Marsh reclaims Uzbekistan Airways account from GallagherMarsh has reclaimed the Uzbekistan Airways account from Gallagher in what is thought to be the first airline broking account switch of 2024, The Insurer can reveal.
Marsh names McKay as UK advisory leaderMarsh has strengthened its offering in the UK with the appointment of Stephen McKay as UK advisory leader.
Marsh: US rate increases slow to 1% in Q2 with varying trends across sectorsInsurance rates in the US increased by 1 percent in the second quarter of 2024, a deceleration from the 3 percent rise in the first three months of this year, with varying trends across different sectors, according to the latest Marsh Global Insurance Market Index.
Global commercial insurance rates flat in Q2 after 26 quarters of increases: MarshGlobal commercial insurance rates were flat in the second quarter of 2024, marking the first time in almost seven years that the composite rate did not increase, according to the latest Marsh global insurance market index.
Marsh Global Insurance Market Index flat in Q2Marsh provided further evidence of moderating pricing conditions in commercial insurance with its Global Insurance Market Index flat overall in the second quarter compared to a 1 percent increase in Q1, as modest increases in the US, Europe and Latin America were offset by softening in the UK, Asia and Pacific regions.
Marsh McLennan underlying revenue growth slows to 6% despite strong GC showingSlowing organic growth in consulting contributed to Marsh McLennan’s group-wide underlying revenues rising 6 percent in the second quarter, down from 9 percent in Q1 and 11 percent in the prior-year period, despite underlying growth at Guy Carpenter accelerating to 11 percent.
Marsh McLennan’s MMA to buy top-50 agency Horton GroupMarsh McLennan Agency has entered into a definitive agreement to acquire top-50 US personal and commercial broker The Horton Group, The Insurer can reveal.
Insurers set to shoulder bulk of ~€200mn+ Lürssen loss after retention increasesMarine builders’ risk insurers for the fire-struck Lürssen superyacht shipyard are expected to shoulder losses on a net line basis after recent retention rises limited access to reinsurance support.
MMA acquires Minnesota-based HNW and commercial agency AmeriStarMarsh McLennan Agency, the middle market subsidiary of Marsh, has announced the acquisition of AmeriStar Agency, a Wayzata, Minnesota-based independent agency.
Axa XL names former Zurich exec Ziegler as COO for AmericasAxa XL has appointed former CopperPoint and Zurich executive Kathleen Ziegler as the new chief operating officer for its Americas insurance business.
Are you up for it?: Carnegie-Brown issues challenge to next-gen insurersLloyd’s chairman Bruce Carnegie-Brown has urged the next generation of insurance professionals to step up to the challenges posed by the increasingly volatile risk environment.
Industry figures double down on calls for proportionate, competitive UK captive regimeMarsh’s Rob Geraghty has echoed industry calls for proportionate and competitive legislation as the UK government considers refining its framework to ease the regulatory and administrative burden associated with setting up captives in the UK.
Marsh European cyber index down as much as 10% as moderation continues in Q2Marsh is anticipating average premium decreases of up to 10 percent across the European cyber insurance market in the second quarter of 2024, marking the third consecutive quarter of decreases in the region following corrections to wording and aggregation modelling.
Marsh-managed captive premium reaches $73bn while cyber continues to growLarge corporates are increasingly looking to set up captive vehicles specifically for cyber risk, although appetite and limits vary significantly, according to Marsh’s Rob Geraghty.
AIG leads Marsh-placed cover for UAE’s Noor Energy 1 solar plantAIG is the lead on the Marsh-placed insurance cover for the Noor Energy 1 concentrated solar power plant, which was severely damaged in the extreme weather event that struck the United Arab Emirates in April, The Insurer understands.
21% of Marsh cyber clients in US and Canada reported an event in ‘23Marsh clients in the US and Canada reported a record 1,800+ cyber claims last year, encompassing cyber, tech, and telecom errors and omissions (E&O), as well as media coverage.
US pricing feedback gives mixed messages on momentum but peak increases long goneThe latest feedback from brokers and other organisations tracking US commercial insurance pricing is not clear about the momentum of increases, but they are now way down from the peak of late 2020.
Marsh Commercial offloads Highlands business to TL DallasMarsh Commercial has sold its broking business in the Highlands and Islands of Scotland to expansive independent broking and risk management firm TL Dallas for an undisclosed sum.
MMA closes $345mn Fisher Brown Bottrell acquisitionMarsh McLennan Agency, the middle market subsidiary of Marsh, has completed its previously announced $345mn deal to acquire Jackson, Mississippi-based Fisher Brown Bottrell Insurance from Trustmark National Bank.
Marsh: UK cyber rates fall 12% in Q1 despite “persistent” threat activityUK cyber insurance rates were down 12 percent on average during the first quarter of 2024, marking the second consecutive quarter of year on year double-digit rate reductions, according to new data from Marsh.