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Competitor Marsh McLennan also reported a reacceleration of organic growth in the first quarter to 9%, coming above the 7% reported in Q4 2022.

Inside P&C takes a deep dive into public brokers’ M&A activity in 2022 as Q4 earnings season comes to an end.

The chief executive could receive up to 200% of that target amount, contingent on achievement of personal objectives, as well as the broker’s organic growth metrics and Ebitdac margins.

Property rates increased 20% to 40% in Q4, and some customers were unable to buy full limits and ended up increasing their deductibles or purchasing lower limits.

Consolidated organic growth on a year-on-year basis, however, fell by 1.2 points amid a slowdown in the broker's retail segment.

For nearly four years, Patel served as executive chairman at Perennial Climate following a three-year stint as CEO of Softbank-backed Brightstar Corp.

Increased interest rates and unfavorable market conditions led to reduction in capital issuance activity in the P&C insurance industry in 2022.

Although 2022 was on balance, a good year, macro-economic issues such as a slowing economy, falling employment, and loss cost reversion could create an overhang for 2023.

Inside P&C’s news team runs you through the key highlights of the week.

The transaction marks another step in the broker’s acquisition spree this year, including the $1.85bn GRP deal – closed on July 1 – and the $487mn takeover of MGA Orchid.

Inside P&C’s news team runs you through the key highlights of the week.