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The brokers have offered to divest Willis’ largest corporate risk and broking clients to Gallagher’s Crombie Lockwood. -
BMS Re seeks to consolidate its presence in key areas such as Florida, Los Angeles, North Carolina and the greater Boston area.
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The reinsurance broker will work in tandem with wider Marsh McLennan companies to provide an integrated service.
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The new broker will sit within Steve Hearn’s capital solutions division.
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The facility is the second in South America for the firm, which established a local presence in Argentina in 2016.
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Frederick Streeton will join in September from Liberty Mutual Group, where he was head of underwriting strategy for the its global risk solutions business.
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Trading Risk reported last year that the Aon executive had resigned to join Lockton.
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The AJ Gallagher CEO said rate increases are providing tailwinds while the M&A pipeline remains strong.
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The broking houses also said they "remain fully committed to the benefits of [their] proposed combination".
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The model uses research and technology to provide insurers with a more in-depth view of risk when submitting risk filings in Florida.
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Davies most recently served as head of global Re specialty Bermuda for the firm’s reinsurance division.
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The executive will take on the role of chairman of retro, property specialty, Bermuda and market capital.
