Brokers steady at end of Q1 as reporting changes muddy comparisonsThe masters of the P&C broking world got off to a strong start in 2018 as the big three - Willis Towers Watson, Aon and Marsh & McClennan Companies (MMC) - all outstripped consensus earnings estimates with figures heavily influenced by changes to revenue reporting standards.
Aon broking margins grow as reporting changes boost revenueAon’s primary and reinsurance broking arms posted organic revenue growth of 4 percent and 6 percent respectively in a first quarter where changes to GAAP accounting standards proved a boon to the group’s headline revenue figures.
Willis Re bolsters engineering practice with TransRe hireAndrew Vince has joined Willis Re as deputy head of its global engineering practice.
Willis shifts ILS business to its reinsurance unitWillis Towers Watson has moved its ILS unit, which was previously sat in the same division as its primary insurance broking business, to be part of its reinsurance arm Willis Re.
State-backed pools 'crucial' to developing terrorism market: JLTRisk pooling with state-backed funds presents a “unique opportunity” for the terrorism market to close the protection gap for emerging risks from emerging triggers such as cyber and non-property damage threats, according to JLT.
AJG gains from ‘moderately improving’ market with 4.9% organic growthArthur J Gallagher benefitted from what its chairman, president and CEO Pat Gallagher, called a “moderately improving insurance market” to deliver 4.9 percent organic growth in its broking division.
Purviance takes over as AmWins boss DeCarlo steps downScott Purviance has taken over at the helm of wholesale broking giant AmWins after its longstanding CEO Steven DeCarlo stepped down in a surprise move announced in January.
'Trader’s market' continues says JLTLondon-listed broker JLT has once again described the global (re)insurance and specialty industry as a “trader’s market” with inconsistent rate renewal movements following the circa $130bn of cat losses last year.
Guy Carpenter bolsters Bermuda operation with rival hire and promotionGuy Carpenter has promoted John Fletcher to chairman of its Bermuda operations following the recent defection of its island CEO Peter Stubbings to rival Aon Benfield.
MMC posts strong Q1 as Guy Carp shinesMarsh & McLennan Companies (MMC) posted an impressive set of Q1 results before markets opened this morning as risk and insurance revenues grew 3 percent on an underlying basis to top $2.3bn led by a strong performance at Guy Carpenter.
(Re)insurers must continue to diversify investments: KKRThe diversification of investments by (re)insurers will be crucial to navigating a challenging investment climate in the coming years, a new report by private equity house and broker owner KKR has said.
Alesco swoops on JLT for seven-strong construction teamAlesco, the expansive London market broker, has plucked seven long-standing employees from rival JLT’s construction business, re-Insurance.com can reveal.
BMS continues build out of new energy teamIndependent BMS Group is continuing to build out its new energy division following re-Insurance.com revealed the firm’s ambitions with the hire of former Price Forbes executive James Chicken earlier this year.
Brown & Brown opens Q1 broker reporting season with 6% organic growthEarly reporting US broker and market bellwether Brown & Brown’s organic revenue climbed 5.7 percent in a first quarter in which a change in reporting standards and tax laws gave a boost to the company’s bottom line.
Alesco hires construction executive Hiller from WillisAlesco - the expansive London market broker that celebrates its ten year anniversary later this year - has plucked Martin Hiller from larger rival Willis Towers Watson to bolster the senior management of its construction team.
Ardonagh’s results hit by £51mn Towergate compensation billArdonagh Group’s dismal £260.9mn 2017 FY loss was exacerbated by a more than £50mn charge thought to be related to claims against one of its companies Towergate, which was forced to payout millions in compensation over a pensions advice scandal.
Towergate and Price Forbes owner Ardonagh Group posts £261mn lossArdonagh Group, which owns London market wholesaler Price Forbes and UK retail broker Towergate, saw 2017 losses increase more than five-fold to £260.9mn ($370.3mn) driven in part by a surge in “regulatory costs”.
Marsh exits begin just days after Doyle unveiled cost-cutting planThe exodus from Marsh began last week just days after John Doyle, the boss of the big-three broker, unveiled details of a “delayering” strategy on a conference call revealed by re-Insurance.com.
MGA NuVu Underwriting launches in Hong KongFormer Nexus Asia CEO Jeremy Austen has joined HWI International Group to launch NuVu Underwriting, a managing general agent based in Hong Kong.
Marsh appoints Chris Lay CEO for UK and Ireland as Weil exitsBroking house Marsh has named Chris Lay as CEO of its UK and Ireland operations.