Aon
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Tailwinds from a profitable 2023 sent insurers into strong markets in Q1 2024.
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Prices for programs that renewed in both Q1 2023 and Q1 2024 decreased 15%.
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Overall economic losses hit $45bn in the first quarter of 2024.
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Avoiding an antitrust fight aids execution, but creates uncomfortable optics around the multiple paid.
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The broker’s opening price on Friday was $272.10 per share, versus Thursday’s closing price of $306.
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Aon’s CEO said the business was formerly “very underweight” in the middle market.
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The broker announced yesterday it had completed its $13bn acquisition of NFP.
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Aon will provide further updates on NFP and deal financials, on its earnings call tomorrow.
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The executive had opened the Aon Property Symposium in January.
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The deal cleared a major antitrust hurdle two months ago.
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The most extensive damage was caused by rainfall in Texas, Louisiana, Mississippi and Florida.
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The executive will report to Aon North America CEO Jennifer Bell.
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Eric Paire has been at Aon since 2018, having joined from Guy Carpenter.
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The executive will report to Aon Northeast region leader Christine Williams.
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Erich Lowe most recently served as SVP with Aon’s property practice.
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The exit follows the broker moving its Climate Risk Advisory function into its Risk Capital segment this year.
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Insurance Insider US examines public brokers’ 2023 M&A.
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He was executive managing director in Aon’s wholesale treaty team.
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As of Friday morning, the Smokehouse Creek fire was 5% contained, up from 3% yesterday.
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The end of the waiting period effectively clears the path to close in the US.
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The exec was speaking alongside Doug Hammond after Aon agreed to buy NFP.
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The broker has been adding to its capabilities in the region.
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The pace of price decreases has eased since Q2 last year.