Marsh McLennan

Marsh is also suing a second tier of former Florida leaders.

Success in the soft market will be had when careful preparation meets opportunity.

The executive will fill the role previously held by Howden’s Figliozzi.

Some disagreement remains in where rate declines have been swiftest and how much further they could go.

A US landfall is not expected, but the storm could hit the Bahamas by Friday.

The broker said WTW hasn’t shown it was irreparably harmed by the defection.

Property insurance rates declined by 9%, the same as in the prior quarter.

Property pricing fell by 8%, while casualty rate increases tapered to 3%.

Early Q3 earnings reports point to worsening market conditions.

Property, cyber and workers’ comp rates were all down mid-single digits, offsetting casualty hardening.

The selloff may hint at headwinds for equity investors.

The broker’s new business and client services division is targeting $400mn of savings.

Earlier this week, the broking house announced a rebrand to Marsh.

The motion claims the New York court has no jurisdiction in the case.

Guy Carpenter will rebrand as Marsh Re, as a new central tech/operations unit is created.

WTW claims at least two $1mn accounts were also unfairly lost to Howden.

Sources said Marsh Specialty UK growth leader Lizzy Howe will lead the operation.

According to McKinsey, the projected spending on data centers is expected to hit $6.7tn by 2030.

The hire comes as Guy Carpenter fills the void created by the Willis Re raid earlier this year.

The $20bn+ TIV data center is seen as the leading edge of significant new demand.

A federal judge restricted former Marsh employees from soliciting for Howden.

The Insurance Insider US news team runs you through this week’s key agency M&A.

The broker has filed a motion to dismiss the lawsuit by Marsh.

The company said defendant "distraction" can’t make up for flimsy arguments.

After spending 20 years at Aon, Goodman will start a senior executive position with Guy Carpenter.

The lawsuit is the third filed by MMA against Alliant in the past year.

Parrish, now CEO of Howden US, and his colleagues said they didn’t violate contracts.

Patton Kline succeeds Glod as US aviation and space practice leader.

A key hearing in the poaching case is set for September 4 in New York.

Not everyone will emerge unscathed as brokers navigate the slow-growth environment.

The plaintiffs seek a declaration that part of Marsh recruits’ restrictive covenants are unenforceable.

The Insurance Insider US news team runs you through this week’s key agency M&A.

An industry veteran of 34 years, the executive is known for placing US healthcare business in London.

The suit asserts the raid will cause “incalculable harm” to the broker.

Brown & Brown fell 10% and Ryan Specialty 8% as investors digest the deteriorating outlook.

The lawsuit claims more than 100 employees left with Parrish and his three reports.

Staff targeted include producers that channel business through Howden’s London wholesale arm.

Casualty rates increased 4% globally but shot up 9% in the US.

It is slim pickings for quality mega deals and the brokerage has an in-built need for speed.

The expansive European broker is targeting Mike Parrish’s team and former McGriff staff.

The executive briefly exited the firm last month for a role at Marsh.

The technology will help analyze growing and emerging risks, especially climate change.

Total revenues grew 12% due to the contribution from acquisitions.

The broker also alleges a coordinated effort undermine client confidence.

Marsh’s property book saw an average decline of 9% in Q1, a trend that appears to have continued through Q2.

The Insurance Insider US news team runs you through this week’s key agency M&A.

The broader legislation narrowly passed the Senate and now heads to the House.

He was most recently Marsh’s US manufacturing and automotive practice head.

Premium rose across the top 15 P&C risks in 2024.

Willis’ continued reinsurance build-out has targeted London and Bermuda marine and retro specialists.

The executive will report to US construction practice leader Jim Dunn.

The move follows a recent string of initiatives for Howden in Latin America.

Major insurance industry groups and companies have recently pressed lawmakers to include the provision.

The pair joined MMA after the $7.75bn purchase of McGriff in November.

Marsh McLennan CEO Doyle dubbed legal system abuse a "tax” on US economy.

Brokers across London and Bermuda have handed in their notice to join the start-up reinsurance broker.

The executive will take the global role alongside his existing US responsibilities.

Sources said that negotiations are proceeding well with a path to do a cash deal.

The suit names former Marsh execs Hanrahan and Andrews as defendants.

In casualty, getting significant blocks of capacity remains a major challenge.

The executive had previously been at Aon for over 15 years.

It will be tough to pull off prior goals despite management assurances.

The pair add to the roster of aviation-focused hires at WTW.

The executive was most recently at Oliver Wyman after joining from AIG last year.

The hires form part of WTW’s build-out of its US aviation practice.

The only major product line to see rate increases was casualty.

Marsh alleges Aon also went after its clients as well as its employees.

Insurance Insider US explores the economics of the lift-out growth strategy.

California wildfires had ‘little or no impact’ on property cat pricing at April 1, Dean Klisura said.

Guy Carpenter president Dean Klisura added that Q1 was a record cat bond issuance quarter.

The growth figure represents a 5-point deceleration on the 9% reported in Q4 2024.

The UK broker is still in talks with Mubadala about a standalone investment in the business.

Rouse was promoted to co-global placement leader last October.

It is understood that Marsh brokered the tower, which is exposed to claims from a 2024 breach.

The Insurance Insider US news team runs you through this week’s key agency M&A.

Sources said Brown & Brown has an advantage as it entered the process several weeks ago.

Adam Russell most recently held the role of head of strategy for global placement.

The promotions come after Aon hired Marsh’s construction and surety heads.

Perlman has been at MMA for over six years, most recently as president of national business insurance.

Andrew George will report to president and CEO of Marsh Martin South.

The executives will join the company in the coming weeks.

Competition for specialty reinsurance talent remains high.

The big brokers are lining up London capacity to write follow lines on US risks.

The Pacific region led the quarter’s price decline at -8%.

Company-specific strategies will play a vital role in sustaining growth in the current market.

Guy Carp CEO Dean Klisura said LA wildfires could slow rate reductions at 1 April.

The executive will link up again with former colleague Lucy Clarke in Q2.

Organic growth in broking segment Marsh accelerated during the reporting period.

But forecasts of slowing growth in recent years have been too pessimistic – and uncertainty remains.

Some will play “pretend and extend”, but others will sell to strategics or take the steep climb to an IPO.

The firm’s trajectory could, however, make it harder to meet guidance going forward.

Rivera will succeed current CEO Carlos Rivera, effective January 1.

The deal’s closing comes just a month and a half after the companies announced the transaction.

The promotion is effective as of January 1.

Prior to the event, clients were expecting a “very competitive market environment”.

CEO John Doyle said global property rates were down 2% versus flat in Q2.

Organic growth fell by 1 point quarter on quarter and was down by 5 points from Q3 2023.

The mid-market unit has been a home run but will now face the fresh test of integrating a $1.3bn revenue business.

The transaction will be one of the largest involving two strategics in broking history.

The transaction would be one of the largest strategic-on-strategic deals ever in the broking space.

The region has 13 offices across Texas and Louisiana.

Ellis will re-join Marsh after leaving in 2019 for a position at AIG.

“They want to grow their portfolios,” Guy Carpenter's CEO added.

Ridge Muhly and Adam Kornick join from Gen Re and Porch Group.

The facility launch comes after Marsh launched its Slipstream marine facility.

The quarter was the first period where prices didn’t increase since the third quarter of 2017.

The Insurance Insider US news team runs you through the earnings results for the day.

A quick round-up of today’s need-to-know news, including Ryan Specialty, Marsh, Allstate.

The executive said challenging loss cost trends were contributing to rate rises.

Global property rate increases were also flat in the quarter.

Earnings per share were up 10%, while the margin expanded by 1.3 points.

A quick round-up of today’s need-to-know news.

Steadfast, AUB and BMS have joined the top 20.

Horton provides insurance services across Indiana, Illinois, Wisconsin, Minnesota and Florida.

Seven members of the construction team have resigned, including construction practice leader Patrick Baker.

She said potential hurricane activity was just one factor impacting the 2025 outlook.

Regulatory compliance risks were listed as the third-greatest concern.

He will report to Cynthia Beveridge, global chief broking officer for commercial risk.

Rappa will take on the role effective May 20.

AJ Gallagher had also shown an interest in acquiring the Australian retailer.

The practice aligns existing capabilities from Marsh Specialty and others.

Global commercial insurance rates rose 1% in Q1, down from a 2% increase in Q4 2023.

The transaction value represents approximately 5.9x of its 2023 revenue and 28x net income.

Early results suggest another strong quarter with a variety of driving forces.

The US casualty market was “challenging”, the executive said.

Property rate increases decelerated to 3% in the quarter.

The Q1 figure represents a 2-point acceleration on the 7% reported in Q4 2023.

Graham Knight will become chairman of natural resources.

April Files is based in Houston, Texas.

The new facility is backed by Lloyd’s syndicates and London-based international insurers.

Participating members can purchase up to $10mn in (re)insurance.

The talks are advanced, and the process is likely to move rapidly.

Marsh Specialty has released its Political Risk Report 2024.

Insurance Insider US examines public brokers’ 2023 M&A.

His career with Marsh spans 30-plus years.

The executive will head a team of over 70 energy specialists.

Shannan Fort was a partner in McGill’s FI and cyber team.

The index’s 2023 peak was Q2, when rates increased 19%.

Falling rates in finpro and increased competition in property drove the trend.

The Insurance Insider US news team runs you through the earnings results for the day.

The CEO flagged a trend towards mega settlements and said there was concern around the direction of loss costs.

Property rate increases decelerated to 6% in Q4, compared to 7% in Q3 and 10% in Q2 2023.

The broker's growth was down 3 points on the 10% reported in Q3 and level with the 7% posted in Q4 2022.

Effective immediately, Wolfe will help drive growth strategies across the region. He will also lead Guy Carpenter’s US facultative business alongside Frank Guerriero, chairman of Guy Carpenter Facultative.

In October 2023, it was announced that Powell was leaving Marsh to join WTW as the broker’s global chief claims officer.

The Global Risks Report 2024, made in partnership with Marsh and Zurich, shows that extreme weather events, misinformation and disinformation are top risk severity concerns.

While not record-setting, 2023 was a “solid year” for insurance brokerage M&A, and there is “tempered” optimism for 2024.

European rates on line increased by 7.60%, while in the US prices were up 5.25%.

Andy Stirk comes to Marsh from Ascot Group but had previously been MD in Marsh’s financial and professional liability practice.

Reinsurers are looking to grow in top-layer cat risk, resulting in “variable” outcomes on sign-downs.

She joins Marsh following a 20-year career at Aon.

Amynta Ease-of-Business president Arthur Seifert said he expects MGAs to move away from the popular Dutch auction process and instead find one party that’s a good fit.

Broker and commercial carrier trends separate as inflation slows but rates stay elevated.

Kowell succeeds Michael Pellegrini, who was appointed head of specialty for both markets last month as Michelle Sartain took over as US and Canada president.

Based in Washington, DC, she will report to Pat Tomlinson, Marsh McLennan US and Canada CEO and Mercer president.

Commercial insurance pricing remained flat, increasing by 3% globally over the period, the same as the prior quarter.

Marsh cites its primary listing on the NYSE, along with the costs and administrative burdens of listing on LSE, as reasons for delisting.

Current cyber brokerage leader for the US and Canada, Meredith Schnur, will succeed Reagan as cyber practice leader, US and Canada.

Last week, this publication revealed that Howden agreed to pay Guy Carpenter in excess of £50mn ($61mn) to settle the poaching suit related to Massimo Reina and a defecting European team.

The Inside P&C news team runs you through the earnings results for the day.

Concern around prior-year loss development and social inflation is impacting the market.

“As we look to January 1, the market appears to be more orderly than last year, but we expect underwriting discipline to continue,” CEO John Doyle told analysts.

Adjusted earnings per share increased by 33% and the group also reported margin expansion.

The payment represents the largest ever made in a team lift case in the London market.

Pat Tomlinson will also step into the role of president and CEO of Mercer and vice chair of Marsh McLennan when his predecessor, Martine Ferland, retires in March 2024.

Pellegrini succeeds Michelle Sartain, who was promoted to US and Canada president earlier this year as Pat Donnelly took over as Marsh specialty president.

The question of how to finance the private brokers no longer begins and ends with a PE flip.

Differences in business mix and definitions yield differing trajectories for brokers, but in the absence of a recession, we may see continued margin improvement.