Marsh McLennan

Broker and commercial carrier trends separate as inflation slows but rates stay elevated.

Kowell succeeds Michael Pellegrini, who was appointed head of specialty for both markets last month as Michelle Sartain took over as US and Canada president.

Based in Washington, DC, she will report to Pat Tomlinson, Marsh McLennan US and Canada CEO and Mercer president.

Commercial insurance pricing remained flat, increasing by 3% globally over the period, the same as the prior quarter.

Marsh cites its primary listing on the NYSE, along with the costs and administrative burdens of listing on LSE, as reasons for delisting.

Current cyber brokerage leader for the US and Canada, Meredith Schnur, will succeed Reagan as cyber practice leader, US and Canada.

Last week, this publication revealed that Howden agreed to pay Guy Carpenter in excess of £50mn ($61mn) to settle the poaching suit related to Massimo Reina and a defecting European team.

The Inside P&C news team runs you through the earnings results for the day.

Concern around prior-year loss development and social inflation is impacting the market.

“As we look to January 1, the market appears to be more orderly than last year, but we expect underwriting discipline to continue,” CEO John Doyle told analysts.

Adjusted earnings per share increased by 33% and the group also reported margin expansion.

The payment represents the largest ever made in a team lift case in the London market.