Broking

Q2 reveals extent MMC lagging peers in organic growth

Results and CEO commentary in the second quarter showed brokerages are enjoying a boom time for organic growth, but Marsh & McLennan Companies (MMC) is lagging behind amid uncertainty about how long JLT will prove a drag.

SSL Endeavour launches in Cyprus and Greece

Lloyd’s broker SSL Endeavour has snapped up SSL’s Greek office to launch SSL Endeavour Cyprus & Greece, pending regulatory approval.

WTW sees 6% organic revenue growth in Q2

Willis Towers Watson (WTW) recorded 6 percent organic growth in the second quarter of 2019, partially spurred on by new business growth on the reinsurance side.

London North America head Higgins departs from JLT Re

The head of JLT Re London North America Mark Higgins has resigned from the firm following its integration into Guy Carpenter’s operations in the wake of the landmark MMC takeover earlier this year, The Insurer can reveal.

Aston Lark profit up 35% in first full year results

Peter Blanc-led broker Aston Lark saw its pre-tax profit climb 34.9 percent over 2018 to £7.6mn, up from the £5.63mn it reported a year earlier.

BroadStreet heads towards $700mn revenue mark

US broker consolidator BroadStreet Partners is set to borrow an additional $135mn from its loan facility as it funds a pipeline of acquisitions this year that will take it beyond revenues of $700mn, The Insurer can reveal.

Reinsurance Solutions delivers 12% organic growth for Aon in Q2

Reinsurance was the stand-out performer during the second quarter of 2019 at Aon, as the broker delivered impressive overall organic growth of 6 percent for the period.

AJG reveals 5.8% brokerage organic growth

Arthur J Gallagher has reported its organic brokerage revenues of $1.01bn were up 5.8 percent in the second quarter over the same period last year.

Cobbs Allen launches specialty broking unit

US independent agency Cobbs Allen has launched a specialty insurance brokerage business with the hire of two executives from McGriff Seibels & Williams.

PSC to acquire London market broker Paragon for £42mn

Australian broking house PSC Insurance Group has announced the acquisition of its third Lloyd’s and London market broker with the purchase of Paragon International Holdings for a base consideration of £42.0mn, with the final consideration subject to adjustment based on 2019 and 2020 Ebitda.

Agent/broker M&A up in H1, led by Acrisure

An Optis Partners analysis reveals US and Canada agent and broker M&A in the first half of 2019 is outpacing the same period last year, with Acrisure agaub the leading acquirer.

Brown & Brown posts 3.9 percent Q2 organic growth

US broker Brown & Brown has revealed 3.9 percent organic growth for the second quarter, bringing its organic growth for the first half of the year to 2.9 percent.

GRP continues acquisition spree with 3XD purchase

Specialist insurance consolidator Global Risk Partners (GRP) has acquired 3XD Limited, an insurance intermediary based in the Ribble Valley in Lancashire.

CRC launches $15mn investment advisors cover with Markel

US wholesale broker CRC has added an investment advisors liability product to its exclusive Insurisk platform with capacity thought to be provided by specialty insurer Markel, The Insurer can reveal.

Lockton Re trio argues Guy Carp’s claims not valid in new filing

Three Lockton Re executives have made a new filing in their dispute with Guy Carpenter, saying their former employer’s claims of violations of their fiduciary duties and restrictive covenant agreements (RCAs) are “an illegitimate attempt to stifle fair competition”.

BB&T Insurance organic growth surges to 11.6% in Q2

US retail and wholesale broker BB&T Insurance Holdings has reported organic growth for the second quarter that more than doubled from 5.2 percent to 11.6 percent to reach what it said was the highest level in its history.

AFL take UIB duo for property and energy business

Independent Lloyd’s broker AFL Insurance Brokers has named Mark Ritson and Peter Draper as directors of international property and energy.

AssuredPartners sets sights on UK after Birmingham buy

US broker consolidator AssuredPartners is setting its sights on further UK expansion following the purchase of Birmingham-based broker Hettle Andrews & Associates.

Adams countersues JenCap/MJ Kelly as legal dispute escalates

Former MJ Kelly president Jon Adams has filed a counterclaim against the MGA and wholesale broker, its owner JenCap and JenCap’s president and CEO John Jennings in a legal dispute over Adams’ departure from the firm last November following its 2016 sale.

Acrisure fundraising to keep consolidator on course for record 2019

Acrisure’s proposed $300mn debt offering will help fuel a highly active M&A strategy that has already put the US broker consolidator ahead of the pace it set in 2018 both in terms of transaction volume and revenue, The Insurer understands.

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