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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The merging brokers have also agreed a two-year non-compete agreement on transferring Willis business.
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The AJG CEO vowed to invest in Willis Re assets while stressing the quality and security of the team.
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The merger partners are working towards a third-quarter completion after a side-deal they say addresses EC concerns.
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The yardstick will allow insurers and financial institutions to assess companies’ transition plans against the 2015 Paris Agreement.
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The regulator had previously set a 27 July deadline after the merger partners offered divestments to secure regulatory approval.
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European regulators are not expected to demand additional concessions of the deal partners.
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The move follows Willis’ explorations of sales of Willis Re and European units.
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It is understood that the ~$300mn fac business will be packaged along with the treaty unit.
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The broker’s international chairman also noted an emphasis on restructuring aggregate programmes during this year’s 1 April.
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The market has reached the stage of price hardening at which clients will challenge brokers and carriers on continuing increases, according to Aon president Eric Andersen.
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The tally so far comes in far below the broker’s year-ago estimate of $80bn for a twelve-month lockdown.
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EU antitrust regulators will warn Aon that its $30bn bid to acquire Willis Towers Watson may hurt competition in the broking marketplace, according to a Reuters report.
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The merger may cause price increases or reduced service levels for major insurance buyers.
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Event definitions were also tightened at renewals, the broker said.
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Executives reiterate the mid-single expansion guidance announced in March, despite growing organically by 1% in 2020.
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Of the largest insured losses from single events last year, the top eight occurred in the US.
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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 $100mn+ Bonanza deal is the Floridian’s third foray into the cat bond market
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David Bangs joins from Willis Re Singapore where he worked for more than 15 years.
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More ILS funds are allocating to retro than in past years, while a third of investors are expecting to increase their allocations slightly.
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Purchasing the analytics firm will help Willis meet growing demand for climate change services.
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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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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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Magnani became vice president, based in London, in September.