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.
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Beach has hired Willis Re executive Warren Berkstresser as senior vice president of its US reinsurance division.
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Warren Berkstresser will focus on US property treaty and specialty programs and open and run the broker’s new Seattle office.
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Both companies secure more than 95% shareholder support for the transaction.
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The companies claim “overwhelming” investor support at meetings today.
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The broker also confirms the appointment of James Goodwin as head of power and mining.
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The deals provide cover in case pensioners live longer than expected.
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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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She has over 20 years of (re)insurance experience and will start her new role at Willis Re in mid-July.
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The broker's total insured loss estimate spanned $11bn to $140bn, depending on the recovery from Covid-19.
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The decline comes amid a 15 percent year-on-year jump in reinsurance capital.
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Willis Re president Andrew Newman said capital will continue to flow into insurance if adequate returns are on offer.
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Willis Re’s managing director of UK reinsurance will have a similar role at Guy Carpenter, it is understood.
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The reinsurer is moving to expand its North American business.
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Aon president Eric Andersen and Willis Towers Watson human capital and benefits chief Julie Gebauer will lead the integration if the deal completes.
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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 combined company will retain the Aon name, with Willis CEO John Haley taking the chairman role.
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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 broker says natural catastrophe claims last year were 15 percent down on the average since 2011.
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Opportunities are likely to open up for blue-collar schemes as reinsurers participating in swaps seek to diversify, according to Willis Towers Watson.
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Simon Buxton left the Allianz-owned specialty insurer last year.
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Over the past year, Willis Re's index shows riskier deals and a hardening market have lifted average cat bond yields.
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Turner will be leading the £30bn Railpen pension scheme’s ILS allocation, which is managed by Credit Suisse ILS.
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Deal pricing mirrors that of Covea’s traditional reinsurance contracts, according to the broker.
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Cat bond pricing volatility in the first half of the year meant that some cedants didn’t want to risk entering the market, the Willis executive told Trading Risk.
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Natural catastrophes accounted for 2.6 percentage points of the average reported combined ratio of global reinsurers in the first half of the year.
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UK pension funds are acting quickly to get longevity swaps over the line by the 31 October Brexit deadline.
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ILS funds anticipate capacity expanding by more than 10 percent over the next five years.
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The executive will move back to broking after nearly two years at Axis Capital.
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The streak of tornadoes in the US this May means 2019 is set to have highest level of activity since 2011 but the impact on (re)insurers will be offset by lower than average hail events.
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Andrew Souter will be responsible for capital and reinsurance purchasing functions within the MGA.
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The research found that commercial insurance prices rose by just over 2 percent in aggregate in Q1.
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After two years of volatility it’s not surprising to see reports that are urging the ILS market to find more harmonisation and standardisation.
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Standardising valuation practices is moving at a relatively slow pace, but speeding harmonisation up could spur substantial growth, the broker argued.
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The broker has predicted rates rises of at least 15 percent for loss affected cat business.
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The total capital in the global reinsurance industry was down 5 percent to $462bn at the end of 2018, according to the broker.
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Willis Towers Watson put the increase at 4 percent whereas the CIAB reported a 2.9 percent uptick.
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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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People moves in the industry in the past month.
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If the ILS market is all about convergence, is it still a worthwhile task to try to create dividing lines within the market, or is a movable border a better representation of messy reality?
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He moves across from the broker’s former securities division.
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The EUR90mn Italian multi-peril cat bond from Unipol will only be partly placed in the cat bond market, sources said.
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The JLT index is below levels recorded in 2016 and around 30 percent below 2013 benchmarks.
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In the US, renewal results varied widely and wildfire losses were a subject of focus.
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ILS broker-dealers expect 2019 cat bond issuance to range from $7bn to above $10bn.
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The number of cat bond lites issued so far this year now totals $113mn.
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