Marsh McLennan
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AJ Gallagher had also shown an interest in acquiring the Australian retailer.
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The practice aligns existing capabilities from Marsh Specialty and others.
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Global commercial insurance rates rose 1% in Q1, down from a 2% increase in Q4 2023.
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The transaction value represents approximately 5.9x of its 2023 revenue and 28x net income.
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Early results suggest another strong quarter with a variety of driving forces.
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The US casualty market was “challenging”, the executive said.
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Property rate increases decelerated to 3% in the quarter.
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The Q1 figure represents a 2-point acceleration on the 7% reported in Q4 2023.
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Graham Knight will become chairman of natural resources.
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April Files is based in Houston, Texas.
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The new facility is backed by Lloyd’s syndicates and London-based international insurers.
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Participating members can purchase up to $10mn in (re)insurance.
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The talks are advanced, and the process is likely to move rapidly.
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Marsh Specialty has released its Political Risk Report 2024.
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Insurance Insider US examines public brokers’ 2023 M&A.
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The executive will head a team of over 70 energy specialists.
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Shannan Fort was a partner in McGill’s FI and cyber team.
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The index’s 2023 peak was Q2, when rates increased 19%.
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Falling rates in finpro and increased competition in property drove the trend.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The CEO flagged a trend towards mega settlements and said there was concern around the direction of loss costs.
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Property rate increases decelerated to 6% in Q4, compared to 7% in Q3 and 10% in Q2 2023.
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The broker's growth was down 3 points on the 10% reported in Q3 and level with the 7% posted in Q4 2022.