Operations/tech

The company said longer term impacts of the pandemic, primarily significant prolonged inflation, have led to lower volumes of policies in force.

The delisting comes after the insurer’s stock price fell below $1 for 30 consecutive days.

The spun-off units include general wholesale, environmental, construction, cyber and professional liability divisions.

While regulations and shareholder proposals draw concerns, the insurance industry also sees ESG efforts as tool for drawing new blood to the business.

The team will offer strategic consulting and technology solutions, starting with clients in property, casualty, life and reinsurance.

The sale is part of the firm’s strategy to improve its capital structure and optimize operating expenses.

Sources said that Gallagher is in the process of obtaining both retail and reinsurance licenses in the South American country.

The bi-annual study produced by Aon’s Ward and The Jacobson Group found it's harder to hire than at an all-time high for the industry.

Names such as Next Insurance, Policygenius and Root have all announced layoffs to rein in expenses in worsening economic conditions.

Next is the latest InsurTech to reduce its staff in what has become a widespread phenomenon within the space.

The Aon president also dismissed the idea Aon is a “great stock, not a great company” and said brokers are not in control of the pricing cycle.

The news comes as the steep correction that public tech valuations have suffered year-to-date spills over into the private InsurTech market, and private VC funding dries-up.