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The appointments are aimed at offering a clearer team structure. -
Sources said that the executive will join the reinsurance brokerage next year, after his garden leave expires.
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The reinsurer also hired Martin Bages as Latin America and Caribbean head.
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Early Q3 earnings reports point to worsening market conditions.
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The portfolio encompasses $5bn+ of subject premium across ~75 programs.
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The protection covers the US insurance book for the 2024 and prior accident years.
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Nine-month insured losses still exceeded $100bn due to California wildfires.
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The decision impacts 5% of the reinsurer’s North America P&C facultative premiums.
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The carrier has been exploring launching into P&C organically or via acquisition.
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Guy Carpenter will rebrand as Marsh Re, as a new central tech/operations unit is created.
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Clear Blue originally filed the suit in late 2023, alleging reckless conduct and misrepresentation.
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Lighter cat losses a plus, while top-line, organic growth and reserving concerns persist.
