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The broking group has hired Sussex Capital’s Adam Champion and investment banker Niall Baird for the new venture.
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Howden said passing risks onto governments would degrade the value of the insurance industry.
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The Competition and Markets Authority will investigate whether the deal lessens competition in the UK.
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The company has also confirmed that new recruit Tim Ronda will join as president later this month.
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The former Aon US reinsurance president will join the challenger broker in just two weeks.
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Tim Ronda was president of Aon’s US reinsurance business and was recently given a new global leadership role.
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The Willis solution is designed to help companies access insurance as they transition to a low-carbon business model.
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The broker has explained the rationale for its $3.25bn acquisition of Willis Re on an investor call.
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After the collapse of the Aon-Willis merger, Gallagher has successfully resurrected the deal that will catapult its reinsurance operation into the big league.
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He spent more than seven years as vice president of the firm’s capital markets and advisory division.
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The companies disclosed that Aon will pay Willis the $1bn break fee.
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The broker must ensure it is “leaving no stone unturned” in its search for capital, according to president and CEO of North America Pete Chandler.