Brokers
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He will report to Kelly Superczynski, Aon’s global head of capital advisory.
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The practice aligns existing capabilities from Marsh Specialty and others.
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The former Ledger director was joined by fellow ex-Ledger employees to “hit the ground running”.
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Juniper Re Bermuda received preliminary approval from the BMA last month.
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The RfP covers the CEA and/or the California Wildfire Fund.
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Driscoll and Lubert have been promoted to presidents.
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The challenger broker is continuing to build out its presence on the island.
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The hire has 20 years’ experience in asset management and corporate finance.
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The client lacked options in the conventional insurance market.
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He is succeeded by interim co-CEOs Andrew Wheeler and Russ McGuire.
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2023 was the fourth consecutive year insured cat losses surpassed $100bn.
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Wind and tornado in the US may already have led to losses in the hundreds of millions, according to Aon’s report.
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While it is too early to determine the total financial loss, the US Geological Survey believes there is a 64% likelihood it will reach into the billions of US dollars.
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The broker’s 1st View report predicted that cat bond issuance should remain elevated until at least Q2 2024.
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Top-layer cat risk is attracting additional capacity but reinsurers remain firm on attachment points, the broker said.
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Bohm joins from Swiss Re Capital Markets, where he was head of structuring for the Americas.
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Mark Shumway joins from Howden Capital Markets, where he has been managing director since 2020.
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The leadership change follows Howden’s landmark acquisition of TigerRisk at the beginning of the year.
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Nichols joins from Aeolus Capital Management, where he’d served as a portfolio manager after previously spending nearly a decade at Guy Carpenter.
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The broker said it believes it has meritorious defenses and intends to vigorously fight the claims and seek recourse against third parties where appropriate.
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The firm said it had identified two specific transactions in which “collateral inconsistencies” were in question.
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Skilton will be chair of the team with Wheeler and Murray heading up the global re specialty unit.
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The specialty leader had worked at recent acquisition Willis Re since 1998.
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Former retro broker Erik Manning is leading the initiative having joined BMS Re in January.
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Minesh Jani will report to Bradley Maltese, CEO of international and global specialties.
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Bay Risk will become part of Gallagher Re’s Global Programmes practice group, led by Andrew Moss.
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The appointments aim to provide clients with a product-agnostic view on accessing capital in a capacity-constrained market.
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The outgoing McGill and Partners head of structured solutions will become CEO of Augment after fulfilling his contact at McGill.
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The broker said clients can move fast in a harder market but need time to review quotes.
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The broker is looking to solve the severe capacity crunch for its clients as rising demand meets falling supply.
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Paul Shedden joins from Sompo International, where he was head of portfolio design, pricing and analytics – global insurance.
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The CEO said the (re)insurance industry is not doing enough to meet the climate challenge ahead.
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The broker said some reinsurers were planning for significant growth in property catastrophe as demand is expected to pick up pace.
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The former Gallagher Re broker is the second departure from the firm in Bermuda since the Willis Re sale.
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The property reinsurance underwriter had joined Axis Re’s London team three years ago.
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Its total risk transfer programme is sized at just over $9bn, down $400mn from year-end 2021.
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The scope of McCann’s new role spans across various property segments, including retrocession.
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After securing a $1.6bn deal to acquire TigerRisk, Howden said the transaction will create a “much-needed fourth global player” in reinsurance.
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The intermediary’s reinsurance solutions business has appointed Joanna Parsons as it looks to expand its capital advisory unit.
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Sources indicated talks have been conducted using an adjusted Ebitda figure for TigerRisk of around $85mn-$90mn, which is far higher than previously thought.
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The broker said its capital markets unit would be “fully aligned with the broking and analytics teams.
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The state insurer expects to face a 29% increase in its premium rates, driven by exposure growth.
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TigerRisk Partners has added two new brokers to its delegated authority business, including entering the Australian market as it appointed Simon Chandler as head of reinsurance broking programmes and binders.
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The broker’s appointment of Jim Fiore follows his decision last year to leave QBE after nearly 30 years at the carrier.
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Michael Fitzgerald has also been promoted to head of the firm’s North Carolina office.
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The broker and ratings agency AM Best said total deployed capital grew 2.7% in 2021.
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At Lockton Re, Cheney spent the last 18 months as senior broker and co-leader of its property practice.
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European loss experience drove the firm’s index back in line with 2014 levels.
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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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Madison Dearborn has increased its shareholding, while HPS has reinvested.
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The BMS meteorologist said early data indicated “truly historic outbreak”, and that similar events typically cost the industry in the low-single digit billions of dollars.
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1 January renewals are running late across the board as reinsurers hold out for improved terms, but the retro segment is the most challenged for capacity.
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The target firm deals in engineering, energy, P&C and specie.
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The partnership seeks to help response and recovery organisations manage the “entire lifecycle” of a catastrophe.
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Insured losses from severe weather events in the US are on course to exceed $20bn, following the second highest October tornado tally on record, according to a report from Aon.
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The broker said that weather-related losses had become more severe in the past decade because of climate change.
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Lockton Re has hired James Boon from Aon to work as a senior broker in the expansive non-marine retrocession and property specialty division.
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The broking group has hired Sussex Capital’s Adam Champion and investment banker Niall Baird for the new venture.
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Howden said passing risks onto governments would degrade the value of the insurance industry.
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The Competition and Markets Authority will investigate whether the deal lessens competition in the UK.
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The company has also confirmed that new recruit Tim Ronda will join as president later this month.
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The former Aon US reinsurance president will join the challenger broker in just two weeks.
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Tim Ronda was president of Aon’s US reinsurance business and was recently given a new global leadership role.
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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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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 companies disclosed that Aon will pay Willis the $1bn break fee.
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The broker must ensure it is “leaving no stone unturned” in its search for capital, according to president and CEO of North America Pete Chandler.
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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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BMS Re seeks to consolidate its presence in key areas such as Florida, Los Angeles, North Carolina and the greater Boston area.
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The reinsurance broker will work in tandem with wider Marsh McLennan companies to provide an integrated service.
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The new broker will sit within Steve Hearn’s capital solutions division.
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The facility is the second in South America for the firm, which established a local presence in Argentina in 2016.
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Frederick Streeton will join in September from Liberty Mutual Group, where he was head of underwriting strategy for the its global risk solutions business.
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Trading Risk reported last year that the Aon executive had resigned to join Lockton.
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The AJ Gallagher CEO said rate increases are providing tailwinds while the M&A pipeline remains strong.
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The model uses research and technology to provide insurers with a more in-depth view of risk when submitting risk filings in Florida.
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Davies most recently served as head of global Re specialty Bermuda for the firm’s reinsurance division.
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The executive will take on the role of chairman of retro, property specialty, Bermuda and market capital.
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The company said the funds raised would kick-start its effort to become a full-stack insurer.
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The new finance chief arrives from cyber InsurTech Resilience, where he was CFO, having previously spent 23 years at JLT.
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The transaction will create London’s largest independent specialty and wholesale broking business.
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He is expected to join the firm’s property reinsurance broking team after his gardening leave ends.
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The reinsurance broker is looking to recover over £10mn and impose an injunction to ensure the return of confidential information.
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Around 15 producing brokers are on the move, with a number from the non-marine specialties team.
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The broker says the ILS alliance will "meaningfully increase" its capacity in three segments.
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Marcus Foley joins the Bermuda office, while Tim Radford will work in London.
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The merger may cause price increases or reduced service levels for major insurance buyers.
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The executive’s hire continues a run of talent that has joined BMS in the past year.
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Along with its reinsurance platform, the company plans to help brokers hold in-house auctions.
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The intermediary cited Convex and Vantage among new entrants adding capacity to the market at the renewal.
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US contracts are still pricing at a 10%-15% premium to January 2020 levels, but excess retro capacity may impact the smaller market.
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The move is part of a wider expansion in BMS’s reinsurance broking capabilities.
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By year-end some bonds were trading at above-par levels that put implied spreads 15%-28% lower than mid-year when the deals were issued.
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The new capacity for the sidecar first launched in 2019 will be invested solely in EBRD bonds.
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The new classification will allow the carrier to increase GWP and third-party risk.
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The retro specialist joins the firm as it prepares to expand its reinsurance interests after spinning out of Willis.
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Slew of maturities and competitive pricing environment make the cat bond market attractive for sponsors, brokers say
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Centeno has three decades of insurance experience and focuses on D&O, M&A and tax liability cover.
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Tougher positioning by reinsurers at the 1.1 renewal accelerated the practice of placing business at differentiated terms, Irvan said.
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The deal “may reduce choice” for cedants in choosing reinsurance brokers, the EC said.
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The Lloyd’s CEO said it was not for business to set the tone on climate, as the Corporation laid out its first ESG report.
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With a low initial expected loss of 0.25%, the notes offer a substantial 11.6x multiple.
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The pact is Tremor’s first integration with a global broker.
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The broker will operate as Acrisure Re and Acrisure London Wholesale.
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Former president Widdicombe has taken the role of chairman, as planned, but won’t serve on any board committee.
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The $100mn+ Bonanza deal is the Floridian’s third foray into the cat bond market
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The busy storm season, Covid-19 uncertainty and a hardening market are driving demand.
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The cyber insurance sector is set to grow to $20bn by 2025, the broker said.
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Nearly 80% of respondents said underwriting capacity decreased in the quarter.
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Purchasing the analytics firm will help Willis meet growing demand for climate change services.
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The new hire comes after a slew of senior appointments made by the start-up in recent months.
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The exec was speaking after the broker was acquired by Cinven and GIC in a multi-hundred million deal.
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Industry veteran Payne was most recently at Credit Suisse Lloyd’s syndicate Arcus.
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The division brings together carriers and MGAs, while providing capital advisory, analysis and modelling support.
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BMS plans to expand into the retro sector but will avoid being drawn into bidding "frenzy".
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The CEOs of Aon Reinsurance Solutions, Willis Re and TigerRisk predict limited rate gains, but up to $10bn of incoming capital.
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Piccolomini and South pick up Advisory, while Clarke will head up global placement.
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Lawrence Po-Ba was hired by the firm to source capital solutions for Lloyd’s syndicates in May.
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The broker specialises in North American P&C and transportation risks on a facultative and binding authority basis.
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Storm surge losses are expected to remain under $500mn.
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The companies claim “overwhelming” investor support at meetings today.
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The new arrival will be an executive committee member and report directly to president and CEO Peter Hearn.
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Retro specialist Richard Wheeler will head the unit, which will focus on sourcing third-party capacity.
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The platform allows brokers to manage reinsurance deals from offers to execution.
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Following two decades at Aon Benfield, he will join Lockton sometime next year after his gardening leave.
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The broker also confirms the appointment of James Goodwin as head of power and mining.
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José Manuel González becomes CEO of Howden Broking Group, with Rugge-Price named chair.
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The executive director of treaty could depart in October, sources suggested.
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Cat programmes have been completed this year, but a heavy hurricane season could shake up the market, the broker said.
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The leadership shake-up comes after Gallagher completed its purchase of the company in January.
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The investment hit to the industry has nearly been erased, while capital raising is approaching the scale set by the class of 2005 start-ups.
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His departure marks the fifth senior retro broker to leave Aon in recent weeks.
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Staff will receive an additional 5 percent of the withheld amount on top of the salary they agreed to forgo.
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People moves in the ILS marketplace.
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LiquidX is a trade finance and trade credit insurance exchange that has executed more than $21bn in trades since 2016.
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Covid-19 claims could make the year the most expensive on record, the broker warns.
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The restructure of finances also brings CDPQ in as debt provider and lines up a £300mn+ M&A war chest.
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Jeremy Lee had been at Aon and Benfield for over 22 years.
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New names being discussed by sources include KKR, Madison Dearborn, Carlyle and Cinven.
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The scheme could see claimants in different sectors offered pence per pound of limit purchased.
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The former Everest Re CEO will join the firm after a major US hiring spree.
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Former Securis executive Lawrence Po-Ba will focus on sourcing capital solutions for Lloyd’s syndicates.
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Renewals could help cat bond spreads return to pre-Covid levels, the broker added.
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The deal will “capitalise on a dynamic competitive landscape and continue our strong growth trajectory”, Rod Fox says.
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Establishing federal backing would allow insurers to cede risk to central government.
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The company's CEO said the platform aims “to make the traditional broker business model a thing of the past”.
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The policy would have likely paid out due to the coronavirus crisis.
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But the merger will still create opportunities for rival brokers to claim market share.
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Having a $20bn-revenue organisation would create the ability to invest more heavily in new solutions, including tech.
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The broker said it was considering next steps for the wholesale arm to maximise its growth.
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The former Aon retro broker was previously CEO of the UK arm at Fidelis.
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The deal covered Turkish earthquake risk.
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Aetna Life achieved its lowest coupon ever on the Class A tranche.
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ILS broker-dealers’ forecast cat bond issuance will range from $8bn to $11bn this year, reclaiming ground lost in 2019 when annual volumes plummeted more than 40 percent year on year.
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Intermediaries called the renewal “asymmetric” and “divergent” as rates began to move up after a pressured few years.
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Alternative capital made up $60mn of the capacity Tremor priced last year, the company announced.
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The broker’s 1st View report highlighted diverging reinsurer tactics and segmented renewal outcomes.
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The start-up broker said in an update that it is on track to hit $250mn of premium flow next year.
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We have written a bit about how certain (re)insurance business lines, such as retro, are struggling for capacity right now, but another noteworthy development is that some types of structures are also requiring major efforts to shore them up.
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Deal pricing mirrors that of Covea’s traditional reinsurance contracts, according to the broker.
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John Turner will report to Ed Bermuda CEO Chris Bonard in his new role.
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The executive will be taking up the position of chief property officer for US reinsurance.
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Aon’s plan to launch an auction platform in time for 1 January 2020 suggests a struggle is underway in the reinsurance space for the position of auction technology market leader.
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Some 15 percent of cat bonds on risk will mature in Q2 next year.
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The CEO was speaking as Aon launched a new auction platform in Monte Carlo.
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David Priebe has been promoted from the role of vice chairman.
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The executive left Aeolus last year having been with the fund manager since 2009.
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The former JLT Re analytics head will be running Hyperion X Analytics, a joint venture between Hyperion X and Hyperion group.
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The organisation’s latest data showed a further acceleration in rate rises as the line strengthened for the eighth consecutive quarter.
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The law creating the $21bn fund to be administered by the California Earthquake Authority was passed in July.
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CAC Specialty aims to bring structured finance solutions with insurance broking capabilities.
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Conan Ward was chairman of the broker’s US and Bermuda specialty business.
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CEO John Carolin described the introduction of the system as a “pivotal moment” for B3i.
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The London market association warns of “significant” costs in the event of no deal.
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Carrie Kelley has also worked at Bowring Marsh Bermuda, Guy Carpenter Bermuda and Marsh USA in Chicago.
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The platform, led by Chris Bonard, was initially announced by Ed Broking back in December.
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The reinsurance broker’s CEO James Kent also said the ILS market reaction to HIM loss creep has varied widely.
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The executive will move back to broking after nearly two years at Axis Capital.
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This comes as Lockton has also been on a recruitment drive to boost its reinsurance division.
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The deal valued BMS at £500mn and is expected to close in the third quarter.
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The insurer placed less coastal aggregate cover than originally planned.
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Mills joins from Hampden Agencies and will report to managing partner Neville Ching.
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Rising Jebi losses will contribute to a squeeze on capacity.
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The start-up went live in May with the name McGill & Partners.
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Brad Melvin and Bruce Selby Bennett have been given new roles at the broker.
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Insurer adjusts programme to seek slightly more aggregate and less “sliver” reinsurance cover.
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Everest Re and RenaissanceRe have given their support to the initiative.
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The Tampa-based broking start-up was launched last year by Ted Blanch.
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Bredahl resigned as CEO of Third Point Re this month having held the role since 2017.
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The 25-year Aon veteran has taken on the role of US vice chairman of reinsurance solutions.
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The former chairman of JLT Re, Ross Howard, is to retire from the business later this year.
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The broker stated that significant further capital may be deployed at a later stage to support expansion.
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The aggregated 2018 results of 23 carriers showed a significant improvement in underwriting profit.
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Chris Demuth was previously a vice president at JLT Capital Markets.
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He will be replaced in the role by partners Jarad Madea and Stephen Fromm.
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The relationship between Florida insurers and their reinsurers is obviously going through a rough patch. It makes you wonder whether the role of brokers this year might be akin to that of marriage counsellors.
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Kevin Feldman joins from Guy Carpenter, where he was a managing director.
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What does it say about the insurance market that for every new fund or facility that is launched as a passive or index tracker-style initiative, it seems that another existing one is unwound?
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The division will be led by former Guy Carpenter executives.
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Irish regulations required an early announcement from the firm that it had considered a deal.
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A deal would take the combined entity to the top spot by (re)insurance broking business revenue.
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A new boutique (re)insurance broker set up by former Aon president Steve McGill is looking to launch in the second quarter, sister publication The Insurance Insider reported.
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The CEO also predicted that (re)insurance conglomerates will take the lead on developing ILS platforms rather than sole insurers.
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The UK regulator said it had no significant worries about market competition but that areas for improvement remain.
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Hurricane Michael generated a larger loss for the carrier than 2017’s Irma.
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The broker said new capital inflows to the sector also reduced from the levels seen last year.
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The JLT index is below levels recorded in 2016 and around 30 percent below 2013 benchmarks.
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The reinsurance broker said it was difficult to measure how much capital had been trapped or lost.
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The broker said deployable ILS capacity could become more broadly constrained, but equally there were signs capital could increase.
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The insurer is exploring using the vehicle for a quota share as well as access to the firm’s Syndicate 5623.
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Rick Pagnani was most recently CEO of Everest Re’s Mt Logan vehicle.
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Looking ahead to the rest of the year and 2020, how likely is it that the industry will hold to its resolutions?
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As less ILS capital was available at 1 January, retro rates rose by up to 35 percent on loss-hit deals, the broker said in its 1st View report.
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The global property reinsurance professional will be joining the start-up broker as executive vice president.
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The corporate finance adviser has held roles at Deutsche Bank, Citigroup and Morgan Stanley.
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Terms of the deal were not disclosed.
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Former Aon broker Jonathan Hughes will join the firm's retrocession team, reporting to head of retro Alex Bridges.
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Edward Torres was most recently director of capital markets at PartnerRe but left after the company reworked its ILS offering.
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Appetite for last-minute cover appears muted ahead of Hurricane Michael’s landfall in Florida.
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The company is moving away from market-facing collateralised reinsurance funds, head of alternative capital Dan Brookman told this publication.
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The new platform connects holders of long-tail insurance risks with investment funds.
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Willis Towers Watson may look to push its G360 broker facility into a delegated authority platform, sister publication The Insurance Insider reported.
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Broker distribution facilities have made a comeback in recent years as intermediaries seek new ways to streamline operations and boost fee income.
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The 2017 hurricanes have deteriorated less steeply than events in previous years, JLT Re said.
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Human behaviour now has a smaller role in determining pricing, according to the broker's president and global head of casualty.
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Former Guy Carpenter executive Peter Stubbings will take over as of head of ReSpecialty in 2019 as Bob Bisset moves to the role of UK growth leader.
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Tremor’s auction technology matches capacity to bidders to achieve the lowest overall rate.
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The team is part of Aon's reinsurance solutions unit.
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In its 1st View report the broker said the impetus for risk-adjusted rate increases had stalled at the June and July renewals.
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The executive previously worked for Deutsche Bank's asset management division but left when the bank closed down its $100mn ILS fund last year.
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Is the industry ready to accept new attempts to create live trading platforms?
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Former Aspen Re chairman Brian Boornazian has been appointed CEO and president of RyanRe.
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The Lloyd’s broker has announced the launch of Agile Risk Advisory which aims to use big data analytics to support ILS transactions.
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The executive has been appointed CEO of reinsurance solutions for the big three broker.
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Early-range forecasts for an above-average season may be reduced.
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The broker will join the firm's reinsurance team in an expansion drive.
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Richard Carver is to join Guy Carpenter as managing director and senior broker in its UK non-marine division.
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John English will take over as CEO of the broker’s captive management operation, replacing Peter Mullen.
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Aon Benfield and Aon Risk Solutions are to become simply ‘Aon’ as the firm integrates its different parts.
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The ILS unit now reports to Willis Re deputy chairman Mark Hvidsten.
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Guy Carpenter has promoted John Fletcher, the head of its retrocessional practice in Bermuda, to take over as chairman of the office.
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Peter Stubbings has resigned from his role as Guy Carpenter Bermuda CEO and is set to join the retro team at Aon Benfield, sister publication The Insurance Insider reported.
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Aon Benfield's estimate of insured losses from hurricanes Harvey, Irma and Maria (HIM) has come in at $80bn, below the $92bn-$93bn forecasts from Munich Re and Swiss Re released several weeks ago
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JLT Re has hired Aon's former Asia Pacific chief operating officer Jeremy Fox as its new CEO in the region, the company announced today.
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A smooth reloading of ILS capital and a glut of capacity contributed to catastrophe reinsurance rates rising by less than reinsurers had pushed for following last year's losses, brokers said in early post-renewals reports
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Nephila Capital's equity investment in new managing general agency (MGA) Volante Global will not see its ILS funds taking on any underwriting risk sourced by the start-up, but the catastrophe specialist has not ruled this out in the future
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Cat bond volumes reached $11.1bn in 2017, according to Trading Risk records, as new sponsors Validus Re and Covea wrapped up fourth quarter deals in a record year for issuance
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ILS broker-dealers are expecting another $10bn issuance year for the cat bond market, as (re)insurance buyers seek to manage post-loss pricing adjustments
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Allianz Risk Transfer (ART) has closed a second private cat bond covering weather at $14.5mn
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