JC Flowers continues to be drawn to the insurance honey potThe veteran private equity investor JC Flowers has continued its interest in the UK insurance market with news today that the firm has acquired controlling stakes in two London market broking firms: the marine-focussed SSL and the delegated underwriting specialist, Endeavour.
JC Flowers creates London broker consolidator with SSL and Endeavour acquisitionsPrivate equity house JC Flowers has sealed a deal to buy London market brokers SSL and Endeavour as it hints at further acquisitions.
Passporting ‘not a small issue’ for insurance industry: FCA’s BaileyThe chief exec of UK regulator the Financial Conduct Authority (FCA) Andrew Bailey has again called on government to ensure passporting rights when the country leaves the European Union.
GDPR fines largely uninsurable: Aon and DLA PiperInsurance for GDPR fines will not be valid in the majority of European jurisdictions, a study by Aon and DLA Piper has found.
Aon’s ex-Bolivia CEO denies stealing millions of dollars from employerThe former CEO of Aon’s operations in Bolivia has denied misappropriating millions of dollars from his old employer in an alleged scandal that saw the broker’s local reinsurance subsidiary taken over by the country’s regulator.
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.