Willis Towers Watson
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Storm Ciarán incurred insured losses of EUR1.9bn, according to WTW’s natural catastrophe report for July to December.
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Based in Chicago, Lubbers joins WTW after some two years at ServiceNow, where he was global client director.
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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 intermediary’s latest study shows double-digit rate increases in commercial property and auto lines.
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Announcements and interviews at the UN conference have shed light on the tools emerging to help carriers decarbonise their underwriting portfolios.
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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 broker said there was still a “big unknown” around the potential global economic impact of the conflict.
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Singh had managed Lloyd’s catastrophe risk appetite prior to joining MS Amlin.
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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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The deal was struck in the wake of the collapse of Aon and Willis Towers Watson’s merger.
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Increasing cat costs will drive the focus on modelling and price adequacy, the intermediary said.
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The watchdog had been due to announce a decision on a further inquiry by 29 November.
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The Texas Windstorm Insurance Association (Twia) has recommend hiring Willis Re as broker and Aon to provide catastrophe modelling services, following a review of its arrangements which were previously with Guy Carpenter.
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The Competition and Markets Authority will investigate whether the deal lessens competition in the UK.
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Reinsurers retained more net income this year, driven by a desire to grow into the hardening market.
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The Willis solution is designed to help companies access insurance as they transition to a low-carbon business model.
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Proactive price action is enough to keep pace with inflation – for now.
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He previously held roles at Tower Hill, Axis and Aon Benfield.
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The non-compete will not apply to ILS advisory, as takeover deal brings Willis Re Securities and Horseshoe under same parent.
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The broker has explained the rationale for its $3.25bn acquisition of Willis Re on an investor call.
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After the collapse of the Aon-Willis merger, Gallagher has successfully resurrected the deal that will catapult its reinsurance operation into the big league.
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He spent more than seven years as vice president of the firm’s capital markets and advisory division.
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The Willis Towers Watson CEO also confirmed the broker will not pay out bonuses contingent on the Aon merger.
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Sources have said a deal could be signed as soon as the middle of the week, with a valuation higher than the last agreement.
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The collapse of the Aon-Willis deal will have no noticeable impact on the ILS broking business, as the market waits to see what the fate of the Willis Re team will be.
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The companies disclosed that Aon will pay Willis the $1bn break fee.
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The brokers have offered to divest Willis’ largest corporate risk and broking clients to Gallagher’s Crombie Lockwood.
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The competition watchdog has approved the acquisition of Willis Towers Watson by Aon if the latter complies with a ‘substantial set of commitments’, including the divestment of central parts of Willis’s business to Gallagher.
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The Commerce Commission has extended its review of the merger by another six weeks.
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The broker said a buoyant ILS market contributed to the reinsurance market nearing a new equilibrium at the end of mid-year renewals.
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Public-private partnerships such as state-backed reinsurance pools can also enable a more “proactive” approach to climate innovation, the organisation said.
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The CCCS has identified competition concerns around executive pay consulting services.
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The broking houses also said they "remain fully committed to the benefits of [their] proposed combination".
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The new accounting framework is being brought in to replace current GAAP reporting measures.
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The deal is designed to assuage the Department of Justice’s concerns over the Aon-Willis merger.
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The US government reportedly has around 20 attorneys at work in case it decides to sue to block the deal.
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