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Gallagher paid out $1.7bn in 2024, additional to its costs for AssuredPartners. -
The executive joined the firm in early 2023 after 10+ years at Aon.
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Regionals and smaller carriers need to exercise vigilance when expanding commercial casualty lines.
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The loss aggregator has classified the fires as two separate events for reinsurance purposes.
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The insurance commissioner said the carrier has not shown the need for price increases.
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It was the broker’s second-largest deal in Q4 after it completed the takeover of Dutch brokerage Quintes.
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The brokerage had secured a $340mn facility with JP Morgan, Fifth Third Bank and RBC in August 2023.
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Private agencies forecast median Ebitda margins of 22% for 2025, with top performers expecting 28.5%.
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The executive told analysts Fairfax has no plans of walking away from its current cat position.
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The latest cat event may not be enough to change the overall market, he added.
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The group should also tilt capital allocation away from M&A and deepen its disclosure.
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More than 33,000 claims had been filed as of 5 February.
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