AIG leads Marsh-placed cover for UAE’s Noor Energy 1 solar plantAIG is the lead on the Marsh-placed insurance cover for the Noor Energy 1 concentrated solar power plant, which was severely damaged in the extreme weather event that struck the United Arab Emirates in April, The Insurer understands.
21% of Marsh cyber clients in US and Canada reported an event in ‘23Marsh clients in the US and Canada reported a record 1,800+ cyber claims last year, encompassing cyber, tech, and telecom errors and omissions (E&O), as well as media coverage.
US pricing feedback gives mixed messages on momentum but peak increases long goneThe latest feedback from brokers and other organisations tracking US commercial insurance pricing is not clear about the momentum of increases, but they are now way down from the peak of late 2020.
Marsh Commercial offloads Highlands business to TL DallasMarsh Commercial has sold its broking business in the Highlands and Islands of Scotland to expansive independent broking and risk management firm TL Dallas for an undisclosed sum.
MMA closes $345mn Fisher Brown Bottrell acquisitionMarsh McLennan Agency, the middle market subsidiary of Marsh, has completed its previously announced $345mn deal to acquire Jackson, Mississippi-based Fisher Brown Bottrell Insurance from Trustmark National Bank.
Marsh: UK cyber rates fall 12% in Q1 despite “persistent” threat activityUK cyber insurance rates were down 12 percent on average during the first quarter of 2024, marking the second consecutive quarter of year on year double-digit rate reductions, according to new data from Marsh.
MMA acquires West Texas-based agency PerkinsMarsh McLennan Agency, the middle market platform of broking giant Marsh, has acquired Abilene, Texas-based Perkins Insurance Agencies, which was founded in 1977.
Marsh: 75% of mid-market business leaders see cyber as top 2024 concernSeventy-five percent of US-based mid-market business leaders view cybersecurity as their top concern in 2024, trailed by economic and regulatory risks, according to a new report from Marsh McLennan Agency.
Marsh McLennan Agency takes fine art big hitter Rappa from Aon’s Huntington T BlockMarsh McLennan Agency is expected to make a major play in the fine art insurance market after recruiting Anne Rappa from Huntington T Block, the Aon-owned firm that describes itself as the world’s leading broker in the segment, The Insurer can reveal.
Marsh’s Reason resigns to become WTW hull headMarsh’s James Reason has resigned from the firm’s marine team to join WTW as head of hull, The Insurer understands.
MMA acquires New York commercial lines brokerage ACRMMarsh McLennan Agency has acquired New York-based commercial lines brokerage AC Risk Management for undisclosed terms.
Limited impact so far on marine market from Baltimore bridge collapse: Marsh’s MatthewsDespite some industry commentators predicting the Francis Scott Key Bridge collapse in Baltimore will result in the largest ever marine insurance loss, the actual impact on the market has to date largely been muted, according to Marsh’s Jim Matthews.
Marsh expands Cyber Echo facility to $125mn for excess coverMarsh has expanded its Echo facility offering to provide clients with up to $125mn of capacity for excess cover.
Marsh combines parametrics and captives into Global Alternative Risk Solutions unitMarsh has launched a Global Alternative Risk Solutions practice that brings together its parametric solutions, alternative risk transfer, captives and complex risk offerings.
Marsh: US, Europe and LatAm lead way on rate increases; UK, Asia and Canada downComposite price increases continued in the US, Europe and Latin America during the first quarter of 2024, Marsh’s Global Insurance Market Index has shown.
Marsh McLennan Agency buys Fisher Brown Bottrell Insurance in $345mn all-cash dealMarsh McLennan Agency has struck a deal to acquire bank-owned top-100 agency Fisher Brown Bottrell Insurance in a $345mn all-cash deal that values FBBI at almost six times its $58mn 2023 revenue and 28 times its latest net income.
Doyle: Marsh not looking to build third-party wholesaler at Victor AccessMarsh McLennan CEO John Doyle has stated that the firm is not looking to build a third-party wholesale business after recently launching the Victor Access brand to improve direct access to the E&S market.
Marsh global pricing index up 1% as deceleration continues in Q1 2024Primary insurance price increases continued to decelerate during the first quarter of 2024 with the Marsh Global Insurance Market Index up 1 percent overall.
Marsh McLennan adj EPS rises 14% to beat consensus in Q1Marsh McLennan beat analyst consensus with adjusted earnings per share of $2.89 for the first quarter of 2024 on the back of underlying growth of 9 percent during the quarter.
Victor names Marsh veteran McDougald president of US specialtyVictor has appointed Tim McDougald as president of its US specialty underwriting business with responsibility for overall growth, innovation and talent development at the MGU platform in the region.