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Participating members can purchase up to $10mn in (re)insurance. -
This follows the broker’s report last year, which also found a “notable uptick” in claims.
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Sources said the process will target buyout firms and will not be open to trade bidders.
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Spina will be based in New York and oversee surety accounts along the East Coast.
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The RfP covers the CEA and/or the California Wildfire Fund.
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The exit follows the broker moving its Climate Risk Advisory function into its Risk Capital segment this year.
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The challenger broker is continuing to build out its presence on the island.
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Insurance Insider US examines public brokers’ 2023 M&A.
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Sullivan is the former CEO of AIG and now a senior adviser at Lightyear Capital.
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The former MS Re CUO brings over 30 years of industry experience.
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WTW hired Kolos for transactional solutions, Chin for tax insurance and Kesack for contingent solutions.
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The P&C business will be led by managing director Brian Fischer.
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