Operations/tech

The chief executive could receive up to 200% of that target amount, contingent on achievement of personal objectives, as well as the broker’s organic growth metrics and Ebitdac margins.

The Truist Insurance Holdings CEO also said that the velocity of acquisitions would now increase.

The member joined the board in August 2022, two and a half years after ending his activist campaign against the carrier’s management.

It is understood that Lyons has been set to retire from the company in the summer of 2023.

The charges spanned workforce actions, rationalizing technology and reducing the overall real estate footprint.

It is understood that most of the cuts affected employees in the sales and marketing division.

The non-profit initiative will broaden to include cyber and casualty after successful tests on property reinsurance placements.

For nearly four years, Patel served as executive chairman at Perennial Climate following a three-year stint as CEO of Softbank-backed Brightstar Corp.

2022 marked a reversal from last year’s unprecedented levels of global investment in InsurTech as the macroeconomic scenario flipped and investors put lossmaking companies under a magnifying glass.

The carrier forecasts to incur a pre-tax $51mn-$56mn restructuring charge in Q4 and the remainder in 2023.

The withdrawals of the activist investors have come just three days before the insurer’s annual shareholder meeting.

Inside P&C’s news team runs you through the key highlights of the week.