points improvement in margin by 2024?
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The transaction was cleared in five out of six jurisdictions – including by US antitrust authorities – and is only pending UK regulatory approval.
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On an earnings call to discuss Q3 results, Willis CEO John Haley said staff attrition has peaked following the aborted Aon takeover.
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The profitability metrics were impacted by the $1bn income received following the Aon deal termination.
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Willis’ latest InsurTech briefing shows how a small group of InsurTechs are securing the lion’s share of investment via $100mn-plus mega-rounds.
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Margin expansion and higher returns to shareholders would come at a cost with a cut in investment and staff over the coming years.
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Starboard estimates Willis's share price could double in three years and said there is room for margin improvement.
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In an internal memo, the company named a raft of leaders by country and business unit, though many roles also remain unfilled.
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Alex Shepherd, who joins from ERS Syndicate 1856, will aim to replicate the broker’s “hub approach” in its facultative business.
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The agreement ends non-solicitation action against the team of brokers, led by Cameron Roe and chairman Tony Phillips.
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The arrival of Elliott, Starboard and TCI could play a major role in shaping the broker’s future.
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Willis signed the new loan after outlining in early September its plans for reinvigorating its business following the termination of its $30bn mega-merger with Aon.
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The stipulation will end the case, as all the parties requested a dismissal with prejudice.
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The Competition and Markets Authority will investigate whether the deal lessens competition in the UK.
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Following the collapse of its merger with Aon, Willis Towers Watson is being targeted by activist investors.
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More than half of deals completed this year exceeded $1bn in value.
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The broking giant has spent the past eight weeks executing on the strategy it developed for the combined firm.
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Without any major catalysts, the short interest for the industry was muted, with movement centering around InsurTechs once again.
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Previously, Hess had earned $650,000 a base salary and was eligible to receive a short-term incentive bonus worth 90% of his annual salary.
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Next year could see more M&A activity in the P&C space as carriers look for growth amid a moderating pricing environment.
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The brokerage firm said that $4bn increase comes in addition to the $500mn remaining on its existing share repurchase program.
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The new recruit has spent 20 years in investment roles.
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Pressure on Root cools following stock price dips, but persistent short interest in InsurTechs suggests that prices haven’t bottomed out yet.
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Stock analysts raise price targets on Willis shares after execs outline financial goals following the collapse of the Aon-Willis merger.
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The firm puts the failed Aon merger behind it and sets expansive targets, but those goals may prove hard to balance.
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After Willis Towers Watson’s attrition rate rose 22% amid the Aon merger uncertainty, executives are seeking to dial back a talent drain.
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The broker expects to increase its revenues to $10bn by 2024.
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The acquisition is still subject to regulatory approval but expected to be completed in the fourth quarter.
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Following the breakdown of the Aon deal and with a potential activist circling, the firm finds itself at a crossroads.
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It is not yet clear if the fund – known for its activist campaigns – will look to take on management in this case.
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The Inside P&C Select Index outperformed the S&P 500 (5.7% to 2.9%) in August, despite Hurricane Ida making landfall.
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The broker also announces that Nicolas Aubert is set to leave the company to “pursue new interests”.
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A complex web of factors are creating uncertainty around the likely insured loss, but much early discussion centers on a $20bn-$25bn range.
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Outgoing CFO Michael Burwell is to receive a $1mn bonus.
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Andrew Krasner returns to Willis from AssuredPartners, where he served as CFO for just over six months.
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The brokers have signed a heads of terms and will move towards a full acquisition.
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The executive was previously leader for the Midwest, Northeast US and Canadian environmental business.
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The move comes after major defections to rivals from the firm’s retail broking and reinsurance operations earlier in the year.
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The executive will head up a 26-strong team, working across all major lines of business.
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The broker also filed a lawsuit against Goode, Honeycutt, Forst, Rice, Lee and Keenan as individual defendants.
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He previously held roles at Tower Hill, Axis and Aon Benfield.
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Yesterday’s announcement that long-serving Willis Towers Watson CEO John Haley will be replaced by Carl Hess will have come as a surprise to many market watchers.
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The two brokers have also agreed to non-solicitation clauses in their new deal.
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Earlier today the firm announced that insider Hess will succeed CEO John Haley at year-end.
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The current head of the investment, risk and reinsurance segment will take the helm in January.
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The executive also praised Willis Re's management team for pushing for the best outcome for clients.