Aon

Insured losses from severe weather events in the US are on course to exceed $20bn, following the second highest October tornado tally on record, according to a report from Aon.

The broker said that weather-related losses had become more severe in the past decade because of climate change.

The Texas Windstorm Insurance Association (Twia) has recommend hiring Willis Re as broker and Aon to provide catastrophe modelling services, following a review of its arrangements which were previously with Guy Carpenter.

The broker is developing solutions to accurately quantify intangibles including IP

The broker forecast ‘continuing growth momentum’ in the ILS market.

GWP rose by 17% to $177bn for Aon’s peer group of reinsurers, while their average combined ratio stood at 94.0% – down from 104.4% for the prior-year period.

The high-profile ILS lead has departed Aon Securities to spend more time with his family.

Aon’s head of capital advisory noted that future investors could be “plugged in” to the Constellation structure set up for the initial JP Morgan deal.

The firm’s head of business intelligence Mike Van Slooten said strong capital levels contrasted with cat loss activity running above budgets. 

New chiefs announced for Asia-Pac, Emea, Canada and the Caribbean.

UK CEO Nick Frankland moves to a chairman role of a new consultancy unit.

Joe Sergio Jackson will be responsible for key property accounts regionally and globally.