Marsh McLennan
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Regulatory compliance risks were listed as the third-greatest concern. -
He will report to Cynthia Beveridge, global chief broking officer for commercial risk.
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Rappa will take on the role effective May 20.
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AJ Gallagher had also shown an interest in acquiring the Australian retailer.
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The practice aligns existing capabilities from Marsh Specialty and others.
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Global commercial insurance rates rose 1% in Q1, down from a 2% increase in Q4 2023.
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The transaction value represents approximately 5.9x of its 2023 revenue and 28x net income.
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Early results suggest another strong quarter with a variety of driving forces.
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The US casualty market was “challenging”, the executive said.
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Property rate increases decelerated to 3% in the quarter.
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The Q1 figure represents a 2-point acceleration on the 7% reported in Q4 2023.
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Graham Knight will become chairman of natural resources.
