Broking

Minority-owned Embrace Partners approved as a wholesale broker for Aon

Embrace Partners, a minority business enterprise-certified, tech-driven wholesale insurance broker and MGU of specialty commercial insurance and surety, has been approved by Aon to act as a wholesale broker in the US.

PE-backed retailers drive next phase of wholesale relationship consolidation

AssuredPartners is among a number of private equity-backed retail brokers undertaking initiatives to streamline wholesale relationships and bring greater efficiencies to their operations, with the firm dramatically reducing the number of wholesalers it deals with, E&S Insurer can reveal.

Inszone recap shows PE commitment remains strong for some brokers

The investment in Inszone Insurance Services by Lightyear Capital has continued a spate of private equity-backed recapitalisations of US brokers in the past three months.

Lockton strengthens energy and P&C divisions in Norway with WTW hires

Lockton has continued its Nordic push with the appointments of Christen Thorbjørnsen, Harry Nilsen, Nikolai Jørgensen and Sigbjørn Larsen to its energy, renewables and property divisions in Norway.

CRC’s Coastal Insurance names Bridges and Petrillo presidents

CRC-owned program administrator Coastal Insurance Underwriters (CIU) has appointed Sim Bridges as president in addition to his existing role as chief underwriting officer and Kim Bushong Petrillo as president and chief operating officer.

Gallagher Re promotes Hansen to COO

Gallagher Re has appointed Mark Hansen as its chief operating officer (COO), taking over from BMS-bound Chris Brook.

Patriot Growth agrees $500mn expansion to existing debt facility

Private equity-backed Patriot Growth Insurance Services has significantly expanded its existing debt facility after securing $500mn of financing led by existing lenders Golub Capital and jointly arranged by Antares Capital.

WTW adds Lockton’s Ventosa Dünwald as energy/infrastructure growth leader

WTW has hired Diego Ventosa Dünwald from Lockton as energy and infrastructure growth leader, natural resources, based in North America.

Costero adds Marsh SVP Olley to lead cyber division

Heffernan Group-backed Costero Brokers has named Jonathan Olley as cyber divisional director.

CAC Specialty adds Lockton’s Stelly to nascent healthcare practice

CAC Specialty has added Lockton’s Liz Stelly to its growing healthcare practice, with the professional liability and medical malpractice specialist joining the broker as a senior vice president, The Insurer can reveal.

Alliant adds Hub’s Khalaf as SVP in San Diego

Alliant Insurance Services has appointed Martin Khalaf as senior vice president within the Americas division.

UK regulator acts on specialty intermediary CMI over reporting “failure”

The UK’s Financial Conduct Authority has revoked the permissions of specialist marine intermediary Cargo Marine International Insurance Consultants amid concerns over the broker’s ability to continue trading after it had failed to submit returns.

Inszone gets Lightyear Capital investment alongside BHMS in growth recap

Expansive US retail broker consolidator Inszone Insurance Services has secured a strategic investment from Lightyear Capital, while existing backer BHMS Investments will roll a “material portion” of its equity and put in additional capital.

Ardonagh Specialty’s Erotocritou joins Brokerslink as board director

Global broking business Brokerslink has appointed Antony Erotocritou as a new board director representing Ardonagh Specialty.

Consilium hails 35% growth in 2023; remains on track for $1.4bn GWP

International (re)insurance broker Consilium has reported 35 percent revenue growth for the year ended June 2023, with the Aventum Group subsidiary maintaining its ambitious medium-term GWP growth targets.

Marsh power and renewables veteran Roberts to retire

London Market renewable energy and power broking veteran Hamish Roberts is retiring after an almost 40-year career in the insurance industry, with the executive set to be succeeded as growth leader for Marsh Specialty UK by Lizzy Howe, this publication has learned.

Aon in major London reshuffle as Baum steps down and Peiser relocates

Aon senior executive James Baum is to leave his role as global head of wholesale and specialty as part of a wider restructure of the broker’s London-based Global Broking Centre.

Aon swoops for former Ardonagh and WTW exec Smaje

Former Ardonagh Specialty executive Philip Smaje has joined Aon Reinsurance Solutions, The Insurer understands.

Woodruff Sawyer projects 40%+ rate increases for loss-impacted property cat accounts

Woodruff Sawyer is predicting that property cat accounts with unfavourable loss histories are facing rate increases upwards of 40 percent and that the median settlement on D&O claims has risen to $12.8mn compared with a ten-year average of $8.8mn.

McGriff promotes McCosh to national director of risk control, Sumrall to claims director

McGriff has promoted Brandon McCosh to national director of risk control and Shane Sumrall to national director of claims, with both executives sitting within the firm’s risk services division.

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