Financial and professional lines
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Jon Colello will become president in the management shake-up. -
The role will involve managing alternative capital strategies for the specialist lines insurer.
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The reinsurance broker is looking to recover over £10mn and impose an injunction to ensure the return of confidential information.
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Around 15 producing brokers are on the move, with a number from the non-marine specialties team.
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Short-tail underwriting earnings almost double, while long-tail slips into the red.
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The merger may cause price increases or reduced service levels for major insurance buyers.
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The deal “may reduce choice” for cedants in choosing reinsurance brokers, the EC said.
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Keith Harrison has resigned from the merged reinsurance business at Guy Carpenter following the paying-out of retention bonuses last week.
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For-sale insurer reports a decrease in reinsurance net written premiums as it makes changes to how it cedes risk to Aspen Capital Markets.
