Operations/tech
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The CEO says the sector needs to innovate to address its waning relevance. -
The extensive negotiations started at 0.99 Aon shares for each Willis share, and ended at 1.08, according to proxy documents.
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Shared back-office infrastructure forms part of the arrangement.
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The ratings agency says the revision reflects a deterioration in the (re)insurer’s operating performance.
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The executive says the move will protect staff and support clients amid serious economic turmoil.
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CEO and chairman David Long says the carrier’s investment portfolio will bear the brunt of the pandemic.
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Group CEO Juan Andrade will assume oversight of the expanding insurance arm.
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Measures to retrench on cost due to Covid-19 were disclosed as the broker reaffirmed its Willis deal.
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The downstream market is expected to be less impacted although there is some BI exposure.
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The heatmap of BI exposure is rapidly changing but reinsurers “stand ready” to pay for losses.
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The PE firm counts AmWins among former portfolio companies.
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The broker says claims are manageable, but the dual hit to balance sheets sets the scene for a capital squeeze.
