Marsh McLennan
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The supply-chain finance firm dramatically collapsed in 2021 after its trade credit insurance was pulled. -
The executive was previously co-CEO of First Republic Bank.
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The first risks have already been bound under the facility, with work to place a further 5% ongoing.
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Though strong growth continues, the future is less clear as driving forces potentially run out of steam.
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Most lines continued to record price increases, with global rates being propelled largely by rising rates in property insurance.
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The broker expects the restructure to result in savings of $300mn by 2024.
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GC’s Steve Housse and AJG’s James Elliott have resigned to join the challenger reinsurance broker.
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Primary insurance rate increases were 10% for property in Q1 compared to 7% in Q4.
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The broker said US property cat reinsurance rates increased by 40% to 60% in April for clean renewals.
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The increased growth from Q4 halts a trend of gradual deceleration experienced through 2022.
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The facility will be the largest to launch since Aon Client Treaty in 2016.
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