WTW
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SEC filings show that, in Q3, the activist shareholder liquidated its remaining 508,880 shares in WTW — worth around $120mn at the end of Q2. -
A-Star offers up to $80mn in additional capacity for D&O liability insurance.
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The broker has not been acquisitive since the deal to create the group in 2015, and has divested a number of its units in that time.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Broker and commercial carrier trends separate as inflation slows but rates stay elevated.
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Work is at an exploratory stage, with efforts focused on London specialty and US P&C mid-market expertise.
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AJ Gallagher posts 10.5% Q3 organic growth, lower sequentially but up year-on-year
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As of 14:00 ET, the broker’s stock stood at $232.24 per share, 11.9% higher than the previous close of $207.74.
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The broker’s Q3 organic growth was driven by specialty lines, including fac financial solutions, natural resources, surety, construction and aviation.
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WTW said that new staff were ramping up revenue production, following a period of investment in talent.
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The exercise is understood to involve mainly junior and non-broking staff.
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Kenneth Gould and Frank Scardino resigned “effective immediately” in early October to join WTW, allegedly forgoing a required 30-day notice period.
