Operations/tech
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The layoffs will be effective at the end of September. -
CNA said in a filing with the SEC that the $1.8mn will be paid in two installments, in addition to certain health and welfare benefits.
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The exercise is no longer focused around crunching wholesale broking relationships down to a small preferred panel.
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The platform will connect MGAs with capacity from a wide range of providers.
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Branch faces the same issues as others in personal lines, as it tries to gain control of loss ratios and achieve rate adequacy.
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Right now firms pursuing this strategy are winning, although there are some potential slow-burn issues to watch.
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Guy Carpenter was the sole placing broker sourcing capacity for the tie-up.
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Proxy advisers had called for shareholders to reject the pay deals, which feature a $50mn pay award for CEO Peter Zaffino.
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Egan will receive an annual base salary of $1.1mn and an annual target bonus equal to 140% of his salary.
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The InsurTech has identified over $25mn in annual expenses to eliminate since February.
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The move follows a rebrand completed in November 2022.
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