Public bodies’ insurance interest spikes as Covid-19 bites budgetsThe anticipated fallout from Covid-19 has caused a spike in interest from public sector bodies in budget insurance, with a growing number of organisations considering coverage in advance of expected funding cuts.
Thomas Miller names Bergert to succeed Braun as CEO of Hamburg operationsThomas Miller has named Frank Bergert as CEO of Thomas Miller Hamburg, succeeding Tobias Braun with immediate effect.
London MGA Nexus valued at £228mnThe fast-expanding London MGA/intermediary Nexus Group is now worth £228mn ($289mn), according to venture capitalist firm BP Marsh.
Truist CEO eyes insurance brokerage acquisitionsThe chairman and CEO of Truist, which owns wholesale broker CRC and retail broker McGriff, believes his company has “substantial” insurance acquisition opportunities.
Alliant in double figures for hiring disputes in past two yearsAlliant has recently settled four disputes, but a look through court filings reveals the expansive US broker is a magnet for lawsuits from rivals angry at its hiring practices – a number of which are still ongoing.
BP Marsh shares surge 14% as NAV climbs over 2019Shares in specialist UK insurance investor BP Marsh surged over 14 percent in morning trading after the firm reported an 8.5 percent increase in the equity value of its portfolio for the year ended 31 January 2020 and a consolidated profit after tax of £12.5mn.
AJG makes US and Australian broker acquisitionsArthur J Gallagher has announced two acquisitions: Las Vegas, Nevada-based real estate E&O specialist CRES Insurance Services and Australian mid-market insurance broker CA Insurance Brokers.
AssuredPartners raises $300mn debt as run-rate revenues pass $1.5bnRetail broker consolidator AssuredPartners went to the capital markets late last month for a new $300mn term loan in what it saw as an attractive window to provide a buffer against economic headwinds and to continue pursuing a still active pipeline of opportunities.
Aon adds Clarke to M&A teamAon’s M&A and transaction solutions (AMATS) division has named Harriet Clarke as director and announced the launch of a real estate solution for M&A transactions.
Willis realigns exec pay with group results in Covid-19 responseWillis Towers Watson has changed the short-term incentive compensation programme (STI) for its most senior executives for 2020 to shift the emphasis to enterprise financial results and away from business segment, geography or corporate function performance.
PIB targets international reinsurance with German broker dealPIB Group has acquired Munich-based Marx Re-Insurance Brokers in its latest step towards international expansion and marking the UK broker consolidator’s first foray into the reinsurance broking market.
Higginbotham continues growth with entertainment specialist AscendExpansive Texas-based intermediary Higginbotham has acquired the specialist Dallas-based entertainment agency Ascend Insurance Brokerage.
BMS bids to become the alternative to global giants with reinsurance buildoutConsolidation among the global brokers is providing a catalyst for BMS as it accelerates an ambitious build-out plan that includes a strong focus on its US reinsurance intermediary platform backed by long-term investment.
BMS adds Wiltshire and Titcomb to specialty divisionExpansive broker BMS has named industry veterans Norman Wiltshire and Nick Titcomb as directors of its specialty (re)insurance division, BMS Strategic Risk Solutions (SRS).
FCA warns on Covid-19 impact to product valueThe Financial Conduct Authority (FCA) has called on UK insurers and intermediaries to consider the impact of coronavirus on the value of insurance products and services and to make policy changes or issue premium refunds where necessary.
Direct Insurance Group to allow employees to work from home permanentlyThe London-headquartered Direct Insurance Group has told employees they can work from home permanently, even after the coronavirus pandemic passes.
M&A environment “relatively healthy” as BRP completes two new dealsCovid-19’s impact may mean it takes longer to complete deals and lead to changes in the way transactions are structured but the merger and acquisition (M&A) environment “feels relatively healthy”, according to BRP Group’s chief executive and director Trevor Baldwin.
SSL Endeavour rebrands as OneglobalSSL Endeavour has changed its name to Oneglobal Broking, and said it has ambitious plans for growth.
Pierce named Lockton Capital Markets CEO after Jhaveri departsLockton Capital Markets (LCM) has appointed Ken Pierce as CEO - with the assets of his Vanpoint Advisors firm to be merged into LCM - following the departure of Vishal Jhaveri after less than two years.
Amid an unprecedented confluence of headwinds, solutions for achieving capital optimizationThe Covid-19 pandemic clearly presents significant challenges to insurers, but it is also becoming increasingly clear that (re)insurers are likely entering a far more favorable underwriting environment.