Marsh McLennan
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Marsh is also suing a second tier of former Florida leaders. -
Success in the soft market will be had when careful preparation meets opportunity.
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The executive will fill the role previously held by Howden’s Figliozzi.
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Some disagreement remains in where rate declines have been swiftest and how much further they could go.
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A US landfall is not expected, but the storm could hit the Bahamas by Friday.
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The broker said WTW hasn’t shown it was irreparably harmed by the defection.
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Property insurance rates declined by 9%, the same as in the prior quarter.
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Property pricing fell by 8%, while casualty rate increases tapered to 3%.
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Early Q3 earnings reports point to worsening market conditions.
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Property, cyber and workers’ comp rates were all down mid-single digits, offsetting casualty hardening.
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The selloff may hint at headwinds for equity investors.
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The broker’s new business and client services division is targeting $400mn of savings.
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Earlier this week, the broking house announced a rebrand to Marsh.
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The motion claims the New York court has no jurisdiction in the case.
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Guy Carpenter will rebrand as Marsh Re, as a new central tech/operations unit is created.
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WTW claims at least two $1mn accounts were also unfairly lost to Howden.
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Sources said Marsh Specialty UK growth leader Lizzy Howe will lead the operation.
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According to McKinsey, the projected spending on data centers is expected to hit $6.7tn by 2030.
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The hire comes as Guy Carpenter fills the void created by the Willis Re raid earlier this year.
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The $20bn+ TIV data center is seen as the leading edge of significant new demand.
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A federal judge restricted former Marsh employees from soliciting for Howden.
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The Insurance Insider US news team runs you through this week’s key agency M&A.
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The broker has filed a motion to dismiss the lawsuit by Marsh.
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The company said defendant "distraction" can’t make up for flimsy arguments.
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After spending 20 years at Aon, Goodman will start a senior executive position with Guy Carpenter.
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The lawsuit is the third filed by MMA against Alliant in the past year.
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Parrish, now CEO of Howden US, and his colleagues said they didn’t violate contracts.
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Patton Kline succeeds Glod as US aviation and space practice leader.
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A key hearing in the poaching case is set for September 4 in New York.
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Not everyone will emerge unscathed as brokers navigate the slow-growth environment.
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The plaintiffs seek a declaration that part of Marsh recruits’ restrictive covenants are unenforceable.
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The Insurance Insider US news team runs you through this week’s key agency M&A.
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An industry veteran of 34 years, the executive is known for placing US healthcare business in London.
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The suit asserts the raid will cause “incalculable harm” to the broker.
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Brown & Brown fell 10% and Ryan Specialty 8% as investors digest the deteriorating outlook.
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The lawsuit claims more than 100 employees left with Parrish and his three reports.
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Staff targeted include producers that channel business through Howden’s London wholesale arm.
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Casualty rates increased 4% globally but shot up 9% in the US.
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It is slim pickings for quality mega deals and the brokerage has an in-built need for speed.
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The expansive European broker is targeting Mike Parrish’s team and former McGriff staff.
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The executive briefly exited the firm last month for a role at Marsh.
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The technology will help analyze growing and emerging risks, especially climate change.
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Total revenues grew 12% due to the contribution from acquisitions.
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The broker also alleges a coordinated effort undermine client confidence.
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Marsh’s property book saw an average decline of 9% in Q1, a trend that appears to have continued through Q2.
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The Insurance Insider US news team runs you through this week’s key agency M&A.
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The broader legislation narrowly passed the Senate and now heads to the House.
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He was most recently Marsh’s US manufacturing and automotive practice head.
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Premium rose across the top 15 P&C risks in 2024.
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Willis’ continued reinsurance build-out has targeted London and Bermuda marine and retro specialists.
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The executive will report to US construction practice leader Jim Dunn.
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The move follows a recent string of initiatives for Howden in Latin America.
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Major insurance industry groups and companies have recently pressed lawmakers to include the provision.
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The pair joined MMA after the $7.75bn purchase of McGriff in November.
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Marsh McLennan CEO Doyle dubbed legal system abuse a "tax” on US economy.
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Brokers across London and Bermuda have handed in their notice to join the start-up reinsurance broker.
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The executive will take the global role alongside his existing US responsibilities.
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Sources said that negotiations are proceeding well with a path to do a cash deal.
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The suit names former Marsh execs Hanrahan and Andrews as defendants.
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In casualty, getting significant blocks of capacity remains a major challenge.
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The executive had previously been at Aon for over 15 years.
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It will be tough to pull off prior goals despite management assurances.
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The pair add to the roster of aviation-focused hires at WTW.
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The executive was most recently at Oliver Wyman after joining from AIG last year.
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The hires form part of WTW’s build-out of its US aviation practice.
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The only major product line to see rate increases was casualty.
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Marsh alleges Aon also went after its clients as well as its employees.
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Insurance Insider US explores the economics of the lift-out growth strategy.
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California wildfires had ‘little or no impact’ on property cat pricing at April 1, Dean Klisura said.
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Guy Carpenter president Dean Klisura added that Q1 was a record cat bond issuance quarter.
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The growth figure represents a 5-point deceleration on the 9% reported in Q4 2024.
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The UK broker is still in talks with Mubadala about a standalone investment in the business.
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Rouse was promoted to co-global placement leader last October.
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It is understood that Marsh brokered the tower, which is exposed to claims from a 2024 breach.
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The Insurance Insider US news team runs you through this week’s key agency M&A.
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Sources said Brown & Brown has an advantage as it entered the process several weeks ago.
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Adam Russell most recently held the role of head of strategy for global placement.
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The promotions come after Aon hired Marsh’s construction and surety heads.
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Perlman has been at MMA for over six years, most recently as president of national business insurance.
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Andrew George will report to president and CEO of Marsh Martin South.
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The executives will join the company in the coming weeks.
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Competition for specialty reinsurance talent remains high.
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The big brokers are lining up London capacity to write follow lines on US risks.
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The Pacific region led the quarter’s price decline at -8%.
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Company-specific strategies will play a vital role in sustaining growth in the current market.
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Guy Carp CEO Dean Klisura said LA wildfires could slow rate reductions at 1 April.
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The executive will link up again with former colleague Lucy Clarke in Q2.
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Organic growth in broking segment Marsh accelerated during the reporting period.
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But forecasts of slowing growth in recent years have been too pessimistic – and uncertainty remains.
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Some will play “pretend and extend”, but others will sell to strategics or take the steep climb to an IPO.
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The firm’s trajectory could, however, make it harder to meet guidance going forward.
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Rivera will succeed current CEO Carlos Rivera, effective January 1.
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The deal’s closing comes just a month and a half after the companies announced the transaction.
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The promotion is effective as of January 1.
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Prior to the event, clients were expecting a “very competitive market environment”.
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CEO John Doyle said global property rates were down 2% versus flat in Q2.
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Organic growth fell by 1 point quarter on quarter and was down by 5 points from Q3 2023.
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The mid-market unit has been a home run but will now face the fresh test of integrating a $1.3bn revenue business.
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The transaction will be one of the largest involving two strategics in broking history.
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The transaction would be one of the largest strategic-on-strategic deals ever in the broking space.
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The region has 13 offices across Texas and Louisiana.
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Ellis will re-join Marsh after leaving in 2019 for a position at AIG.
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“They want to grow their portfolios,” Guy Carpenter's CEO added.
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Ridge Muhly and Adam Kornick join from Gen Re and Porch Group.
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The facility launch comes after Marsh launched its Slipstream marine facility.
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The quarter was the first period where prices didn’t increase since the third quarter of 2017.
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The Insurance Insider US news team runs you through the earnings results for the day.
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A quick round-up of today’s need-to-know news, including Ryan Specialty, Marsh, Allstate.
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The executive said challenging loss cost trends were contributing to rate rises.
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Earnings per share were up 10%, while the margin expanded by 1.3 points.
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Steadfast, AUB and BMS have joined the top 20.
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Horton provides insurance services across Indiana, Illinois, Wisconsin, Minnesota and Florida.
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Seven members of the construction team have resigned, including construction practice leader Patrick Baker.
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She said potential hurricane activity was just one factor impacting the 2025 outlook.
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Regulatory compliance risks were listed as the third-greatest concern.
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He will report to Cynthia Beveridge, global chief broking officer for commercial risk.
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Rappa will take on the role effective May 20.
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AJ Gallagher had also shown an interest in acquiring the Australian retailer.
