Willis Towers Watson

A group of Bermuda staff also left the broker.

The Bermuda-based team is led by John Fletcher. 

Insurers have paid $6.9bn in Southern California wildfire claims in the first four weeks of recovery.

Storm Ciarán incurred insured losses of EUR1.9bn, according to WTW’s natural catastrophe report for July to December.

Based in Chicago, Lubbers joins WTW after some two years at ServiceNow, where he was global client director.

WTW is quietly sounding out market executives for a potential relaunch into reinsurance once its two-year non-compete agreement with Gallagher Re ends in December, this publication can reveal.

The intermediary’s latest study shows double-digit rate increases in commercial property and auto lines.

Announcements and interviews at the UN conference have shed light on the tools emerging to help carriers decarbonise their underwriting portfolios.

The product will provide $100mn in cover across eight countries at high risk of tropical cyclones.

The broker said there was still a “big unknown” around the potential global economic impact of the conflict.

Singh had managed Lloyd’s catastrophe risk appetite prior to joining MS Amlin.

The new coverage marks the first time that sovereign debt repayments have been protected by a parametric catastrophe clause.

The deal was struck in the wake of the collapse of Aon and Willis Towers Watson’s merger.

Increasing cat costs will drive the focus on modelling and price adequacy, the intermediary said.

The watchdog had been due to announce a decision on a further inquiry by 29 November.

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 Competition and Markets Authority will investigate whether the deal lessens competition in the UK.

Reinsurers retained more net income this year, driven by a desire to grow into the hardening market.

The Willis solution is designed to help companies access insurance as they transition to a low-carbon business model.

Proactive price action is enough to keep pace with inflation – for now.

He previously held roles at Tower Hill, Axis and Aon Benfield.

The non-compete will not apply to ILS advisory, as takeover deal brings Willis Re Securities and Horseshoe under same parent.

The broker has explained the rationale for its $3.25bn acquisition of Willis Re on an investor call.

After the collapse of the Aon-Willis merger, Gallagher has successfully resurrected the deal that will catapult its reinsurance operation into the big league.

He spent more than seven years as vice president of the firm’s capital markets and advisory division.

The Willis Towers Watson CEO also confirmed the broker will not pay out bonuses contingent on the Aon merger.

Sources have said a deal could be signed as soon as the middle of the week, with a valuation higher than the last agreement.

The collapse of the Aon-Willis deal will have no noticeable impact on the ILS broking business, as the market waits to see what the fate of the Willis Re team will be.

The companies disclosed that Aon will pay Willis the $1bn break fee.

The brokers have offered to divest Willis’ largest corporate risk and broking clients to Gallagher’s Crombie Lockwood.

The competition watchdog has approved the acquisition of Willis Towers Watson by Aon if the latter complies with a ‘substantial set of commitments’, including the divestment of central parts of Willis’s business to Gallagher.

The Commerce Commission has extended its review of the merger by another six weeks.

The broker said a buoyant ILS market contributed to the reinsurance market nearing a new equilibrium at the end of mid-year renewals.

Public-private partnerships such as state-backed reinsurance pools can also enable a more “proactive” approach to climate innovation, the organisation said.

The CCCS has identified competition concerns around executive pay consulting services.

The broking houses also said they "remain fully committed to the benefits of [their] proposed combination".