Marsh McLennan

Human rights groups have issued a complaint to a US mediation body alleging that Marsh has violated OECD guidelines for corporate standards.

They will lead a new effort to deliver “innovative solutions” at the intersections of Marsh, Mercer, Guy Carpenter and Oliver Wyman.

The executive noted that the quarter marked the 21st quarter of rate increases.

The charges spanned workforce actions, rationalizing technology and reducing the overall real estate footprint.

The executive said the January 1 renewal was the “most challenging” in almost two decades.

Organic growth has been slowing after a period of bumper double-digit expansion.

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.

The broker said this was not yet a settled market as work remained underway.

Hearn joined the broker along with his brother Peter Hearn in 2015, after serving as executive vice president of Willis Re.

In his new role, Knowles will report to Lucy Clarke, president of Marsh Specialty, and will relocate from London to New York in Q2 2023.

In addition, the executive will be eligible to participate in the company's long-term incentive program with a target grant date value of $11.1mn.