Guy Carpenter has announced a research project investigating how the reciprocal exchange insurance model could support community-based parametric covers for wildfire and hurricane risks in California and Florida.
Broking
Specialist Risk Group (SRG) has continued the build-out of its retail arm with the acquisition of insurance broker, R3.
Analysts at Wells Fargo and KBW raised EPS estimates and target share prices for Arthur J Gallagher following news of its $13.45bn move to acquire AssuredPartners, highlighting the relatively low price for the deal and the potential integration and revenue synergies from the combination.
Montreal-based private equity firm Novacap has partnered with Canadian property and casualty insurance brokerage services provider Consilium Insurance.
Arthur J Gallagher’s deal to buy AssuredPartners for gross consideration of $13.45bn was reached after just six weeks of bilateral discussions and due diligence, with no bidding process or banks involved, according to the buyer’s chairman and CEO Pat Gallagher.
AssuredPartners’ relationship with private equity firm GTCR is among the “longest and most successful” in the PE firm’s history, according to GTCR managing director David Donnini, who credited the intermediary’s discernment in its pursuit of M&A.
As the insurance market in Europe continues to expand and consolidate, it's becoming increasingly clear that a deep understanding of local markets and trusted local leadership isn’t just a nice to have – it’s essential, says PIB Europe’s CEO Onno Janssen.
Gallagher has named Mark Kerry as regional managing director for Scotland and Northern Ireland as part of a series of leadership appointments in its UK and Ireland retail division.
Aon has appointed former Cyber Re Limited and Platform Labs CEO Robert O’Connell as global cyber strategy and growth leader for its reinsurance solutions business.
Gallagher has bolstered its footprint in Australia with a deal to buy commercial insurance intermediary Hann Insurance Brokers for an undisclosed sum.
Arthur J Gallagher’s claims and risk management solutions unit Gallagher Bassett has acquired UK-based Caytons Law LLP.
New York-based financial consulting and brokerage firm Advanced Corporate Solutions has partnered with Imperity Insurance & Benefits Consulting, the insurance division of Imperity, a full-service financial services group also based in New York.
Miller has hired Guy Pierpoint to lead business development within its marine team.
Fierce competition is reshaping the London broking landscape with mid-sized firms becoming increasingly squeezed, according to Gracechurch CEO Ben Bolton.
Moves by carriers to establish dedicated wholesale operations and a commitment to dual distribution has led to continued growth in submission counts, despite stabilising market conditions, according to Amwins brokerage co-presidents Jeff McNatt and Sam Baig.
